VANCOUVER, British Columbia, April 25, 2002 (PRIMEZONE) -- Priority Ventures Ltd. (CDNX:PVS):
The drill rig was released from Priority's wellsite Saturday April 20th. The well has been suspended with a retrievable packer in the casing. The packer seals the gas below the steel casing and allows easy access for completion. The data obtained from drill core, wireline logging, drill stem tests and flow testing is presently being compiled for use in project planning. Several gas and core samples have been sent to Calgary for analysis and interpretation. Baker Hughes Oil Field Services performed drill stem tests on three different zones. The tests included 11 coal seams. The results obtained indicate very little water in the coal. More importantly the test results indicate additional zones of interest that had been suspected but are now proven. In light of the results obtained, Priority will modify its approach to the project in the following respects:
1. The land acquisition strategy will incorporate an enhanced model
that will focus Priority's attention to certain suspected
geological trends;
2. The drill equipment to be used will be modified to accommodate
drilling, testing and completion work in a timely and cost
effective manner;
3. The original pilot project had intended to drill four wells total
and then tie them in for production. Priority intends to determine
the feasibility of a single well tie-in. Moreover, the original
four well pilot project may be changed to a ten well project. This
broader approach would benefit from the use of different drill
methods and equipment. The choice of drill targets, assembly of
the most appropriate equipment and raising of the required capital
will prolong the time required before commencement of additional
drilling.
Recently the Ministry of Energy and Mines announced its intention to modify the existing oil and gas permitting system. Presently applications must be filed individually for wells, pipelines and facilities of the same project regardless of the fact that they may be practically identical. The new system would recognize this duplication and allow for applications on a project basis where appropriate. Changes would benefit projects such as coalbed methane where multiple wells, collection, lines and facilities will be required.
The saving in both time and money from the upcoming regulatory changes will certainly enhance the planned coalbed methane development in British Columbia.
Priority will continue to provide updates on drill results as the information is compiled and interpreted. The disclosure will not however, provide details that may detract from Priority's present competitive advantage. It is important to keep in perspective the fact that Priority and its shareholders have spent considerable capital, time and effort in obtaining this data.
On behalf of the Board of Directors, "Neil Swift" NEIL SWIFT President
"The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release."