Fairchild Report Corning Project Is Commercially Viable

Fairchild International reports that flow tests from the initial testing of the first of the three wells drilled to date at the East Corning project in Tehama County, California, has proved to be commercially viable.

The uppermost zone at the first well tested with a sustained rate of 800 MCF per day. Testing continues on the lower zone and similar rates are expected for a combined anticipated production in excess of 1.5 million cubic per day for this first well. As well, five separate ten foot gas charged intervals in addition to several other lesser intervals of potentially economic gas.

Flow testing of the second well in this program will commence immediately and it is expected that results will be available within a week. Meanwhile, the recently drilled third well at East Corning has very encouraging gas shows in the Kione and the deeper Forbes formation with gas pressures up to 1800 units. However, the intense gas pressures created the potential for a gas blowout with almost certain serious injuries or even death to workers on site. As a result of this situation, the partnership decided to start a twin well nearby. Construction of the replacement well is now underway and drilling will re-commence at this site as soon as possible.

Fairchild Director, George Tsafalas, said he was very pleased with the results so far. "With the results to date and the continuing drilling at East Corning combined along with the major oil project in which we are completing negotiations, Fairchild is positioning itself to become a progressive North American oil and gas producer," he said.

The adjacent Victor Ranch discovery at East Corning is one of the largest natural gas filled sands in the East Rice Creek area and four of the most recent wells are currently producing 5.5 million cubic feet of gas per day."

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