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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture
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To: Mr. Oil who wrote (2744)5/26/1999 1:47:00 PM
From: okey  Read Replies (1) of 15703
 
From Kerm Yerman's news letter....

Kismet Energy Corporation Informed by Operator That Flow Rates From Several Zones Tested in Cree Fee 1A Well Were Uneconomic
Edmonton based Kismet Energy Corporation(OTC BB:KISS) has been informed by the operator that the flow rates from several zones tested in the Cree Fee 1A well were uneconomic. Therefore, the operator has decided to plug and abandon the Cree Fee 1A well.

During completion attempt, several zones were tested and some of them encountered gas flow rates up to 300,000 cubic feet per day, which is too low to be economic. The primary objective was to test the Point of Rocks sands, which were not encountered because the drill penetrated the lower portion of the eastern flank of the anticline. The operator is planning to drill additional wells on this acreage and we will keep you informed of the specific dates.

We are extremely disappointed by the lack of success in the Cree Fee 1A well, however, a lot of geological information has been obtained for future exploration work. We are now evaluating low risk exploration and development opportunities within the oil and gas industry in California and Oklahoma.

Kismet Energy Corporation is an oil and gas exploration and development company with offices in Alberta, Canada and Bakersfield, California. Kismet Energy Corporation has a 20% working interest in this project with the operator, an NYSE-listed energy company.
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