Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Herb Duncan who wrote (8733)	1/29/1998 9:39:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Meridian and Industry Partners Drill a New Pool Discovery in Southern Alberta VSE, ASE SYMBOL: MDG JANUARY 29, 1998 CALGARY, ALBERTA--Meridian Energy Corporation and Esker Resources Ltd., as operator, have successfully completed the first well in a new pool oil discovery drilled in early January, 1998 in Southern Alberta. Meridian has a 25 percent working interest in the first well before payout, reverting to a 15 percent working interest in the balance of the section the well was drilled upon. Meridian anticipates that the well will be placed on continuous production in early February at rates in the order of 200 barrels per day. Net production to Meridian from this well alone is expected to almost double current average production rates. Further development drilling on this property will be deferred until the completion of a 3-D seismic survey, to be shot this winter, to delineate the extent of the reservoir and to identify further drilling locations on the lands. At Paddle River in Central Alberta, the Company has completed the 15-32-55-7 W5M well as a flowing oilwell in November of 1997. The well was placed on continuous production in December and flowed at an average rate of 133 barrels of oil per day during the month. The well is expected to produce at a stable rate of approximately 100 barrels of oil per day. To date Meridian and partners have acquired a total of six contiguous sections of land directly offsetting the Paddle River oilwell and negotiations are well underway to add two additional half sections to the land porfolio. Three new well locations have been surveyed and the Company expects drilling of the first well will commence in February with the balance of the wells to be drilled prior to spring breakup. Meridian has a 25 percent working interest in the 15-32 well before payout, reverting to 20 percent after payout. The Company will have an average 35 percent working interest in all further development wells on the lands acquired to date. Fred Thompson, President and CEO