Longbow Energy Makes New Pool Discovery
Thursday Mar 18, 2004
LongBow Energy has made a new pool wildcat discovery at Watts Lake in the Provost area of Alberta. The well was cased for oil in the Dina formation. This is the corporation's second discovery in the area. Current plans are to continue drilling development wells after spring breakup. LongBow has a 50% interest in the project.
LongBow has also participated in the further evaluation of a gas well located at 11-6-66-2 W4 in the Cold Lake area of Alberta. Production in the Colony zone has been suspended in order to test the deeper Waseca formation. This formation has excellent permeability with initial production of 500mcf/day. LongBow and its joint venture partners have agreed to complete the well for dual production from both the Colony and the Waseca zones with combined production expected to be greater than 1,000 mcf/day.
Further to LongBow's press release of March 4, 2004, LongBow is preparing to license a deep pool wildcat at the location a-3-H, 94-B-8 in the Altares area of British Columbia. The projected depth of the well is 2750 meters and will test the Debolt formation. The exploratory well program will also test additional up-hole formations that produce in the area.
LongBow is very pleased with the drilling results to date as well as the plans to spud the Altares well this July. Success at Cold Lake and Watts Lake are part of the corporation's strategy to develop low risk, low cost oil and gas production. The Altares prospect is a very high reward target and the corporation's land position of more than 20 sections in the area provides significant potential to increase cash flow and reserves.