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Gold/Mining/Energy : Meteor Creek Resources Inc V.DDX -- Ignore unavailable to you. Want to Upgrade?

To: The Osprey who wrote (64)	8/19/2001 10:43:03 AM
From: The Osprey	Read Replies (1) \| Respond to of 67

Meteor Creek finally finds gas By Andy Walker summerside CHARLOTTETOWN -- There is gas in the well. That was the buzzword throughout Eastern Kings County Friday as a long eight month wait for job-hungry residents and anxious investors seems nearing an end. Officials with Meteor Creek Resources Ltd have found what they expected at the Bear River Prospect Number One well. Expectations were high when drilling began early in the year, with officials from the junior exploration company boldly predicting one of the largest on-land find with the exception of the Arctic. However, as the company ran into several delays waiting to get equipment from western Canada and a civil suit was launched by a supplier, skepticism began to grow. However, all that was forgotten on Friday. Although the company has not yet made a formal announcement (that will come next week), the firm was letting Island media outlets know gas had been found 3,681 metres below the surface. That is the deepest any natural gas well ever dug in the province. The presence of natural gas has been known in that area since the 1970's, but new technology is now making exploration possible. Engineer reports are now needed to tell the company exactly how much gas is at the site. However are expected to be completed within the next two weeks. Company vice-president David Fisher called the favourable test for bottom hole pressure (the standard test used to confirm the presence of natural gas in a well) Œthe single most important event for Meteor." If the find meets the pre-drilling hype, it will means increased economic activity in an area of the province where jobs have often been scarce. Eastern Kings is now finally recovering from the disastrous fire almost a decade ago that destroyed Usen Fisheries Limited. The AgraWest potato granule plant finally came on stream to take over the mantle as the region's largest employer, but the natural gas well would add a new dimension to the economy. The find could be even larger than the current site.. Gas was confirmed at the deepest point in the well. There are three other zones in the well and they will be tested at a later date. Meanwhile, the province is soon expected to hand out the exploratory rights to an adjacent site in Naufrage.