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Gold/Mining/Energy : POE:VSE PAN OCEAN EXPLORATIONS INC. -- Ignore unavailable to you. Want to Upgrade?

To: CIMA who wrote (270)	12/2/1999 11:37:00 AM
From: Taff	Respond to of 277

Morning CIMA Yes they shuld run a full logging suite as far as they can go now... then we will have to wait for the results. I would suspect there will be some anerobic corrosion and possible pin holes, but you never know. I would suspect they will only go to the first production zone. First zone will be lower pressure, less chances for a F...g Big Problems to happen. I would assume if they get that far they will perf and start producing whatever they can... give them some cash flow early... will also let them go to the bank to borrow money. Cya Taff

To: CIMA who wrote (270)	12/3/1999 2:42:00 AM
From: RSkarsten	Read Replies (1) \| Respond to of 277

News copied from TRIL thread.... By CHIP POWER Californian staff writer e-mail: ppower@bakersfield.com An investment group attempting to develop deep-reservoir natural gas reserves has hit some mechanical snags that are delaying the much-watched project, a member of the group said Monday. However, that delay doesn't seem to have diminished any enthusiasm for the risky but potentially lucrative exploration. "The learning curve on something like this is very steep," said Andy Calerich, chief financial officer for PYR Energy Corp., of Denver. The company is one of a half-dozen partners with Berkley Petroleum, an Alberta, Canada-based company that has a lead role in probing whether depths of more than three miles may yield prodigious amounts of natural gas in Kern County. The Berkley project is one of the most closely watched, since it got a head start on competitors on drilling wells up to 17,000 feet. The project is hoped to confirm whether a massive natural gas blowout a year ago from deep underground will be of long-term economic significance. Calerich said it is possible that the consortium may need to redrill its pioneering well, Bellevue No.1R, which would be expensive. The deep wells can cost $10 million, although redrills are substantially less. But while redrilling is an option, he said that the group was hopeful that would be unnecessary. The snags developed when debris entered the well, he added, sealing off the flow. Meanwhile, another exploration group announced Monday an expansion of its plans to seek oil and natural gas reserves. Tri-Valley Oil & Gas Co., a unit of publicly traded Tri-Valley Corp., said it added more than five square miles of mineral interest ? or, legal rights to underground natural resources ? for its deep well exploration called Project Ekho. The company plans to begin setting up a drilling rig on Monday near east Lost Hills, with plans to penetrate 19,000 feet at the site of North America's deepest onshore producing well, Tri-Valley president and chief executive officer F. Lynn Blystone said Monday. Though the venture is inherently high risk, Blystone said that company executives have first-hand knowledge of deep drilling in the region. In a statement, the company said it had "newly processed" well log data that represented an "astonishing opportunity" for Tri-Valley and its nine Canadian partners. Blystone said that data was a re-interpretation of existing drilling data rather than information from a new well. He said he was not surprised that the Berkley group has hit delays, noting that the high pressures that exist deep below the earth make drilling there vexing. "When you have a lot of pressure, it's always going to be coughing something back up." The groups are targeting gas pools that could be massive in size, though three miles down. That depth puts it well below the oil-producing level, and companies have been sinking large amounts of equity into their projects. Tri-Valley has a market capitalization of about $37.6 million; its thinly traded stock has increased 293.8 percent year-to-date, according to its financial reports.