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

To: Salt'n'Peppa who wrote (2923)	5/31/1999 6:07:00 PM
From: ogod	Respond to of 15703

there is no margin on sub 2$ stocks, with very few exceptions, kob sold off strongest because for one there would be short pressure from the 90c warrants, plus no further news for 60-75 days, htp should have a bounce from drilling in 2 weeks

To: Salt'n'Peppa who wrote (2923)	5/31/1999 6:18:00 PM
From: grayhairs	Read Replies (2) \| Respond to of 15703

Hi Rick, I have extracted the following excerpts from WML's PR today. The complete and unedited release can be accessed electronically through Canadian Corporate News website at www.cdn-news.com ----------------------------------------------------------------- East Lost Hills, California The Bellevue No 1-17 well at East Lost Hills was confirmed killed on Saturday, May 29, 1999. Heavy mud and cement were pumped through perforations into the No. 1-17 wellbore from a relief well which had been drilled to a depth of 16,668 feet. The Bellevue No. 1-17 well blew out on Nov. 23, 1998, and had been flowing natural gas, liquid hydrocarbons and water into containment facilities since December 1998. The Bellevue No. 1-17 wellbore will be plugged back and abandoned. The relief well No. 1-17R will be used to sidetrack a replacement well into the targeted Temblor zone. It is estimated that drilling of the replacement well, which will be sidetracked from the relief wellbore at approximately 10,800 feet, will take approximately 75 days. In early August the company anticipates spudding a step out well in the East Lost Hills feature. This well will be operated by Berkley Petroleum Corp. Significant design changes have been incorporated in this well plan to ensure that the wellbore is suitable for effective evaluation of zones encountered to total depth. San Joaquin California Foldbelt Play The results to date from the drilling at East Lost Hills have prompted Westminster to expand its exploration efforts in the San Joaquin Basin. The company has entered into a letter of intent with Berkley Petroleum Corp. to participate in three additional exploration prospects in the San Joaquin Basin of Southern California. Participation in the project will involve a minimum of three wells during 1999 and 2000. The prospects have similar seismic characteristics and reserve potentials to that of East Lost Hills. Berkley Petroleum Corp. will operate the drilling of the new prospects. Cal Canal Prospect The first well is expected to spud in mid-June at the Cal Canal Prospect which is located approximately ten miles southeast of the East Lost Hills structure. Drilling time is expected to be approximately 120 days. The reserve potential in the Temblor Formation at Cal Canal is estimated to be 1.85 - 3.0 TCF. Lucky Dog Prospect The Lucky Dog Prospect is approximately two miles south of Cal Canal. The seismic indicates closure at the Temblor level under the shallower South Belridge oilfield. An offset well 1.5 miles west shows good reservoir development in the Temblor formation. The reserve potential in the Temblor formation at Lucky Dog is estimated to be 6.3-11.1 TCF. Pyramid Power Prospect The Pyramid Power Prospect is approximately ten miles northwest of East Lost Hills. The seismic indicates closure at Temblor level and evidence of porosity and permeability in the Temblor formation are found in a well located 1.5 miles to the southwest. The reserve potential in the Temblor formation at Pyramid Power is estimated to be 7.5-12.5 TCFE. 1999 Capital Expenditure Program The company has revised its 1999 Capital Expenditure Program to reflect the expanded exploration efforts in southern California. Westminster forecasts spending $15.8 million for exploration drilling, $16.8 million for development drilling, $1 million for seismic acquisition and $5.9 million for land acquisition for a total of $39.5 million. The Company will commit approximately $9-10 mm over the next 12 months for exploration and development of the four San Joaquin Basin prospects. ------------------------------------------------------------------- Yep, it's obvious that WML is terribly disappointed with the first well at ELH !!! They are now trying desperately to make up for that dismal "failure" !! <gg> What a great business. Later, grayhairs