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Gold/Mining/Energy : Cubacan Exploration (CCX - A.S.E.) Oil Exploration in Cuba -- Ignore unavailable to you. Want to Upgrade?

To: tg49ers who wrote (99)	3/25/1998 10:58:00 AM
From: Lalit Jain	Read Replies (1) \| Respond to of 223

tg49ers, This is terrific news ! FAROLA NORTH NO.1 WELL CASED Alberta Stock Exchange Symbol: CCX CALGARY, March 25 /CNW/ - Cubacan Exploration Inc. (Cubacan), is pleased to announce that the Farola North No.1 well located within onshore Block 17 has been logged and is in the process of being cased to a depth of 1600 meters. Log interpretations from an independent engineering consultant indicate 4 significant hydrocarbon bearing zones as follows: << ------------------------------------------------------------------------- Gross Hydrocarbon Column ------------------------------------------------------------------------- Zones Top Depth Base Depth Net Thickness Average Porosity (meters kb) (meters kb) (meters) ( % ) ------------------------------------------------------------------------- A 1040 1200 75.2 10.4 B 1443 1455 8.5 15.3 C1 1477 1489 8.4 14.4 C2 1500 1510 6.9 20.8 ------------------------------------------------------------------------- >> Seismic evidence supports that the area of closure of Zone A is between 4 and 5 square kilometers. These independent interpretations show sufficient levels of porosity and hydrocarbon saturation to support further testing and evaluation. The hydrocarbons, as demonstrated on the gas chromatograph, are thought to be medium to high density gas with condensates or light oil. Cubacan has initiated preliminary discussions with Cuban government officials regarding the marketing of gas for electrical generation projects in the eastern region of Cuba. The national electrical grid as well as numerous factories and resorts are located within a 10 to 100 km radius of the wellsite. The Farola North No.1 well was drilled to a total depth of 2314 meters kb. An additional hydrocarbon show was encountered from 2100 to 2150 meters kb. Unfortunately, hole conditions forced the well to be plugged back to 2085 meters kb where logging commenced. Testing of the well immediately following logging was not completed as a result of damage to the testing equipment. Cubacan is now currently in the process of obtaining a Canadian service rig or equivalent equipment in order to conduct a production test over the identified hydrocarbon bearing intervals. After evaluation of the upper zones, a decision will be made as to the location of our next well. Cubacan has a 100% interest in the Farola North No.1 prospect. This is the first of a number of prospects to be drilled on Cubacan's 100% owned onshore Blocks 16 and 17, which cover over 6900 square kilometers or approximately 1.7 million acres. These prospects and leads have been identified through the processing and interpretation of over 800 km of 2-D seismic acquired by the Company over the past 2 years. The presence of hydrocarbons within multiple target intervals in the first well drilled by Cubacan has significantly enhanced the potential of the remaining prospects and plays identified on Cubacan's two concessions. Cubacan, in its first play within this wildcat region of Cuba, has demonstrated prospective hydrocarbon accumulations exist. Success in this region of Cuba would be significant for both Cubacan as well as the Republic of Cuba. Cubacan is a Calgary based junior oil and gas exploration company with interests solely in Cuba. Cubacan is listed on the Alberta Stock Exchange (ASE) with shares trading under the symbol ''CCX'' The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. -30- For further information: Allan J. Kent, President at (403) 777-9220 or e-mail to info@cubacan.com.; Visit our website at www.cubacan.com