Some of these gas guys are at a very nice low ,,I will be parking my profits in this one over the next couple weeks ,,(sleep easy )
sam
Canadian Corporate News --- Hot Off The Wire
News Release for CANADIAN 88 ENERGY CORP.
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NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: CANADIAN 88 ENERGY CORP.
TSE, ASE, AMEX SYMBOL: EEE
APRIL 15, 1999
Canadian 88 Energy Corp. Bullish on Natural Gas at 27th
Annual Howard Weil Energy Conference
NEW ORLEANS, LOUISIANA--Canadian 88 Energy Corp. President Greg S.
Noval, presenting at the 27th Annual Howard Weil Energy Conference
in New Orleans, Louisiana, said today that the Company's
prospects for the exploration and development of Canadian natural
gas reserves have never been better while announcing that all of
the Company's natural gas and oil reserves have been independently
evaluated by McDaniel & Associates Consultants Ltd. ("McDaniel").
Noval said Canadian 88 is extremely bullish on natural gas and
announced that the Company's proved producing natural gas reserves
have reached record levels. Total proven and probable reserves
at January 1, 1999 as evaluated by McDaniel, were 1,338 bcfe
consisting of natural gas reserves of 940 bcf and liquids reserves
of 39.8 mbbls. Total Proved Producing reserves increased over 90
percent to a record 607 bcfe in 1998 from 319 bcfe in 1997. Total
Proven reserves were 1,049 bcfe in 1998 compared to 1,052 bcfe in
1997. During 1998, Canadian 88 focused its efforts into bringing
previously discovered natural gas reserves onstream and this has
been borne out by the significant increase in proved producing
reserves.
The Company stated that the quality of these reserves has resulted
in a proved producing reserve life index in excess of 11 years
(based on 1999 estimated production). Activities planned and
executed by Canadian 88 during 1998 turned a very significant
percentage of proved undeveloped and probable reserves into proved
producing reserves by the end of 1998 and this trend is expected
to continue in 1999 as further reserves are put on production.
Proven natural gas reserve additions replaced 166 percent of
natural gas production in 1998 on a net basis.
In addition to increasing long-life quality reserves to record
levels, the Company continued to expand its focused undeveloped
exploration land base within the Foothills area of Western Canada
in 1998. This undeveloped acreage increased 41 percent to a
record 562,000 net acres from 400,000 net acres in 1997. McDaniel
has conducted a full evaluation of Canadian 88's total net
undeveloped acreage position of 788,000 acres in Canada (with an
average working interest of 89 percent) and has estimated this
extensive focused land position to have a fair market value of $70
million at January 1, 1999.
Year-end reserves evaluations reported on by McDaniel do not
include any reserves (either proven or probable) associated with
the Company's 45 percent interest in Prize Energy Inc. nor the
value of any of the Company's extensive natural gas gathering and
processing facilities.
In addition, over the past year, Canadian 88 continued to build
upon its extensive inventory of large-scale high-resolution 3D
seismic that is now in excess of 1,300 square miles. This seismic
database represents one of the best high-resolution 3D databases
in Canada and encompasses a significant portion of the Company's
large undeveloped landholdings in the foothills region of Western
Canada. Furthermore, the database has been responsible for recent
successful drilling results in the Strachan, Ricinus and Wildcat
Hills areas, none of which have been included in the McDaniel
year-end reserve evaluations.
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.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian 88 Energy Corp.
Greg Noval
President
(403) 974-8800
(403) 974-8811 (FAX)
The information contained herein has neither been approved nor
disapproved by the Toronto, Alberta and American Stock Exchanges.
INDUSTRY: OIL
SUBJECT: OEX
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