|Mon Aug 24, 1998|
Results of Recent Flow Tests on Siverson
| ||The Company is pleased to announce that it has received the results of the recent flow tests on the Western Operating Company Siverson 1-X well located in Greeley County, Kansas, on the Kansas/Colorado border. The Company has a 25% working interest in the Siverson 1-X well and a 25% working interest in the Siverson 1-X well and a 25% working interest in another gas well located 8 miles to the northwest of the Siverson 1-X.|
The independent engineering firm who conducted these tests in the last week of July 1998 is Energy Systems Engineering Inc. (ESE) and Associates of Arkansas City, Kansas who report;
Siverson 1-X, Lower Pennsylvanian, Morrow Sand
Depth 5,122 - 5,146 feet
Production casing 4.5 inches
Gas Reserve Estimate (SYNtm-thesized):
Initial Gas in place 5.281 billion cubic feet
Initial Recoverable Gas In Place 4.836 billion cubic feet
Initial Marketable Gas In Place 4.483 billion cubic feet
Remaining Marketable Gas In Place 4.472 billion cubic feet
Synthesized Initial Pressure 1,127.70 psia
KCC Flow Tests:
Initial Gas flow on
1 1/4 inch choke 9.291 million cubic feet per day
Open Flow 43.857 million cubic feet per day
Porosity of reservoir
The Company has delayed releasing the above information for the past two weeks in accordance with a confidential filing with the B.C. Securities Commission while the Company and its partners attempted to lease additional land adjacent to the "No Man's Field". During the past two weeks the Company and its partners have successfully acquired additional acreage on the north and south ends of the "No Man's Field". The Company now has a 25% working interest in a total of approximately 4000 gross acres in the "No Man's Field".
The Company's operator, Western Operating Company of Denver Colorado is presently in discussions with various gas pipeline companies who have high pressure gas lines that run near the "No Man's Field". It is the intent of all the partners in this prospect to hook this well up to a pipeline as quickly as possible in order to generate cash flow. Once this stage is completed, the partners intend to begin the systematic development of the entire field, including receiving spacing parameters from the Kansas State regulatory board, the KCC.
The Company also wishes to announce that drilling has completed on the Grasslands Prospect in North Dakota, on which the company had a carried interest on the first well. The well was drilling to test the Lodgepole and Red River formations. The well did encounter an oil show, however it was decided by the operator that at current oil prices it was not economic to lay production casing to the producable formation, therefore the well has been plugged by the operator. The Company did not expend any cash on this test well.
In recognition of the fact that the Company is now fundamentally an oil & gas exploration company, a new name has been approved by shareholders at the last AGM. Effective immediately, the Company will be called Mount Dakota Energy Corp. The trading symbol "MMO" will remain the same.
On behalf of the Board
Gary. H. Claytens,
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of the content of this press release.
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