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Gold/Mining/Energy : Can. MOMO PUPPY NEWS RELEASE'S -- Ignore unavailable to you. Want to Upgrade?

To: Mr.Manners who wrote (16)	6/23/2000 8:28:00 AM
From: Mr.Manners	Respond to of 32

CQV.V PHPI taken off Stockhouse.ca Top Stories - Business Companies join forces on western oil play 6/22/00 By PAT DOYLE The Telegram A newly formed alliance between a large international oilfield services company and the company developing a western Newfoundland onshore oil project will build on the strengths of both organizations, according to senior officials. The strategic alliance was launched Wednesday by Baker Hughes Canada and Canadian Imperial Venture Corp., which is developing the Garden Hill oilfield on the Port au Port Peninsula. Canadian Imperial plans to submit a development application to the Canada-Newfoundland Offshore Petroleum Board (CNOPB) by the end of the month and is aiming for first oil by the end of this year. Jim White, senior vice-president of Baker Hughes, which has several divisions and some 30,000 workers worldwide, and Steve Millan, chairman and chief executive officer of Canadian Imperial, officially launched the alliance at a news conference Wednesday. The news conference was held at the Delta St. John?s Hotel and Conference Centre shortly after White gave a luncheon address to delegates at the annual International Petroleum Conference of the Newfoundland Ocean Industries Association (NOIA). Working together The officials said that under this alliance, their companies will work closely together to develop the potential petroleum resources of the west coast area. Baker Atlas?s Norward division is testing the Port au Port No. 1 well for Canadian Imperial; a geophysical program over the Garden Hill field is planned for July by Baker Hughes? Western Geophysical group. White said his company, which has developed new technology tools and equipment for oilfield work, will be undertaking a seismic data acquisition program for Canadian Imperial. It will be done on a speculative basis, which means while the local firm will have a licence to use the data, Baker Hughes will retain the rights to the data and will be able to provide it toother companies which may be interested. Beneficial position ?Through this investment, Baker Hughes will be well-positioned to reap rewards as the western Newfoundland play develops,? White said. He said it will also open opportunities for other Baker Hughes companies to get involved. ?We see this as a win-win situation for Newfoundland, Canadian Imperial and Baker Hughes,? White said. At the same time, he said, ?we are providing a level playing field as smaller companies don?t always have the resources to access this kind of information as the larger firms do.? Millan said, ?We are delighted with that because we would like to have strong partners to work with us.? He said his company is committed to applying the best technology and business practices in its quest to build an outstanding petroleum company. ?This alliance with Baker Hughes opens the door for us to work with an industry leader on an ongoing, strategic basis.? Large investment Meanwhile, in his luncheon address, White said his company, which has a facility in Mount Pearl, made an investment of more than $15 million to service the energy industry in this province last year and it expects to exceed that this year. ?We will be expanding our current facility with a new directional and completion technologies centre,? he said. ?This will mean another $1-million expenditure into the new building and the business community at large.? White added, ?We envision a prosperous future for this region, both on and offshore, and our company plans to contribute and participate in this prosperity from work with small independent players to the majors.? White said Baker Hughes has developed a plan of attack that will help speed the future development of oil and gas from this region. ?We have determined to acquire the seismic data, a key first step in defining reservoir potential that would set the stage for future drilling projects,? he said. He said the speculative seismic data has been acquired over 1999 and will continue through 2000 and ?we know it will create positive results for the province, industry and Baker Hughes. ?With this type of major seismic investment, we feel we have laid the foundation for the next major oil projects in this region.?