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Gold/Mining/Energy : Tusk Energy (TKE) -- Ignore unavailable to you. Want to Upgrade?

To: kingfisher who wrote (1157)	10/12/1999 11:15:00 PM
From: kingfisher	Read Replies (1) \| Respond to of 1207

Veteran Resources completes two-well test program in Sahtaneh/Gunnell Veteran Resources Inc VTI Shares issued 18,194,238 1999-10-07 close $1.4 Monday Oct 11 1999 Mr. Donald Jewitt reports The corporation has completed a two-well test program in the Sahtaneh/Gunnell area of northeast British Columbia and participated in a well in the Lambert area of northwest Alberta. The d-90-J/94-I-12 well was completed in the Jean Marie zone and production tested at a rate of approximately two million cubic feet of sweet gas with 20 barrels of natural gas liquids daily. Veteran holds a 30-per-cent working interest and a 15-per-cent overriding royalty (ORR) on the remaining 70-per-cent working interest before payout with an option to convert the ORR to a 23.334-per-cent working interest at payout. Veteran also participated in the b-95-k/94-I-12 well, which encountered hydrocarbons in the Jean Marie zone. This well has been temporarily suspended awaiting a service rig for completion and testing. Veteran's interest in the b-95-k well is identical to its interest in the d-90-J well. Six drilling runs were conducted on the Northeast B.C. wells to test newly developed drilling technology. The new underbalanced drilling process performed well on three of the six trials. Further engineering and shop testing is currently in progress to improve reliability prior to further field testing. A further location has been licensed and Veteran will be working with its partners to formulate plans for further drilling and development activities. Veteran also participated in the drilling of a Cardium gas well in the Lambert area of northwest Alberta. The 1-12-55-22 well was completed and production tested at a rate of approximately two million cubic feet of sweet gas and 35 barrels of natural gas liquids per day. Veteran elected to participate in the opportunity because the technology, which Veteran is testing in northeast British Columbia could have application in the Lambert area. Veteran holds a 25-per-cent working interest in the 1-12 well before payout and a 17.5-per-cent working interest after payout. Plans are being formulated for further drilling and development activity in the Lambert area. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)