news - hit but not bignot as big as hoped i guess if the partners walk away
getting ready to start the next hole, but waiting for $$ first
Opal Energy Corp (C:OPA)
Shares Issued 301,148,450
Last Close 8/15/2007 $0.20
Thursday August 16 2007 - News Release
Mr. Ronald Oligney reports
OPAL SETS PIPE IN K2 WILCOX "KANE-BRANDON #1" WELL
Opal Energy Corp. has set casing and will test five or six prospective intervals discovered in the K2 Wilcox well, designated as the Kane-Brandon No. 1.
Further, Opal has taken over operatorship from Milagro Exploration, effectively increasing its working interest in the well to 100 per cent with limited incremental investment. While the discovery falls well short of the best case scenario, Opal expects to recover its drilling risk capital and realize a modest two- to three-times return on investment in the completion. Partners that elected not to participate in the completion retain the right to back in at a 25-per-cent level on subsequent development wells.
Commenting on the company's action, chief operating officer, Tommy Bolin, said: "The performance of our team in operating a deep (18,500-foot), high-pressure (16,000-pound-per-square-inch), high-temperature (440-degree Fahrenheit) well without a hitch, marks an important milestone in the development of Opal Energy."
Opal is set to commence drilling over the next few weeks on the second of four "Big BCF" targets scheduled for 2007, pending receipt of funds from a key working interest partner.
© 2007 Canjex Publishing Ltd.