Patch Begins Drilling on Bear Canyon Albertan Oil and Gas Project
Patch International Inc.
|Friday, July 15, 2005
Patch International reports that the Bear Canyon, Alberta project is being spudded on Friday, July 15, 2005. Drilling of the Bear Canyon project is expected to be completed within 4 days with results expected early next week. PAII is participating for a 25% working interest in the project.
This project is located in the producing region of Northeast Alberta. The total potential of the project is 12 Bcf (Billion cubic feet of gas). The project consists of one initial well, with the potential to drill multiple wells if the first well is successful. The operator has identified three primary targets. The formation of primary interest on this property is the Bluesky at a depth of approximately 1050 meters with potential reserve estimates of 4-6 Bcf on this target, and if successful, 2 to 4 Bcf and 1-3 Bcf on the additional targets. An analogy pool within proximity at Balsom has been mapped that has produced 5 Bcf. Additional potential down-hole zones exist which could substantially increase reserves.
The spudding of the Bear Canyon project follows PAII's successful drilling of the W5M Mcleod Project near the town of Edson, Alberta. There are four zones on the W5M property which received either or both oil and gas shows from all of the zones. The operator has been receiving very good porosity readings, positive log results, and all indications are very promising. Log results indicate that a commercial gas well is anticipated from the key target zone and that a secondary oil zone may be commercially viable as well. Flow results will confirm the viability. The operator has informed PAII that they will be completing the well "as soon as possible" and they expect it to be within the next two weeks.