CALGARY, March 21 /CNW/ - Blackpool Exploration Ltd. has entered into an agreement with participants to drill a test well on Company lands in the Grand Prairie area of northwestern Alberta. The prospect lands offset a gas pool which has produced more than 50 billion cubic feet of natural gas from a sandstone reservoir in the Cretaceous age Paddy Formation. The best well in this Paddy gas pool directly offsets Company lands, has produced more than 20 billion cubic feet, and has yielded gas at maximum daily rates exceeding 15 million cubic feet. A recently drilled well, also offsetting Company lands, has penetrated a sandstone reservoir in the Paddy Formation with six metres of gas pay. Based on stratigraphy, this well supports the possibility of a new gas pool underlying Blackpool lands. Additional potential for natural gas and oil could also be encountered in the Charlie Lake and Halfway Formations. The test well, to be drilled at an up dip location, should reach total depth before the end of March 2007. The Company will retain a working interest of 27% in the project.
BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of 6 mcf: 1bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead.
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