Aquest Sees Success with Recent Canadian Drilling Program

Aquest Energy reports that during the third quarter the company achieved 100% success with participation in the drilling of ten (6.6 net) wells, two in the Cooking Lake area, two at Edberg, two at Bellshill, two at Cardiff and one each at Alexander and Pembina. Aquest operated eight of these wells. This drilling has resulted in 6 (3.8 net) potential oil wells and 4 (2.8 net) potential gas wells. Completion, testing and tie in of these wells has been severely delayed by wet weather throughout the third quarter.

Aquest is currently producing approximately 2,050 boepd (8,100 mcfpd and 700 bopd). Aquest further estimates up to an additional 400-500 boepd of net production capacity remains shut in awaiting various tie in operations and compressor installations. These operations are underway and, weather permitting, should be completed by mid to late October.

The Company anticipates drilling approximately 4-7 wells in the fourth quarter all within its core central Alberta properties. Included in the fourth quarter drilling will be a follow up to the previously announced Sylvan Lake 6-35 Viking oil discovery. This well continues to produce at approximately 150 boepd.

At Clarke Lake, British Columbia the b-a89-k gas well is producing at approximately 1-2 mmcfpd. Aquest retained Fekete Associates Inc. to examine the production and pressure information from the Clarke Lake b-a89-k well and finds nothing in that analysis inconsistent with our internal appraisal of the Clarke Lake gas pool. It remains Aquest's intention to repair the existing well through a re-drill of the upper horizontal leg to allow production from the top of the reef this winter. In addition, a new vertical producer will be drilled into the Clarke Lake gas pool. Aquest is finalizing plans to drill 1-2 new exploratory wells in pursuit of similar Clarke Lake features in the Ft. Nelson area during the first quarter of 2005.
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 - Aquest Sees Success with Recent Canadian Drilling Program (Sep 24)

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