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Gold/Mining/Energy : Weatherford International (WFT) -- Ignore unavailable to you. Want to Upgrade?

To: Diamond Daze who wrote (89)	3/4/1999 7:53:00 PM
From: Bearcatbob	Respond to of 142

DD and Harry, Hwy Weatherford, 1100' of pay and your damn drill string breaks. Do you have another side of the story? Jeda Petroleum Ltd JED Shares issued 13,534,933 1999-02-26 close $0.27 Thursday Mar 4 1999 Mr. Robert Atkinson reports The company has declared that the Baytech, Inc., the operator of the Winfield Ranch 17 No. 1-F well in Pecos County, Texas, is preparing to test and, if commercial, complete the Dovonian (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 No. 1-F 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 profile gas zone 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. 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 Baytech, Inc., announced today 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 favourable outcome in the litigation. Revenue from the company's oil and gas operations in Alberta continues to increase. Since last year end July 31, 1998, the company has received five months revenue of $448,000, an increase of approximately $400,000 over the same period last year. Management expects to bring on stream in the latter part of 1999 a Nordegg well in the Pembina area of Alberta, which production tested at 1.3 million cubic feet of gas per day, net to the company's working interest. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com Bob