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Gold/Mining/Energy : Bearcat (BEA-C) & Stampede (STF-C) -- Ignore unavailable to you. Want to Upgrade?

To: Keith Minler who wrote (745)	3/23/1998 9:08:00 AM
From: Jim P	Read Replies (1) \| Respond to of 2306

Turner Valley update Stampede Oils Inc STF Shares issued 37,254,066 Mar 20 close $0.29 Mon 23 Mar 98 Company Review An anonymous director reviews the company Turner Valley, Southwestern Alberta Gas - Devonian Crossfield Member 35,606 acres of P&NG leases in total Turner Valley prospect area The company and its partners have recently acquired a three-month extension to June 21 by which to commence a deepening drilling operation of the Turner Valley No. 5 well 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 No. 4 well approximately 1-3/4 miles southwest of the No. 5 well. The No. 4 offset well, though it has not been tested yet, is indicated by logs to have 50 feet of gas pay in the top of the Crossfield and will be production tested subsequent to the deepening and testing operation of the No. 5 well. The current depth of the No. 5 well is approximately 10,000 feet and is cased into the top of the Regional Turner Valley formation. The deepending operation is expected to take four weeks from commencement of drilling. Two followup 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 No. 5 well and the No. 4 production test, should be in production by mid-1999. Gas production from these Devonian Crossfield wells should be in the 5-10 mmcf/d range for each well. A followup, multi-well drilling program will be started. Oil/Gas, Regional Turner Valley Formation 35,505 acres of P&NG leases in total Turner Valley prospect area 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 continuing. 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. Other Stampede, as operator, has completed a new pool discovery Basal Quartz oil well in the Kavanaugh East area of central Alberta. This well was brought in this past weekend and is capable of approximately 50 barrels of oil per day. It is expected to produce up to 100 barrels of oil per day after well bore cleanup. No water recovery was encountered and the well is to be placed on production immediately. Followup drilling will commence upon rig availability. It is intended to have a minimum of six more wells drilled on this prospect this year. This new pool is indicated to have potential for 12-16 locations (quarter section spacing) with recoverable oil reserves of approximately 250,000 barrels per well and the pool in total should contain up to four million barrels of recoverable oil. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com