SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT UNDER TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): April 14, 1998
Commission File Number: 0-14096
FORELAND CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
NEVADA 87-0422812
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(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
12596 W. BAYAUD AVENUE
SUITE 300, LAKEWOOD, COLORADO 80228
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(Address of Principal Executive (Zip Code)
Offices)
Registrant's Telephone Number, including Area Code:
(303) 988-3122
N/A
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(Former name, former address, and formal fiscal year, if changed since
last report)
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ITEM 5. OTHER EVENTS
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Foreland Corporation announced on April 14, 1998 today that gross daily
production from the Company's Eagle Springs and Ghost Ranch fields has increased
by 50% over year end 1997 production rates and the drilling of the first two
wells in the 1998 multi-well drilling program is now complete.
Foreland management reported that daily production increased from 510 BOPD to
approximately 775 BOPD due to the Enhanced Oil Recovery (EOR) project's initial
response at Eagle Springs and operational improvements including water disposal
at Ghost Ranch. The Company intends to continue to increase revenues,
production, and reserves through EOR and development of Eagle Springs and
aggressively pursue its exploration objectives.
The Eagle Springs #44-35 development well is now being completed for production.
This is the ninth straight development well placed into production after
completing 3D seismic over the Eagle Springs field. A step-out well #14-35
reached final depth April 12, 1998. This well was located to test a west block
adjacent to the producing Eagle Springs field. The targeted formations were
encountered at the expected depths with oil shows, however after review of the
logs it was determined that the reservoir quality was marginal and this well
will be plugged.
The Sand Dune #88-35 exploration well is scheduled to start drilling this week.
This 3D seismic defined exploratory well will test multiple objectives. This
prospect is located adjacent to the Eagle Springs and Ghost Ranch fields.
Foreland's discovery of the Ghost Ranch field was Nevada's first 3D defined
exploration success.
Foreland also announced it has completed its due diligence including an
environmental impact study regarding its option to purchase the Petro Source
assets. Management of Foreland believes that the acquisition of the Petro
Source refining and transportation business is a strategic move in providing
multiple profit centers and price protection through integration and
anticipates completing this acquisition during the second quarter.
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Dated: April 15, 1998
FORELAND CORPORATION
By /s/ N. Thomas Steele, President
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