Here is the latest news for First Goldwater. This will be the last press
release that i will be sending regarding FGD as i resigned today. Please
contact Conrad Clemiss directly at 604-443-0627 or email him
conrad@radiant.net if you have any questions.
Thank you
Jason Gigliotti
FIRST GOLDWATER RESOURCES INC.
Suite 990-1500 W. Georgia St
Vancouver BC. V6G 2Z6
Telephone: (604) 443-0627
Facsimile: (604) 632-9849
August 20, 2002 Trading Symbol: FGD-TSX Venture Exchange
Texas Drilling Update
First Goldwater Resources Inc. (the "Company") reports that the operator has
notified the Company that the testing process on the Z1 Well is slightly
behind schedule. During the initial testing stage, the pump was running at
full capacity and some frac sand filled the pump. This caused a two-day
delay to clean out the tubing and then to run it back down the well. Over
the past three days the pumping unit ran at approximately half of its
capability to avoid the same possible delays. The operator feels that we
should continue to flow the well at these reduced levels for the next 4-7
days and then slowly increase the volume. Over the past three days the
level of oil within the fluids being pumped out of the well has increased
each successive day. Once the level of oil and condensate has stabilized
and the well has flowed at its maximum rate we will be able to provide flow
rates for the well. Once official numbers are achieved they will be
immediately released.
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. The primary target formation in this
prospect is the Bend Conglomerate at a depth of approximately 4,500 feet.
Secondary target formations are Caddo, Rotten Chert, Mississippian and
Ellenberger. The Company 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.
In other corporate news, Jason Gigliotti has resigned as a director and
officer effective immediately from the Company. Mr. Gigliotti has chosen to
focus his time on other business endeavours and we wish to thank him for his
time and commitment he gave to the Company. Please note the new contact
number for the Company will now be 604-443-0627. If you have any questions,
please call Conrad Clemiss, the president of the Company.
