Hi All
This just off of the Bearcat web page;
February 19, 1999
TO THE SHAREHOLDERS:
Stampede Oils Inc., the operator of the Stampede Bcat et al Hartell 4-13-19-2
W5M Devonian Crossfield gas discovery well, has advised that on Friday, February
12, 1999, it finished the final completion/test program preparatory to having the well
put on production. The program incorporated an extensive foam acid squeeze designed
to sufficiently clean out the adjacent well bore zone and contribute to enhanced
permeability communication into the reservoir proper.
The well was flowed on a combined clean up and extended flow for approximately
seven days, during which time it achieved a significant stabilized flow/pressure rate. The
well is now in a 10-day final shut-in, pressure build-up stage.
The gas production flow rate at the termination of the preliminary production test
program in 1994 was approximately 3.3 mmcf of gas per day at 1600 psi flowing
tubing pressure. However, current production flow rates during the recent test program
have demonstrated that the 4-13 well is now capable of gas production, against
pipeline pressure of 1200 psi, at rates in excess of 10 million cubic feet (mmcf) of gas
per day. Initial, surface shut-in pressure indications are very positive with a very short
time period indicated for full shut-in pressure build-up of the reservoir!
Bearcat et al intend to deepen an offset well, located one-third of a mile to the
south of the 4-13 discovery well, that is currently suspended at a total depth of
approximately 1,000 feet above the Crossfield gas reservoir. This well, Stampede et
al Hartell 11-12-19-2 W5M, is expected to encounter the underlying Devonian
Crossfield zone at approximately the same structural position as where encountered in
the 4-13 well. This well will be deepened to approximately 40-50 feet into the
Crossfield gas zone. Utilizing an open hole completion method should eliminate the
necessity for a subsequent acid squeeze. Production rates from this well are expected
to be equally as good as demonstrated in the 4-13 well.
After having responded to the single objector to the offset 11-12 well, the operator has
now submitted an application to the appropriate government regulatory agency for
permission to amend the existing well license to enable this well to be deepened into the
Crossfield gas reservoir. Bearcat is hopeful that, as the 11-12 well is currently classified
as a suspended Regional Turner Valley gas well, permission to deepen this well will be
granted fairly soon.
Deepening operations of the 11-12 well, once approved, will commence immediately
and take approximately two weeks to complete. A five-day testing program is
scheduled to immediately follow.
A third well, the Stampede Bcat et al Hartell 9-2-19-2 W5M, is planned to be
drilled into the south end of this Crossfield gas pool, approximately two miles south of
the 4-13 well. This well will be drilled and open hole completed into the top 50 feet of
the reservoir. A surface lease has been obtained and drilling should be underway prior
to the end of August. Gas production rates similar to those demonstrated in the 4-13
well, are expected to be encountered in the 9-2 well. Drilling and testing of the well
should take 3.5 months.
Bearcat and its partners have made financial arrangements for the installation of the
pipeline facility necessary to have the gas production from the first two wells delivered
to the nearest gas plant, approximately 22 miles to the northeast. Preparatory work has
commenced and these two wells should be tied in and on production by June 1st this
year. An initial combined production rate of 20 mmcf of gas per day is expected. The
Stampede 9-2 well could be tied in for production prior to November 30th of this year.
The total gas production rate from the south Turner Valley Crossfield gas pool should
be at least 30 mmcf of gas per day.
Bearcat's working interests in the south Turner Valley Crossfield gas pool are:
Well Name Before Pay Out After Pay Out
Stampede Bcat et al Hartell
4-13-19-2 W5M 38.25% 21.25%
Stampede et al Hartell
11-12-19-2 W5M 53.10% 42.50%
Stampede Bcat et al Hartell
9-2-19-2 W5M 53.10% 53.10%
Bearcat has been advised that an Alberta Energy and Utilities Board hearing to deal
with the Company's application for a drilling license for the Stampede et al TV
11-15-21-3 W5M well has been scheduled for mid April. The operator will be able to
demonstrate that it has addressed any and all legitimate objections to the issuance of a
drilling license by area residents. Subject to receiving a favourable ruling, Bearcat
expects that the drilling of the 11-15 Regional Turner Valley gas well will be able to
commence within one month from the receipt of a drilling license.
The drilling operation, for the 11-15 well, will incorporate a horizontal bore hole
component into the upper 30 feet of the Regional Mississippian Turner Valley gas
reservoir. Reservoir data from the offset IMP Berkley 8-21-21-3 W5M discovery
well, located one-third of a mile northwest of the Stampede et al TV 11-15 well, and
from two old wells approximately one-half mile northeast, indicate that the 11-15 well,
when completed properly, should be capable of approximately 10 mmcf of gas per day
production rate.
Bearcat's interest in the 11-15-21-3 W5M well is 53.10%.
Bearcat et al plan to drill a minimum of two other wells, one being the Stampede
Raptor Calgary 6-8-22-3 W5M well which should be underway by mid May, on the
Turner Valley project during 1999, and also conduct a workover operation on the
currently suspended Stampede Bcat et al TV 6-23-20-3 W5M.
The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.
BEARCAT EXPLORATIONS LTD. is listed on The Alberta Stock Exchange under the symbol BEA.
About time!!!!!
Party location?
Later
Keith |
