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Are there any other KEST fans out there? This tiny company ($13 mill. mkt. cap.) is about to embark on a furious round of high potential drilling, as follows: Company To Commence Exploratory Drilling Operations In California's San Joaquin Basin DENVER, July 28 /PRNewswire/ -- Kestrel Energy, Inc. (Nasdaq: KEST), an oil and gas exploration and production company, today announced plans to spud three wells during the month of August 1997 as part of the Company's new exploratory drilling program. The initial well, which is scheduled to spud in the second week of August, will target the Daisy Prospect in California's San Joaquin Basin. According to seismic data, if gas is present, Pliocene sands within the prospect have the potential to contain up to 38 billion cubic feet (BCF) of gas. The well will be drilled to a depth of 3,515 feet to target the sands. Interpretation of seismic data suggests the target horizon of the Daisy Prospect is of a similar nature to the 200 BCF Trico Gas Field located 11 miles to the northeast. The Trico Field is producing from the same horizon as that targeted in the Daisy Prospect. Kestrel, which will be the operator of the project, owns a 50% working interest. The Longhorn Prospect, located within permit WA-261-P in the Offshore Carnarvon Basin of Western Australia, is expected to spud in the third week of August. The well will be drilled to approximately 2,200 feet and will test a Cretaceous sandstone reservoir with the potential to contain up to 32 million barrels of oil, if oil is present. Cretaceous reservoirs are productive in the 45 million barrel Stag Oil Field three miles to the north. Kestrel has a 2.5% free carried interest in the project. Apache Energy is the operator of the joint venture, and also is the operator of the Stag Oil Field. Finally, the Company plans to drill the Greer Prospect, also located in the San Joaquin Basin, in the last week of August. Interpretation of seismic data suggests the prospect has the potential to contain up to 20 million barrels of oil, if oil is present and is defined by a seismic amplitude anomaly. The well will be drilled to approximately 9,600 feet to test the interpreted Miocene sand horizon. The seismic amplitude anomaly is similar to the anomaly observed in a nearby oil and gas field that has recovered 21 million barrels of oil and 30 billion cubic feet of gas. Kestrel's working interest is 50%, and the Company is the operator. Timothy Hoops, president and CEO, said, "We have worked very aggressively at building our exploration assets in recent months, and we look forward to commencing our exploratory drilling program." In May 1997, Kestrel raised $5 million in working capital to fund exploration and drilling of its assets in the San Joaquin Basin and commence development drilling of its existing producing properties. Headquartered in Denver, Kestrel has producing properties in California, Kansas, Louisiana, New Mexico, Oklahoma, Texas and Wyoming. Statements made in this news release that are not historical facts may be forward looking statements. Actual results may differ materially from those projected in any forward looking statement. There are a number of important factors that could cause actual results to differ materially from those anticipated by any forward looking information. In addition, while the Company's current plans are to drill the wells cited herein at the times and in the manner described, various factors, including but not limited to actual drilling results, equipment availability or breakage, financial or other problems of the operators or co-venturers, could change those plans. A description of the risks and uncertainties which are generally attendant to Kestrel Energy and its industry and other factors which could affect the Company's financial results are included in the Company's report to the Securities and Exchange Commission on Form 10-KSB. SOURCE Kestrel Energy, Inc. CO: Kestrel Energy, Inc. ST: Colorado IN: OIL SU: 07/28/97 11:11 EDT prnewswire.com ************************************************** With about 4.4 mill. shares out and valuing gas at $1/mcf and oil at $5/bbl. I get a per-share impact of these three wells of $4.30, $.91, and $11.36 respectively. Not too shabby considering you can own this right now for a mere $3.25. Whaddya figure? | ||||||||||||||
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