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September 5, 2001 Trading Symbol: CDNX-FTR Firesteel Resources Inc. is pleased to announce the results of the initial completion and testing program on the 12-3-54-21 W5M well in the Sundance area – near Edson, Alberta. The well is on lands, which are part of the Company’s 6-section land package in the area. This well was drilled to a depth of 2366 meters and encountered the fault-repeated Cardium Sandstone - the primary target in the Sundance and Ansell gas fields. Fracturing associated with the low-angle thrust faulting can significantly enhance the permeability and porosity of the Cardium sandstone reservoir. The current program involves the completion, fracing and testing of the two Cardium sand units for potential gas production. These two units are actually the same Cardium sandstone unit that has been repeated by thrust faulting. The upper sandstone unit has a 13-meter pay zone thickness and tested 1.87 Mmcf per day. The lower unit shows a 12-meter thick pay zone thickness and tested 2.55 Mmcf per day. Both zones were tested using a 20/64” choke. Each of these zones will be immediately subjected to a 14 – 20 day extended flow test in order to assess the reservoir parameters. The 12-3 well is located 2 kilometres from Firesteel’s existing gas well and is only 5 kilometres from the nearby Sundance gas plant.
ON BEHALF OF THE BOARD OF DIRECTORS OF
FIRESTEEL RESOURCES INC.
“David DuPre”
__________________________ David DuPre, President
The Canadian Venture Exchange has neither
approved nor disapproved the information contained herein. |