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

To: Richard Saunders who wrote (5989)	2/10/1999 11:15:00 AM
From: Bearcatbob	Read Replies (1) \| Respond to of 24892

Canadian 88 Energy Corp - Canadian 88 makes two gas discoveries Canadian 88 Energy Corp EEE Shares issued 95,428,739 1999-02-09 close $4.5 Wednesday Feb 10 1999 Mr. Greg Noval reports Canadian 88's Strachan 15-33-37-8 W5M well (76 per cent Canadian 88 working interest) has been successfully drilled into the Leduc zone to a depth of 3,868 metres (12,691 feet) and has encountered significant hydrocarbons with gross pay in excess of 80 metres. Completion operations have commenced and this well is anticipated to be placed on production at the end of the month at expected initial rates of five to 10 million cubic feet per day. Reserves associated with this prospect are expected to be between 40 to 75 billion cubic feet. In addition, at Olds/Crossfield a well at L.S.D. 13, Section 34, Township 32, Range 1 W5M (100 per cent Canadian 88 working interest) has reached total measured depth of 3,649 metres (11,972 feet) after successfully drilling horizontally 924 metres into the Wabamun formation. Preliminary indications are that this well has also encountered significant hydrocarbons and completion activities will commence immediately. On the exploration front, Canadian 88 currently has five additional rigs drilling deep gas prospects in the Alberta foothills. At Wildcat Hills, the 10-14-27-7 W5M well is currently drilling ahead at a depth of 2,561 metres on its way to a targeted total depth of 3,453 meters (11,329 feet). The Benjamin Creek well at L.S.D. 1, Section 26, Township 28, Range 8 W5M is currently drilling ahead at 1,944 metres on its way to a targeted depth of 2,450 metres (8,038 feet). Both wells are part of a large multiwell foothills drilling program currently under way in the area and both wells are evaluating separate Mississippian foothills thrust sheets with estimated reserve accumulations of 100 to 300 billion cubic feet each. At Ricinus, a wildcat well drilling at L.S.D. 13, Section 22, Township 35, Range 9 W5M targeting the lower Manville formation is currently at 3,424 metres on its way to an estimated total depth of 3,600 metres (11,812 feet). A development well at L.S.D. 12, Section 2, Township 36, Range 9 W5M is also currently drilling ahead without incident at 2,912 metres on its way to an estimated total depth of 4,300 metres (14,108 feet). At Waterton, the seventh well on the company's new Waterton natural gas field is currently drilling ahead without difficulty at 3,619 metres with a 300 metre horizontal leg currently under way on its way to a total measured depth of 4,132 metres (13,557 feet) at L.S.D. 15, Section 24, Township 7 Range 3 W5M. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)