Olympia Drills 7 MMscfd Sweet - One To Watch
Anyone familiar with these guys? They had a press release below. If memory serves me, there is a sweet processing facility nearby (or Westcoast takes it at the sour plant) so they should have no problems tying in. Sounds like they have the potential for a few more MMscfd.
From what little I found on them, they have no debt as well.
Keep posted.
February 23, 1999
Results At Pocketknife, B.C.
OLYMPIA ENERGY INC ("OLY.A-T")
- Results At Pocketknife, B.C.
OLYMPIA ENERGY INC. ("Olympia") is pleased to announce the successful exploitation for sweet natural gas at Pocketknife, B.C.
The b-32-I/94-G-6 gas well was drilled to a total depth of 1896 meters; encountering 56 meters of gas pay in the Mississippian aged Debolt formation. The absolute open flow potential for this interval has been calculated at 34 million cubic feet per day. The well is scheduled to commence production on March 15, 1999, at a rate of 7 million cubic feet per day. The Company plans to drill up to five additional locations on this property.
Olympia's working interest in this well is 65% before payout and 81.25% after payout.
Olympia is a junior oil and gas exploration and production company with no bank debt, significant working capital and unutilized lines of credit, located in Calgary, Alberta. Olympia's common shares trade on the Toronto Stock Exchange under the symbol OLY.A
TEL: (403) 265-2723 Mr. Peter Salamon, President & CEO
______________________________________
(c) Corporate Dissemination Services Inc. All rights reserved.
Tel:(604) 689-1101 Fax:(604) 689-1106
RapidFAX (tm) - To get the NEWS as it happens, call (604) 689-3041.
This Report Updated by Canstock at 9:34:00 Pacific Time
|
