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Gold/Mining/Energy : Canwest Explorations -- Ignore unavailable to you. Want to Upgrade?

To: Ed Ajootian who wrote (5)	8/3/1999 11:13:00 AM
From: Ed Pakstas	Read Replies (1) \| Respond to of 20

I thought I'd post the NR on the thread as I've been following this puppy as a Cash Cow (http://www.juniorstocks.com) for quite awhile and have just become a shareholder at 0.53 & 0.55...ed Can West Exploration Inc - Can West spuds first well in Colombia Can West Exploration Inc CWI Shares issued 15,489,373 1999-07-29 close $0.38 Thursday Jul 29 1999 Mr. Chris Wright reports Drilling operations for the much anticipated anticipated Venadillo-1 exploratory well, the company's first well on the Lagunillas block in the Middle Magdalena Valley, Colombia, are expected to commence on Sat., July 31. The company has been notified by Pride Drilling Services that as of July 29, 1999, 100 per cent of the rig was at the drill site and that 70 per cent of rig up had been completed. The company owns a 100-per-cent working interest in, and is the operator, of the well. The Venadillo-1 well is a relatively low-risk test of shallow tertiary sandstone reservoirs that produce oil in several nearby oil fields. The well will reach a total vertical depth of 3,500 feet and take 10 to 14 days to complete. Ecopetrol, the Colombian National Oil Company, has classified the Venadillo-1 well as an A-1 type exploratory well, defined as "a well drilled to extend a partially developed oil field." This designation was made on the basis of the proximity of the Venadillo-1 to a well drilled by the previous operators of the block. The Halcon-1, drilled in 1994, discovered 50 feet of oil-saturated sandstone in the Doima formation. However, during the drilling and completion operations of this well, the formation was severely damaged. For the Venadillo-1 well, the company is implementing a state-of-the-art drilling and completion program designed specifically to avoid formation damage and allow unobstructed production of the reservoir. According to Leigh Lyons, president: "When the company's obtained the rights to the Lagunillas block in 1997, they knew that they had pulled off a coup. Not only did they recognize the tremendous potential for discovering huge new oil fields on the block, such as the nearby Emerald Mountain discovery, but they also felt strongly that the Halcon-I well had already discovered an oil field in 1994. The Halcon-1 well had very good oil and gas shows to the surface and the well log appears to indicate that a pool of oil had been encountered. The Venadillo-1 well is being drilled to prove it." The Lagunillas block is in the Middle Magdalena valley, one of the most recognized oil producing areas in the world. It is home to some of the largest Latin American oil and gas discoveries the 90s, most recently Seven Sea's huge Emerald Mountain discovery, adjacent to the Lagunillas block. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)