It sound like we are in for one hell of a good year.
Jim
Stampede finishes test of Stampede Bcat et al Hartwell 4-13-19-2 W5M
Stampede Oils Inc STF
Shares issued 43,893,514 Feb 22 close $0.11
Wed 24 Feb 99 News Release
An anonymous director reports
On Feb. 12, 1999, the company 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 cleanup 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 buildup stage.
The gas production flow rate at the termination of the preliminary
production test program in 1994 was approximately 3.3 million cubic feet of
gas per day at 1,600 pounds per square inch (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 1,200 psi, at rates in excess of 10 million cubic feet
of gas per day. Initial, surface shut-in pressure indications are positive
with a short time period indicated for full shut-in pressure buildup of the
reservoir.
Stampede et al intend to deepen an offset well, 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 feet to 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,
Stampede has now submitted an application to the appropriate government
regulatory agency for permission to amend the existing well licence to
enable this well to be deepened into the Crossfield gas reservoir. The
company 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 under way 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.
Stampede 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 1, 1999. 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 Nov. 30, 1999.
The total gas production rate from the south Turner Valley Crossfield gas
pool should be at least 30 mmcf of gas per day.
Stampede's working interests in the south Turner Valley Crossfield gas pool
are:
Well Before After
Name Payout Payout
Stampede Bcat
et al Hartell
4-13-19-2 W5M 21.250% 10.625%
Stampede et
al Hartell
11-12-19-2 W5M 26.650% 21.250%
Stampede Bcat
et al Hartell
9-2-19-2 W5M 26.650% 26.650%
Stampede has been advised that an Alberta Energy and Utilities Board
hearing to deal with the company's application for a drilling licence for
the Stampede et al TV 11-15-21-3 W5M well has been scheduled for mid-April.
The company will be able to demonstrate that it has addressed any and all
legitimate objections to the issuance of a drilling licence by area
residents. Subject to receiving a favourable ruling, the company expects to
be able to commence the drilling of the 11-15 Regional Turner Valley gas
well within one month from the receipt of a drilling licence.
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 information from the offset IMP
Berkley 8-21-21-3 W5M discovery well, one-third of a mile northwest of the
Stampede et al TV 11-15 well, and from two old wells approximately one-half
of a mile northeast, indicates that the 11-15 well, when completed
properly, should be capable of approximately 10 mmcf of gas per day
production rate.
Stampede's interest in the 11-15-21-3 W5M well is 26.65 per cent.
Stampede 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 under way by
mid-May, on the Turner Valley project during 1999, and also conduct a work
over operation on the currently suspended Stampede Bcat et al TV 6-23-20-3
W5M.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
