Post by fastwalker on Sept 22, 2004 23:27:07 GMT -5
Press Release Source: Banks Energy Inc.
Banks Energy Inc. - Phase 2 exploration & development update
Wednesday September 22, 6:19 pm ET
Trading Symbol: BKL: TSXV
VANCOUVER, Sept. 22 /CNW/ - Banks Energy Inc. ("Banks" or the "Company") is pleased to provide the following update to Phase 2 of its exploration and development program in Saskatchewan.
Despite unforeseen wet weather conditions in western Canada, which delayed drilling from the scheduled early August target date, the Company reports the completion of three natural gas test wells drilled in the last few weeks, both on the Poundmaker Homeland Reserve property, and on the Company's Crown gas exploration properties. Additionally, weather permitting, the Company will be spudding the first of its development Freemont heavy oil wells on Friday of this week.
Results of testing on the two Poundmaker Homeland natural gas wells have indicated the presence of natural gas similar to the Company's first test discovery well, drilled in the same area in December 2003. The Company is currently evaluating and testing the two follow-up wells, which will establish the basis for drilling the third well, and, if economic, facility and pipeline gathering and sales line design.
For competitive reasons, exploration results on the Crown exploratory acreage will not be released at this time. Banks has recently acquired 3000 hectares of prospective gas lands, and is at present identifying follow-up exploration drilling locations.
At Freemont, the Company has accelerated its heavy oil development program to include five wells this year, from the originally-announced four. The Freemont 3D seismic program shot in August of this year has been evaluated, and Banks has identified numerous primary Waseca and secondary Sparky heavy oil targets on its TLE joint venture properties. The Company is expecting to add significantly to its current 200 BOPD production at Freemont by late October.
At Freemont, the Company has calculated its Finding and Development costs on a corporate basis to be CDN$5.97 per boe, This calculation includes all general and administrative, asset retirement, start-up and on-stream costs of CDN$3,510,000 against proved plus probable reserve additions of 588,000 boe (as determined by GLJ Associates Ltd. in a report dated June 30, 2004).
Banks is an Alberta-based exploration and production company, currently producing oil from its core area in western Saskatchewan near Lloydminster. For additional information please contact the Company at (604) 689-8336, toll- free at (866) 869-8072 or visit the Company website at www.banksenergy.ca.
ON BEHALF OF THE BOARD OF DIRECTORS OF BANKS ENERGY INC.
"D. Barry Lee"
D. Barry Lee, President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
www.newswire.ca/en/releases/orgDisplay.cgi?okey=31476
For further information
SUITE 2410 - 650 WEST GEORGIA STREET, VANCOUVER B.C., CANADA, V6B 4N7, PHONE: (604) 689-8336, FAX: (604) 682-5564, E-MAIL: BANKS@FIRSTMG.COM
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Source: Banks Energy Inc.
Guys..guess this answers our question about "other" stuff in the area...gets better all the time... ;D
Banks Energy Inc. - Phase 2 exploration & development update
Wednesday September 22, 6:19 pm ET
Trading Symbol: BKL: TSXV
VANCOUVER, Sept. 22 /CNW/ - Banks Energy Inc. ("Banks" or the "Company") is pleased to provide the following update to Phase 2 of its exploration and development program in Saskatchewan.
Despite unforeseen wet weather conditions in western Canada, which delayed drilling from the scheduled early August target date, the Company reports the completion of three natural gas test wells drilled in the last few weeks, both on the Poundmaker Homeland Reserve property, and on the Company's Crown gas exploration properties. Additionally, weather permitting, the Company will be spudding the first of its development Freemont heavy oil wells on Friday of this week.
Results of testing on the two Poundmaker Homeland natural gas wells have indicated the presence of natural gas similar to the Company's first test discovery well, drilled in the same area in December 2003. The Company is currently evaluating and testing the two follow-up wells, which will establish the basis for drilling the third well, and, if economic, facility and pipeline gathering and sales line design.
For competitive reasons, exploration results on the Crown exploratory acreage will not be released at this time. Banks has recently acquired 3000 hectares of prospective gas lands, and is at present identifying follow-up exploration drilling locations.
At Freemont, the Company has accelerated its heavy oil development program to include five wells this year, from the originally-announced four. The Freemont 3D seismic program shot in August of this year has been evaluated, and Banks has identified numerous primary Waseca and secondary Sparky heavy oil targets on its TLE joint venture properties. The Company is expecting to add significantly to its current 200 BOPD production at Freemont by late October.
At Freemont, the Company has calculated its Finding and Development costs on a corporate basis to be CDN$5.97 per boe, This calculation includes all general and administrative, asset retirement, start-up and on-stream costs of CDN$3,510,000 against proved plus probable reserve additions of 588,000 boe (as determined by GLJ Associates Ltd. in a report dated June 30, 2004).
Banks is an Alberta-based exploration and production company, currently producing oil from its core area in western Saskatchewan near Lloydminster. For additional information please contact the Company at (604) 689-8336, toll- free at (866) 869-8072 or visit the Company website at www.banksenergy.ca.
ON BEHALF OF THE BOARD OF DIRECTORS OF BANKS ENERGY INC.
"D. Barry Lee"
D. Barry Lee, President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
www.newswire.ca/en/releases/orgDisplay.cgi?okey=31476
For further information
SUITE 2410 - 650 WEST GEORGIA STREET, VANCOUVER B.C., CANADA, V6B 4N7, PHONE: (604) 689-8336, FAX: (604) 682-5564, E-MAIL: BANKS@FIRSTMG.COM
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Source: Banks Energy Inc.
Guys..guess this answers our question about "other" stuff in the area...gets better all the time... ;D