38 VM 4-Mar-99 at 06:58:00 09:57
FCP-T : Proceeding To Test And Complete Devonian And Atoka
Formations
Symbol: FCP U/FCGCF
04Mar99 Market News Publishing Inc. 99/03/04 No:0004
PAN GLOBAL ENTERPRISES INC ("PGE-V;PGLEF-L")
ADDA RESOURCES, LTD. ("ADA-V")
FIRST CALGARY PETROLEUM, LTD. ("FCP-T")
GOTHIC RESOURCES, INC. ("GCR-V")
JEDA PETROLEUM, LTD. ("JED-V")
PARAMAX RESOURCES, LTD. ("PXM-V")
TRANSATLANTIC PETROLEUM CORP. ("TNP.U-T")
T & H RESOURCES, LTD. ("THE-T")
- Proceeding To Test And Complete Devonian And Atoka Formations
Adda Resources, Ltd., First Calgary Petroleum, Ltd., Gothic Resources,
Inc., Jeda Petroleum, Ltd., Pan-Global Enterprises, Inc., Paramax
Resources, Ltd., TransAtlantic Petroleum Corp. and T & H Resources, Ltd.,
all working interest owners in the Winfield Ranch 17 1-E well located in
Pecos County, Texas, announced that they are proceeding to test and, if
commercial, complete the Devonian (21,730 feet) and the Atoka (20,461 feet)
formations. Both zones appear prospective based on log analysis and
correlation to nearby producing wells.
The Winfield Ranch 17 1-E well was drilled to 25,740 feet and was
cased and logged. Log analysis indicates a potential of more than 1,100
feet of gross pay in the Ellenburger formation, a highly prolific gas zone
in the area and the primary objective of the well. During the operation to
clean out the production casing, a string of drill pipe supplied by
Weatherford International, Inc. (NYSE:WFT) and manufactured by a
Weatherford subsidiary parted and became stuck in the bottom section of the
hole. Efforts to fish out the stuck string of drill pipe were not
successful.
The working interest owners, together with the operator, Baytech,
Inc., announced they have filed a lawsuit against Weatherford in Pecos
County, Texas. The lawsuit against Weatherford seeks to require Weatherford
to pay the market value of the well, pay mitigation costs and redrill
and/or pay to redrill another well to the Ellenburger formation. The
lawsuit also seeks consequential and exemplary damages. Based on the
owners' investigation of the sequence of events that led to the Weatherford
pipe failure, the owners are highly confident of a favorable outcome in the
litigation.
TEL: (604) 644-5139 Brian Doutaz, Adda Resources Ltd.
TEL: (403) 264-6697 Richard Anderson, First Calgary Petroleum, Ltd.
TEL: (604) 687-1334 Paul Conroy, Gothic Resources, Inc.
TEL: (403) 262-5600 Wes Ismond, Jeda Petroleum, Ltd.
TEL: (604) 682-4984 Arn Schoch, Pan-Global Enterprises, Inc.
TEL: (604) 687-1334 Paul Conroy, Paramax Resources, Ltd.
TEL: (713) 626-9373 Scott Larsen, TransAtlantic Petroleum Corp.
TEL: (604) 687-1334 Paul Conroy, T&H Resources, Ltd.
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