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Gold/Mining/Energy : Redwood Energy Ltd. (RWD.V)
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To: Grant Cash who wrote (5)4/6/1999 1:02:00 PM
From: K. Anders   of 34
 
Hey Grant,

I received this today on my Stockwatch:

Lexxor and Redwood make Alberta oil discovery

Redwood Energy Ltd RWD
Shares issued 4,500,000 1999-04-05 close $0.96
Monday Apr 5 1999
See Lexxor Energy Inc (LXX.A) News Release

Mr. Douglas McNichol reports

Lexxor has made a new pool oil discovery in northwestern Alberta. Lexxor et al Haro 12-18-100-3 W6M encountered an oil-bearing Pekisko formation containing 41 feet of net oil pay. During an eight hour swab test, the well produced highly mobile, clean 18 degree API gravity crude oil at rates averaging five barrels per hour after completion operations were performed. The well was acidized, but not fracture stimulated, as fluid levels were maintained during the test period.

Lexxor drilled and cased a well in February of 1999, and plans extended production tests on both wells next winter. Industry competitors have drilled or licensed 16 wells adjacent to Lexxor's discovery with at least five of these listed as potential oil wells. Lexxor, the project operator, has a 65 per cent working interest before payout (32.5 per cent after payout) in the two cased wells and has a 32.5 per cent interest in 10 sections (6,400 acres) surrounding the discovery. The other working interest partners in the wells are Redwood Energy Ltd. (25 per cent) and Bolter Resource Consulting Ltd. (10 per cent). Lexxor also purchased a 50 per cent interest in two adjoining sections at a 1998 Crown land sale.

Access to the Haro South area is limited to the winter months only. The recent indicated discoveries and large volumes of oil in place are expected to lead to the development of production infrastructure (roads, pipelines) within the next two years. With strengthening oil prices this project is seen as a candidate for horizontal drilling into the extensive oil-bearing carbonate reservoir. Lexxor is currently reviewing project alternatives with its partners in light of preliminary expressions of interest from outside parties.


(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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