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Gold/Mining/Energy : GHP EXPLORATION -- Ignore unavailable to you. Want to Upgrade?

To: SpecMan who wrote (31)	11/30/1998 11:51:00 PM
From: Diamond Daze	Read Replies (1) \| Respond to of 41

YEEAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHAAAAAAAAAAAAAAAAAA!!!!!!! Ellenburger well reaches 25,740 ft Gothic Resources Inc GCR Shares issued 13,812,346 Nov 30 close $0.50 Mon 30 Nov 98 News Release Mr. Paul Conroy reports The well reached total depth of 25,740 ft on Friday, Nov. 27, 1998 and logs were run over the weekend. The operator is proceeding to set a five inch production liner from 22,000 to 25,740 ft. It is anticipated that an initial production test of the Ellenburger formation will be carried out over the next five to 10 days. The well operator, Baytech, Inc., had the following comments on the existing well data: "Be advised that we have reached a total depth of 25,740 ft in the main objective (Ellenburger formation). Based upon our original prognosis for this feature (Pugsley), we anticipated a structure with approximately 1,200 ft of closure at the Ellenburger. This interpretation was based upon 3-D seismic and upon the Centurian well approximately 1.5 miles north of the Winfield Ranch 17 No. 1-E well and upon comparing the sample shows and porosities with other producing wells in the immediate area, we are pleased with the outlook thus far. It is encouraging that with all of our data to date, this well actually has bettered our original projections from a seismic and geological prospective. Based upon the early log review, we are encouraged with the fracturing and thickness of the Ellenburger pay we have to work with. We anticipate that with the amount of pay, along with the structural position of the well, we can fully anticipate the production rates hoped for if the reservoir is there, and by all log indications the reservoir is there." The adjacent Gomez field to the northwest has produced 4.7 trillion cubic feet of gas of the 7 tcf of recoverable reserves while the Adjacent McComb field to the north has produced 5 0 billion cubic feet of the 160 bcf of recoverable reserves and the Puckett field 15 miles to the southeast has produced 3.8 tcf of the 5 tcf of recoverable reserves. The company has earned 14-1/6 per cent interest in the initial well and a 10.625 per cent interest in the contract lands. The company's interest in the initial well is subject to Baytech's 25 per cent back-in after payout. Following payout of the initial well, the company will have a 10.625 per cent working interest in all subsequent operations in the entire leasehold of 5,280 gross acres (3,920 net acres). (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com