Canadian Imperial Venture V.CQV.H

RE: Meteor Creek and Oil Rigs

[Hubbie]

Iceclear12, Anytime a rig is nearing target they will begin to start cleaning up and hauling out equipment/materials that are no longer needed. Rigging out can be a lenghtly process, so the more you get out of the way, the easier it is when you lay down the rig. Also, if they are going to be completing the well with the drilling rig, they will need room on the lease for another pile of equipment. On another note, IMO, the Meteror Creek well will not (if it in fact discovers anything) go on permanent production for several years. The infrastructure alone would take considerable time to plan and build, and this is not usually done for a single well. Certainly coseles could be a part of this infrastructure, but all alternatives need to be looked at. In a way, I envy anyone involved in O/G development in this area - frontier stuff when compared to what Western Canada has in place regarding tie-ins, transportation, markets, infrastructure, etc. New technology will be required to make any and all plays economic. Rambling on..... CQV is well on there way to being a part of this - they do have a well capable of producing oil - how much and for how long will be determined shortly - and they are in the process of "proving up" the reservior. When was # 1 drilled - 1991??? Nearly 10 years later this discovery well is finally being followed up. In addition, they are positioned to cash in on the future by offering new technologies (cosselles) and markets (Agentina) In the oil industry, time is usualy measured as "hurry up and wait". Exciting times for Eastern Canada and the Maratines regarding oil and gas are ahead. How long untill things come to fruition is anyones guess, but the industry is well on it's way to making this section of the country the "Oil Capital Of Canada".