Sienna Resources Inc V.SIE

News - FGD

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"First Goldwater's Z1 well runneth over First Goldwater Resources Inc FGD Shares issued 15,278,186 Jul 10 2002 close $ 0.09 Friday July 12 2002 News Release (c) Copyright 2002 Canjex Publishing Ltd. https://www.stockwatch.com https://wasp.stockwatch.com/sw/bull.asp?bid=Z-FGD-200-- 20020715&symbol=FGD ---- The news is probably this: Provided By: barrysmale $$$$$ 12 Jul 2002, 12:27 PM EDT Msg. 23538 of 23568 !! News !! FIRST GOLDWATER RESOURCES INC. Suite 990-1500 W. Georgia St Vancouver BC. V6G 2Z6 Telephone: [phone] Facsimile: [phone] July 12, 2002 Trading Symbol: FGD-TSX Venture Exchange Z1 WELL ENCOUNTERS EXCESSIVE AMOUNTS OF OIL DURING TESTING First Goldwater Resources Inc. (the "Company") is extremely pleased to report that the operator has notified the Company that the tester has notified the operator that due to "excessive" amounts of oil flowing during the testing of the Z1 well, the tester requested the well be shut-in until it can be hooked up to the system. The tester felt that the amount of oil flowing from the well was too much to be wasted away during this testing stage. The operator estimates that the 24-hour bottom hole pressure test should be completed by 5:00 PM Friday. Then they will do a 4-point drawdown test for flow rates. The Green Ranch Prospect is a proposed 15 well program consisting of 4,131 acres of leasehold on the Green Ranch in Stephens County, Texas. This leasehold is located approximately 50 miles northeast of Abilene, Texas and approximately 10 miles northwest of Breckenridge, Texas, along the North Stephens-Shackelford County line. FGD holds a 5% working interest in the Green Ranch Prospect. 80% of the project is privately held. The Green Ranch Prospect lies within an oil and gas producing province identified as Texas Railroad Commission District 7B, which encompasses 24 counties in North Central Texas. TRRC reports indicate District 7B has produced a total of 2.225 Billion barrels of Oil during the period from 1935 through June of 2001. These reports also indicate the district has made 2.277 TCF of unassociated gas (gas wells) from 1970 through June of 2001. It is estimated that this district accumulated approximately 2.78 TCF of casinghead gas. During the year 2000, District 7B made 14.1 Million barrels of oil, 18.6 BCF of casinghead gas and 45.3 BCF of unassociated gas.There has been over $1.5 million spent on the Green Ranch Prospect to date. Conrad Clemiss, President of the Company states, "This is a very positive development at this stage of the testing. If the tester feels there is too much oil flowing from the well to just waste it, then the prospects for the oil production as well as the extremely positive indication of the gas on this well is looking great. One other aspect that must be considered is that the proposed 15 wells were based on the bend conglomerate target only, but with these positive developments taking place within the Mississippian Formation this could add another potential 6-20 more wells targeting this formation alone. We are extremely excited about the anticipated results of the flow testing over the next few days and the potential impact of this well and field on the company." Contact Information: Conrad Clemiss Tel: [phone] Toll Free: 1-866-692-3230 www.goldwaterresources.com BY ORDER OF THE BOARD OF DIRECTORS "Conrad Clemiss" Conrad Clemiss, President The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This is not a solicitation to buy or sell securities. Any decision to buy or sell securities should be discussed with a professional in the financial industry. This is intended for dissemination of company information only. WARNING: The company relies upon litigation protection for "forward-looking" statements. If you would like to be deleted from this service of feel this was sent in error, please respond back with delete in the subject line