Wednesday March 3, 10:30 am Eastern Time
Company Press Release
SOURCE: Canadian 88 Energy Corp.
Canadian 88 Energy Corp. Presents at Raymond James & Associates Institutional Investors Conference
RAYMOND JAMES & ASSOCIATES 20TH ANNUAL INSTITUTIONAL INVESTORS
CONFERENCE, ORLANDO, Fla., March 3 /PRNewswire/ -- Canadian 88 Energy Corp.
(Amex: EEE - news) stated that it is bullish on natural gas and foothills drilling
prospects at the Raymond James & Associates Institutional Investors
Conference. Canadian 88 Energy Corp. President Greg S. Noval of Calgary,
Alberta, Canada, presenting at the 20th Annual Raymond James & Associates,
Inc. investment conference in Orlando, Florida, said today that prospects for
the exploration and development of Canadian natural gas reserves have never
been better given the pending 20% increase in Canadian natural gas pipeline
takeaway capacity implementation which commenced November 1, 1998 and will be
completed November 1, 2000.
Mr. Noval stated that the expansions of the TransCanada, Northern Border and Alliance Pipelines will amount to 2.6 (bcf) billion cubic feet per day of additional natural gas takeaway capacity from Western Canada to new markets by November 1, 2000, of which approximately 50% has been completed. ''This additional takeaway capacity has resulted and will continue to result in record Canadian natural gas prices accruing to producers at a time of depressed oil prices when drilling levels are at record lows that will not be able to supply increase natural gas demand. The true winners to emerge from this environment are companies like Canadian 88, who have maintained their focus on developing long-life natural gas reserves and deep-basin, high-deliverability natural gas exploration plays to extend through this exciting phase of the Canadian natural gas market where the opportunity to invest in Canadian natural gas stocks has never been better during the past 20 years.''
In terms of 1999, Mr. Noval said that Canadian 88 will be one of the few companies in the industry to report a doubling of production during the past 12 months, achieved via the drillbit, and that the company is poised for record growth during 1999, with one of the largest undeveloped land positions in the Foothills of Alberta, an area of Western Canada, which is expected to contain approximately 47% of Western Canada's undiscovered natural gas reserves estimated to be 122 (tcf) trillion cubic feet of marketable natural gas. Canadian 88 is one of the leading drillers in the Foothills of Alberta and currently has five high-impact prospects drilling in this corridor, including two at Wildcat Hills and other major prospects at Ricinus, Waterton and Olds/Crossfield.
Canadian 88 Energy Corp. (EEE) is an independent public oil and gas company with its head office in Calgary, Alberta, Canada. The shares of Canadian 88 Energy Corp. are traded on the Toronto, Alberta and American Stock Exchanges, and the information contained herein has neither been approved nor disapproved by the respective Exchanges. For further information please contact: Canadian 88 Energy Corp. 700, 400-3rd Ave S.W., Calgary, AB, T2P 4H2, Greg Noval, President, 403-974-8800, or fax, 403-974-8811.
SOURCE: Canadian 88 Energy Corp.
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