MickeyYes, there are times when it actually seems
that long, and true that the bulk of the
settlement land is moose pasture, HOWEVER,
there is gas and oil under that moose pasture.
Their lastest licences:
9/9/2003 0292587 100/08-01-057-02W4/00 WATCH RESOURCES LTD. JOHN LAKE BEAVERHILL LAKE FM
9/9/2003 0292567 100/11-02-057-02W4/00 WATCH RESOURCES LTD. JOHN LAKE BEAVERHILL LAKE FM
11/13/2004 0318838 100/02-16-053-04W4/00 WATCH RESOURCES LTD. UNDEFINED COOKING LAKE FM
11/13/2004 0318840 100/12-31-057-02W4/00 WATCH RESOURCES LTD. MOONSHINE BEAVERHILL LAKE FM
11/13/2004 0318839 100/14-29-057-02W4/00 WATCH RESOURCES LTD. MOONSHINE BEAVERHILL LAKE FM
11/15/2004 0318853 100/05-32-057-02W4/00 WATCH RESOURCES LTD. MOONSHINE BEAVERHILL LAKE FM
11/15/2004 0318861 100/10-18-058-02W4/00 WATCH RESOURCES LTD. MOONSHINE BEAVERHILL LAKE FM
11/15/2004 0318896 102/05-10-058-02W4/00 WATCH RESOURCES LTD. MOONSHINE BEAVERHILL LAKE FM
6/8/2005 0332454 100/15-36-057-03W4/00 WATCH RESOURCES LTD. UNDEFINED BEAVERHILL LAKE FM
8/17/2005 0336625 100/02-23-058-01W4/00 WATCH RESOURCES LTD. MOONSHINE BEAVERHILL LAKE FM
8/17/2005 0336627 100/04-18-058-01W4/00 WATCH RESOURCES LTD. MOONSHINE BEAVERHILL LAKE FM
12/2/2005 0344165 100/06-03-058-01W4/00 WATCH RESOURCES LTD. MOONSHINE BEAVERHILL LAKE FM
12/8/2005 0344737 100/05-02-058-01W4/00 WATCH RESOURCES LTD. MOONSHINE BEAVERHILL LAKE FM
Fishing Lake Metis Settlement:
FISHING LAKE
Drilled four potential natural gas wells on the Metis Fishing Lake Settlement up to Oct. 2005
The first gas well, 5-10-58-2W4M, is completed and approved by the EUB for gas over bitumen production and pipelining is pending; the Company holds 43.75% in this well
The other three gas wells will be completed in November/December 2005 and after their gas over bitumen applications are approved they will be pipelined and tied-in as well; the Company holds 43.5% in one well and 50% in the other two wells pending election of the landowner to exercise their rights on a casing point election of up to 25% gross interest
The Company has drilled three potential heavy oil wells on the lands up to October 2005; the Company holds 43.75% and 50% in the first two wells and 50% subject to the landowner’s casing point election on the third well. These oil wells are currently being completed with results expected in November, 2005
The Company has shot 61 kilometers of 2-D seismic over the lands to high grade drilling locations and potential lands
The Company plans to drill in November 2005 an additional two gas wells (50%)
With available funds and equipment the Company sees and additional five to nine gas wells potentially drilled between now and spring break-up 2006
The Company will undertake to drill some future oil wells pending the success of the first three completions mentioned above
In 2005 the Company has acquired a much larger land position as a result of its’ arrangement with Energy 51 Inc. at no cost to the Company; some 27 additional sections of land at 50% to Watch will have been acquired over 2005
While I am not/or was not a party to the
agreement with the Fishing Lake Metis
Settlement (FLMS).... it appears that
the licences are still acquired from
the provincial government, as crown land
( perhaps on the behalf of the FLMS ) and
that the FLMS is granting right of access
to their lands.
I would guess that preferential access means
that should WR fail to act on a recognized
highly prospective piece of property, then
the FLMS would have the right to grant access
to another oil company to harvest, without
breaking the agreement.
Do I expect that a whole new massive discovery
will be made there .... no, but I do believe that
it is good "bread & butter" property for a company
that has it's feet firmly planted in reality and is
not thinking that they are about to "shoot the lights
out" with a high impact play.
Dewberry is just a well off the settlement and is really
out of the mix as an orphan well, away from the rest of
the other WR wells.
Hope this helps ... sold off half my WR portfolio in the
last couple of weeks, at just a bit over cost, but I
wanted to re-allocate some money out of WR and into CYS,
TOG, and CNE.UN. However, still hold a whole swak of
WR yet, so will continue to be a watcher of Watch.
Good Luck!