Let me help you out Harry...
To: Diamond Daze (812 )
From: Flea
Wednesday, Mar 3 1999 7:20PM ET
Reply # of 847
Adda et al file lawsuit against pipe supplier
Adda Resources Ltd
ADA
Shares issued 13,995,000
1999-03-03 close $0.15
Wednesday Mar 3 1999
Also T & H Resources Ltd (THE)
Also TransAtlantic Petroleum Corp (TNP.U)
Also Pan-Global Enterprises Inc (PGE)
Also Paramax Resources Ltd (PXM)
Also Gothic Resources Inc (GCR)
Also First Calgary Petroleums Ltd (FCP)
Mr. Brian Doutaz reports
Adda Resources, First Calgary Petroleum, Gothic Resources, Jeda Petroleum,
Pan-Global Enterprises,
Paramax Resources, TransAtlantic Petroleum and T & H Resources are all working
interest owners in
the Winfield Ranch 17 1-E well in Pecos County, Tex. The companies are proceeding
to test and, if
commercial, complete the Devonian (21,730 feet) and the Atoka (20,461 feet)
formations. Both zones
appear prospective based on log analysis and correlation to nearby producing wells.
The Winfield Ranch 17 1-E well was drilled to 25,740 feet and was cased and logged.
Log analysis
indicates a potential of more than 1,100 feet of gross pay in the Ellenburger formation, a
highly prolific
gas zone in the area and the primary objective of the well. During the operation to clean
out the
production casing, a string of drill pipe supplied by Weatherford International, Inc. and
manufactured by
a Weatherford subsidiary parted and became stuck in the bottom section of the hole.
Efforts to fish out
the stuck string of drill pipe were not successful.
The working interest owners, together with the operator, Baytech, Inc., have filed a
lawsuit against
Weatherford in Pecos County, Tex. The lawsuit against Weatherford seeks to require
Weatherford to
pay the market value of the well, pay mitigation costs and redrill and/or pay to redrill
another well to the
Ellenburger formation. The lawsuit also seeks consequential and exemplary damages.
Based on the
owners' investigation of the sequence of events that led to the Weatherford pipe failure,
the owners are
highly confident of a favourable outcome in the litigation.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
