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Gold/Mining/Energy : Cancoil Integraged Services, Inc. (CAN-Y) -- Ignore unavailable to you. Want to Upgrade?

To: JAS who wrote (3)	5/20/1998 12:31:00 PM
From: Walter Kalin	Read Replies (1) \| Respond to of 15

Cancoil technology J & L Capital Venture Corp JLX Shares issued 6,500,000 May 19 close $0.52 Wed 20 May 98 News Release Mr. Mark Andreychuck reports Further to news in Stockwatch March 27, 1998, Lee Tool, a division of Schlumberger Canada, has confirmed the association of Lee Tool logging systems and the Cancoil coiled tubing rig will have the potential to reduce the current industry costs for horizontal logging operations, thus making the service more attractive for oil and gas companies. Horizontal wells are a growing part of the oil and gas industry. New technology to increase the efficiency and reduce the cost of servicing these wells is long overdue. Lee Tool and Cancoil believe optimizing the rig-in time and reducing the operational costs through the utilization of the advanced leading edge Cancoil rig design would increase the number of wells that oil and gas companies log. The industry has tremendous potential for growth in the area of horizontal logging and Cancoil has addressed the logistical mobilization issues hindering the coiled tubing logging servicing industry, making the logging package and performance more attractive to oil and gas companies. Typically oil and gas companies log only problematic horizontal wells, however now that more economic technology is available, clients will be more willing to log horizontal wells to gain an understanding of the reservoir or to evaluate stimulation techniques. Typically, a conventional rig in for coiled tubing logging today could take as much as two days with a substantial amount of equipment. Cancoil has integrated the rig in to be conducted in a matter of a couple hours with substantially less equipment and manpower required on location. In summary, the technology made available through Lee Tool and Cancoil has the potential to expand the horizontal well logging market. Cancoil is planning on installing the Lee Tool computer hardware into the rig control cabin in early July. The logging tools are ready for operation and will be added to the rig as required in August. Radius, Inc., a Houston, Texas based directional drilling company has agreed to exclusively supply Cancoil with the leading edge directional wireline drilling tools. The bottom hole assembly (BHA) being supplied by Radius is the first of its kind with respect to being substantially cost effective and small and versatile. The surface computer hardware for the BHA will be installed into the Cancoil control cabin in June. The first BHA will be available at the end of July. The BHA is less then 30 feet in length and has the ability to provide direction, inclination and gamma ray on mono cable. The first string will be hydraulically orientated with a patented new orientation tool. The system is much more economical to build maintain and operate than current industry systems. Radius and Cancoil are confident the ability to drill underbalanced with a system of this nature will ultimately create a large client base and generate endless opportunity for coiled tubing underbalanced directional drilling. Currently, the directional drilling systems available in the industry today require at least one full day to rig-in. Cancoil will be able to mobilize quickly and rig up is estimated to be effective, less then two hours. Minimizing the logistics for an underbalanced directional drilling rig up will reduce the well costs substantially, making the technology more attractive for oil and gas companies. Newsco Directional & Horizontal Services has agreed to recommend Cancoil to its existing oil and gas clients for future directional underbalanced coiled tubing drilling once all the equipment becomes available and is fully operational in late August. Cancoil has received letters of interest from substantial oil and gas companies in Calgary as well as internationally. Cancoil continues to build and prepare the first unit for a field application. The manufacturing timeline is on schedule. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com