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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Doug who wrote (5340)	8/24/1998 11:32:00 AM
From: trypod	Read Replies (1) \| Respond to of 24899

News out- Mount Dakota Energy Corp - Flow test results from Siverson 1-X well Mount Dakota Energy Corp MMO Shares issued 4,738,789 1998-08-11 close $0.24 Monday Aug 24 1998 Mr. Gary Claytens reports The company has received the results of the recent flow tests on the Western Operating Company Siverson 1-X well in Greeley County, Kansas, on the Kansas/Colorado border. The company has a 25 per cent working interest in the Siverson 1-X well and a 25 per cent working interest in the entire No Man's field. Additionally, the company has a 25 per cent working interest in another gas well eight miles to the northwest of the Siverson 1-X. The independent engineering firm which conducted these tests in the last week of July 1998 is ESE and Associates, of Arkansas City, Kansas which reports: Siverson 1-X, Lower Pennsylvanian, Morrow Sand Depth 5,122 - 5,146 feet Production casing 4.5 inches Gas Reserve Estimate (SYNtm-thesized) Initial gas in place 5.281 bcf Initial recoverable gas in place 4.836 bcf Initial marketable gas in place 4.483 bcf Remaining marketable gas in place 4.472 bcf Synthesized initial pressure 1,127.70 psia KCC Flow Tests Initial gas flow on 1 1/4 inch choke 9.291 mcfd Calculated absolute open flow 43.857 mcfd Porosity of reservoir formation 20 per cent The company has delayed releasing the above information for the past two weeks in accordance with a confidential filing with the B.C. Securities Commission while the company and its partners attempted to lease additional land adjacent to the No Man's field. During the past two weeks the company and its partners have successfully acquired additional acreage on the north and south ends of the No Man's field. The company now has a 25 per cent working interest in a total of approximately 4,000 gross acres in the No Man's field. The company's operator, Western Operating Company of Denver, Colorado is presently in discussions with various gas pipeline companies which have high pressure gas lines that run near the No Man's field. It is the intent of all the partners in this prospect to hook this well up to a pipeline as quickly as possible in order to generate cash flow. Once this stage is completed, the partners intend to begin the systematic development of the entire field, including receiving spacing parameters from the Kansas State regulatory board, the KCC. Drilling has completed on the Grasslands prospect in North Dakota, on which the company had a carried interest on the first well. The well was drilling to test the Lodgepole and Red River formations. The well did encounter an oil show, however it was decided by the operator that at current oil prices it was not economic to lay production casing to the producible formation, therefore the well has been plugged by the operator. The company did not expend any cash on this test well. A new name has been approved by shareholders. Effective immediately, the company will be called Mount Dakota Energy Corp. The trading symbol will remain the same. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com Later:Rick