More complete release - looks great folks!
Toronto--Apr 20--
Chevron Canada, the wholly owned subsidiary of Chevron Corp., says a NorthWest Territories well flow tested at 35 million cubic feet per day and should be capable of regular production at higher levels. Chevron owns 43% , while Purcell Energy Ltd. owns 24%, Berkley Petoleum Corp. owns 21% and 7 other firms own the remaining 12%.
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The following is the text of today's announcement with emphasis added by Bridge News. BridgeStation links to company data have been inserted at the end:
CHEVRON CANADA RESOURCES AND PARTNERS TODAY ANNOUNCED COMPLETION OF THE INITIAL TEST ON THE CHEVRON ET AL FT. LIARD K-29 WELL LOCATED 25 KM NORTHWEST OF FORT LIARD, NORTHWEST TERRITORIES.
THE WELL, DRILLED TO A TOTAL DEPTH OF 3000 METRES, TESTED NATURAL GAS IN THE DEVONIAN NAHANNI ZONE AT A RESTRICTED FLOW-RATE OF 35 MILLION CUBIC FEET PER DAY AT THE END OF A SEVEN-DAY TESTING PERIOD. THE ACTUAL PRODUCING RATE FOR THE WELL IS EXPECTED TO BE SIGNIFICANTLY HIGHER. THE WELL WAS DRILLED 20% UNDER BUDGET AND 6 WEEKS AHEAD OF SCHEDULE.
Over the next several weeks, further testing will establish reserves at K-29 and based on that information, Chevron will evaluate drilling a second well in the pool.
CHEVRON, WHO OPERATES THE WELL ON BEHALF OF ITS PARTNERS, HAS AN EARNED INTEREST IN THE K-29 WELL AT 43.4318%. ITS PARTNERS INCLUDE PURCELL ENERGY LTD. (24%), BERKLEY PETROLEUM CORP. (21%), ANDERSON RESOURCES LTD. (4.1%), PARAMOUNT RESOURCES LTD. (2.7602%), RANGER OIL
LIMITED (1.197%), NUMAC ENERGY INC. (0.82%), FOUNDERS ENERGY LTD. (0.336%), ASCOT ENERGY RESOURCES LTD. (0.21%) AND ANOTHER INTEREST HOLDER AT 2.145%.
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