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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (9581)	2/19/2003 3:36:22 PM
From: Kerm Yerman	Read Replies (1) \| Respond to of 24925

Portfolio Stock / Clear Energy Clear Announces Update on Saskatchewan Drilling CALGARY, Feb. 18 /CNW/ - Clear Energy Inc. "Clear" (CEN, TSX) announces today that it has finished drilling a three well shallow gas exploration pilot project in Saskatchewan. These shallow wells were drilled and tested at a cost of $230,000 per well to evaluate shallow gas potential in the region. The first of these three wells encountered gas and water and was cased pending completion while the other two wells were plugged and abandoned due to low permeability. In response to market rumours the company would like to clarify that the results of these wells will have no impact to the company's forecasted production levels and cash flow for 2003. Clear continues to map the regional extent of this shallow gas play and intends to conduct other activities including the completion of the first cased well and the recompleting of an existing bypassed well in the area. The company has numerous play types in Saskatchewan including a deep oil prospect that is being evaluated with additional 2D seismic data. Clear's current 2003 capital budget of $10 million will be expanded to $30 million pending closing of our previously announced equity financing. The company also has plans to drill four high impact natural gas exploration wells prior to the end of March 2003. Clear currently has no debt and produces 1,500 boe per day of natural gas and liquids production from the Peace River Arch area of Alberta and owns 282,000 net acres of undeveloped land in Alberta and Saskatchewan.