Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture -- Ignore unavailable to you. Want to Upgrade?

To: Don Richards who wrote (2772)	5/27/1999 3:32:00 PM
From: okey	Respond to of 15703

hot from the press! MAY 27, 1999 > >Paramount Resources Ltd. Northwest Territories Drilling >Update > >CALGARY, ALBERTA--Paramount Resources Ltd, along with its partner >Berkley Petroleum Corp., is pleased to announce a progress report >on its Liard Basin program. The Paramount et al Liard F-36 well >production tested sweet natural gas at rates up to 45 MMcf/d from >three separate intervals within an approximate 300 foot net pay >zone in the Mississippian Mattson formation. Based on the initial >well results and geophysical mapping of the trap, marketable gas >reserves of at least 250 Bcf are currently estimated. An >aggressive follow-up drilling program is planned for next winter, >and every effort will be made to achieve a second quarter 2000 >production start-up for the discovery. Initially four or more >development wells are planned along with several more exploration >wells. Gas delivery options are being evaluated and initial >production levels being considered are 50 to 100 MMcf/d. >Paramount and Berkley each own 50 percent of the 1,292 hectares >surrounding the discovery and 33.33 percent of an additional >19,944 hectares in the exploration licence on which the discovery >was made. Paramount and Berkley purchased 2,356 hectares of land >adjacent to the project at the British Columbia land sale on May >26, 1999, for a total bonus of $3,837,000. > >Paramount Resources Ltd. and Berkley Petroleum Corp. each have a >33.33 percent interest in two other Mattson tests drilled this >winter at A-01 and K-32, both suspended before reaching total >depth due to spring breakup. > >Paramount also continued its Devonian exploration program with >drilling operations resuming at M-23, O-15 and C-76HZ. Only >marginal gas flow rates were encountered in C-76HZ and all three >wells were suspended after reaching total depth. Two new >locations were also drilled resulting in one suspended well at >P-57 and one location at C-02 drilled and cased to an intermediate >depth. The Paramount Berkley N-65 well drilled last year was >completed and flowed gas at 5.5 MMcf/d from two zones with >significant formation water from the lower interval. Paramount >and Berkley each have a 50 percent interest in the Devonian >activity.