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Gold/Mining/Energy : Charger Petroleum Inc. -- Ignore unavailable to you. Want to Upgrade?

To: johnlag who wrote (19)	6/23/1999 4:19:00 PM
From: surelock	Read Replies (1) \| Respond to of 58

Todays release: sounds like a fancy way to say "dry hole". Charger Petroleums Inc CHC Shares issued 7,696,500 Jun 22 close $5.80 Wed 23 Jun 99 News Release Mr. Jeffrey Standen reports Charger Petroleums is investigating exiting the present casing in the Moore Gilmore No. 1 well in the West Coyonosa prospect and directionally drilling to intersect the vertical fracture regime within the Ellenburger formation. In addition, Charger and the other participants in the well are considering the application of underbalanced drilling to maximize the potential material gas production from the vertical fracture regime while minimizing any damaging mechanisms that are associated with conventional drilling practices. The well will be "open hole" completed and placed on production. Meanwhile, Charger and the other participants are considering the perforation and completion of the Atoka formation at a depth of 13,300 feet to 13,600 feet and/or the Devonian formation at a depth of 15,050 feet to 15,300 feet. Well logs indicate gas pay in both formations. Completion of the Atoka formation and/or the Devonian formations is expected to be concluded by mid-July 1999. Charger will issue a further news release on the results of the completions and an update as to the status of the plans for the Ellenburger formation at that time. In other news, the Bach prospect well is currently drilling at a depth of approximately 10,000 feet. The Bach test well is targeted to lead the Devonian formation at a depth of approximately 14,000 feet. Charger has a 75 per cent interest in the Bach test well.