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Gold/Mining/Energy : The New Osprey Limited -- Ignore unavailable to you. Want to Upgrade?

To: mappingworld who wrote (176)	8/18/2001 11:16:13 AM
From: The Osprey	Respond to of 338

Meteor finally confirms gas find By Nancy Willis The Guardian ST. CHARLES — It was a banner day at Meteor Creek's #1 well site in St. Charles Friday where, after an eight-month wait, testing finally confirmed that the junior exploration company hit gas. It will be another two weeks before they know exactly how much of the high demand natural gas is in the formation that lies 3,681 meters below the surface, but whatever the tests did reveal, it was enough to thrill officials. "We have confirmed that recoverable natural gas exists on the Bear River Permit. Getting these bottom-hole pressures is the single most important event for Meteor,'' said company vice-president David Fisher. The gas confirmed Friday was in the deepest formation of a multi-formation well. The three other zones also known to contain gas will not be tested at this time, but held for a later date. Engineering reports on the current formation will come in about two weeks. "We believe an extensive reservoir exists,'' said Fisher. Meteor presently has a 70 per cent working interest in the #1 well. The remaining 30 per cent is held by Claude Anger who first became interested in the prospects for natural gas in eastern Prince Edward Island 30 years ago. Jeff Wood is drilling completion supervisor at the site. He said the show of pressure at the surface was very favourable. "This is what Meteor Creek needed, to find provable natural gas, and they are very happy,'' he said. He, too, stressed that they will have to wait to find out just how much is there, but said "this looks like something that could be very good for the people of the Island, the government and for Meteor's investors.'' Bottom-hole recorders will be set at the base of the formation and information extrapolated out, said Wood. Meteor is expected to make a formal statement early next week. "We have confirmed that recoverable natural gas exists on the Bear River Permit. Getting these bottom- hole pressures is the single most important event for Meteor." Meteor Vice-President David Fisher Meanwhile, Fisher said plans are already under way to continue exploration of the several hundred acre permit through further seismic and drilling. Wayne McQuarrie, heads the P.E.I. Energy Corporation. He will be announcing who gets the right to explore the Naufrage permit that borders Meteor's Bear River lease to the west. Two companies, one of them Meteor, entered that bidding process six months ago. "We've been sitting on it in anticipation of finding out results from Bear River," said McQuarrie. Remember that OEL has a 10% interest in 6 permits to the west of ONG.V and this can't hurt us at all.Monday could get very interesting to say the least. The Osprey