Don't know if this is here yet but here is the letter:
Subj: LETTER TO THE SHAREHOLDERS
Date: 98-03-13 17:11:05 EST
From: dataon@mail.kwik.net (Diane M. Cseh)
Reply-to: dataon@curlew-lake.com
To: SUBSCRIBER@curlew-lake.com (NEWS RELEASE)
CC: dataon@curlew-lake.com
March 13,1998
TO THE SHAREHOLDERS :
The original operator of our Turner Valley oil and gas project,
Stampede Oils Inc., has sent the following project review to
shareholders on March 13, 1998:
TURNER VALLEY - SOUTHWESTERN ALBERTA
GAS - Devonian Crossfield Member
"Stampede Oils Inc. and its partners have recently acquired a
three-month extension, to June 21, 1998, by which to commence a
deepening drilling operation of the Turner Valley #5 well (Stampede
Bcat et al TV 7-25-20-3 W5M) to test and evaluate the underlying
Devonian Crossfield member of the Wabamun formation at a depth of
approximately 12,000 feet. In excess of 150 feet of commercial
Crossfield net gas reservoir is expected to be encountered in this
well bore, approximately 260 feet higher structurally than in the
offset Turner Valley #4 well (Stampede Bcat et al TV 6-23-20-3 W5M)
located approximately 1 3/4 miles southwest of the 7-25 well. The
6-23 offset well, though it has not been tested yet, is indicated by
logs to have 40 feet of gas pay in the top of the Crossfield and will
be production tested subsequent to the deepening and testing operation
of the 7-25 well. The current depth of the 7-25 well is approximately
10,000 feet, and is cased into the top of the Regional Turner Valley
formation. The deepening operation is expected to take four weeks
from commencement of drilling.
"Newly acquired subsurface structural data confirms the interpretation
of a major Devonian structure that, regionally, is indicated to be a
northward trending extension of the existing south Turner Valley
Hartell Crossfield gas pool. This currently shut-in gas pool was
discovered in late 1993 with the drilling of the Turner Valley #1 well
(Stampede Bcat et al Hartell 4-13-19-2 W5M). Recoverable gas reserves
of at least 42 BCF (billion cubic feet) per section have been
determined for this pool. Available well bore data demonstrates that
the Crossfield reservoir thickness increases northward.
"Reservoir data from the 4-13 discovery well, along with all other
available information, indicates that this Regional Devonian
Crossfield gas pool, which is interpreted to extend over a north-south
distance of at least 30 miles, should contain as much as 6 TCF
(trillion cubic feet) of recoverable natural gas reserves.
"Two follow-up development wells to the 4-13 Crossfield gas discovery
well are to be drilled this year, after which a major gas transmission
line will be constructed eastward to the Mazeppa gas plant. Gas from
the Turner Valley South pool should commence production in early 1999,
and gas encountered with the deepening of the 7-25 well and the 6-23
well production test, should be in production by mid 1999. Gas
production from these Devonian Crossfield wells should be in the 5-10
mmcf (million cubic feet) per day range for each well. A follow-up,
multi-well drilling program will be initiated.
OIL/GAS - Regional Turner Valley Formation
"Operations of the two test wells, BPC et al Turner Valley 12-35-20-3
W5M and IMP Berkley Turner Valley 2-21-21-3 W5M, are currently
ongoing. Because of the availability of Crown P&NG leases in the
immediate area and confidentiality provisions of the respective
operating agreements, the Company is not in a position to divulge any
related information at this time. These operations are being
conducted on a tight-hole basis. The Company will be involved in
subsequent oil and gas exploration and development drilling
operations on this project during the next few years. Follow-up
drilling locations have now been determined.
"As previously relayed by Stampede in the past, the main target of
the two current test well operations is commercial oil and/or gas
from the Regional Turner Valley formation at a depth of approximately
10,000 feet. The Company's original interpretation delineates a major
bypassed oil pool in the Regional Turner Valley formation.
"Of significant interest to the Turner Valley project, Shell Canada
Limited has recently drilled a deep exploratory well in Section 29
Township 20 Range 3 W5M, which is indicated to be a major oil
discovery in the Turner Valley formation. This discovery well,
located 1 3/4 miles southwest of the Company's leases, validates the
Company's existing interpretation of a second major Turner Valley
formation oil target.
"With regard to this new discovery, Stampede has now received an
overture relating to farming out certain of its P&NG lease interests
that overlie this new prospect. However, subsequent to the conclusion
of the Company's Rights Offering financing, Stampede and partners will
initiate the drilling of a well on an already determined location on
this second indicated Turner Valley oil zone."
Curlew Lake is a partner in all the lands controlled by the group in
this area, holding working interests ranging from 2.5 to 10 percent.
It is the intention of management that Curlew Lake participate in all
future land acquisitions, drilling and development activities agreed
to by partners in the play. The current slump in the world oil
prices is not expected to be a lasting situation, and upcoming gas
sales revenue should more than compensate for temporary oil price
weakness. In view of present activities it is our opinion that the
Turner Valley project has the potential to add very significant value
to our Company over the coming months and years.
On behalf of the
Board of Directors,
"Signed"
Robert B. Pincombe
President.
Disclaimer: The Vancouver Stock Exchange has neither approved nor
disapproved the information contained herein.
CURLEW LAKE RESOURCES INC. (CWQ-VSE)
Telephone No. 604-688-9951 - Facsimile No. 604-682-3475
Box 10110, #1620 - 701 West Georgia St., Vancouver, BC. V7Y 1K8
Email: dataon@curlew-lake.com / Internet: curlew-lake.com
CURLEW LAKE RESOURCES INC. (CWQ-VSE)
Box 10110, #1620-701 West Georgia Street
Vancouver, B.C., Canada V7Y 1K8
TEL.: 604-688-9951/FAX.: 604-682-3475
EMAIL: dataon@curlew-lake.com
URL: curlew-lake.com
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From: "Diane M. Cseh" <dataon@mail.kwik.net>
To: NEWS RELEASE SUBSCRIBER@curlew-lake.com
Date: Fri, 13 Mar 1998 14:07:59 +0000
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