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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (17968)	2/7/2003 2:07:53 PM
From: Eva	Respond to of 206180

Purcell arranges farmout and JV agreement with Anadarko Purcell Energy Ltd (2) PEL Shares issued 27,641,039 Feb 6 close $2.91 Fri 7 Feb 2003 News Release Mr. Bruce Murray reports PURCELL ENERGY STRIKES EXPLORATION JOINT VENTURE ON TENAKA, B ... A farmout and joint venture agreement has been negotiated with Anadarko Canada Corporation covering a portion of Purcell's landholdings at Tenaka in northeast British Columbia. Purcell and its partner, Aspect Energy Ltd., have interests in 65 sections immediately west of Anadarko's Adsett Slave Point gas pool with published recoverable gas reserves of 130 billion cubic feet. The joint venture will cover approximately 30 sections on the northern part of the company's acreage. Two-dimentional seismic data interpreted by Purcell have identified multiple Slave Point prospects. Pursuant to the joint venture, a 120-square-kilometre 3-D seismic program will be conducted this winter. Purcell will pay 25 per cent of the $4.5-million cost of the program. Anadarko has the option to elect to drill a Slave Point test on the joint venture lands next winter, with Purcell having the right to participate for 25 per cent. In the event a well is drilled and Purcell participates, Purcell will retain a 37.4-per-cent working interest in the joint venture lands. Under the agreement, gas produced from the joint venture lands will be processed through Anadarko's existing Adsett infrastructure. "After several years work, this agreement is a big step forward," stated Bruce Murray, chief operating officer of Purcell. "The Tenaka project is an example of Purcell's full-cycle exploration strategy where over a period of 2-1/2 years the play evolved as we patiently implemented our land acquisition strategy." (c) Copyright 2003 Canjex Publishing Ltd. stockwatch.com