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Gold/Mining/Energy : Canadian Rocket Red's Picks -- Ignore unavailable to you. Want to Upgrade?

To: Rocket Red who wrote (3003)	1/10/2003 9:24:14 AM
From: The Osprey	Read Replies (1) \| Respond to of 19697

Look at this Red......RAL is moving ahead. Rally's development drilling doubles oil production Rally Energy Corp RAL Shares issued 44,291,272 Jan 9 2003 close $ 0.95 Thursday January 9 2003 News Release Mr. John McLeod reports PRODUCTION INCREASES AND DEVELOPMENT DRILLING IN EGYPT Rally Energy's development drilling activities have significantly increased Issaran oil field production. Field estimated oil production has averaged over 1,500 barrels per day during the last nine days, a significant increase over average production, including inventory additions, of 718 barrels per day during the fourth quarter of 2002 and 765 barrels per day for the full year. Oil production increases resulted primarily from the successful drilling of four development wells in the Issaran oil field late in 2002. Development well details are as follows: Oil production from well No. 19, the company's first development well, currently exceeds 500 barrels per day following a successful acid wash. Observed well performance indicates that a larger downhole pump will increase production from current levels; Oil production has been added from all four development wells, even though completion, acidizing and optimization activities are still in progress on Well No. 20, No. 21 and No. 22. An acid wash on wells No. 20, No. 21 and No. 22 is currently scheduled for the week of Jan. 13, 2003. Details will be provided once stabilized production rates are determined; and The recently completed well No. 21 was drilled to a depth of 1,405 feet, encountering 272 feet of indicated pay in a 346-foot open hole section. Details of the No. 19, No. 20 and No. 22 wells were outlined in the company's Dec. 23, 2002, news release in Stockwatch. The initial four-well development drilling program was designed to test different drilling and completion techniques for the carbonate/dolomite formations in the Issaran field. Results to date have exceeded Rally Energy's expectations and it is proceeding immediately to drill a fifth development well, No. 23. A rig is currently moving onto location and is expected to spud this weekend. Well No. 23, a direct offset to Well No. 19, has a planned depth of 1,889 feet and is targeting the carbonate/dolomite Nukhul formation. This development well is expected to be drilled and completed at a cost of less than $250,000 (U.S.). Work is continuing on interpretation of Rally Energy's 80-square-kilometre 3-D seismic program covering the Issaran field. When complete, new Issaran field mapping will be combined with the results of its five-well development drilling program to prepare a full field development plan for the Issaran field, to be implemented later this year. Prince Edward Island exploration drilling Rally Energy intends to spud the first of its two initial exploration wells on PEI, located on block 96-06 close to Kensington, shortly after planned public meetings to be held during the week of Jan. 20, 2003. These meetings are to inform local PEI residents about the company's drilling plans. Both of Rally Energy's initial exploration wells are targeting conventional gas at depths of less than 1,700 metres. WARNING: The company relies upon litigation protection for "forward-looking"