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): February 20, 1997
Commission File Number: 0-14096
FORELAND CORPORATION
(Exact Name of Registrant as Specified in its Charter)
NEVADA 87-0422812
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
12596 W. BAYAUD AVENUE
SUITE 300, LAKEWOOD, COLORADO 80228
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code:
(303) 988-3122
N/A
(Former name, former address, and formal fiscal year, if changed since
last report)
- --------------------------------------------------------------------------
ITEM 5. OTHER EVENTS
- --------------------------------------------------------------------------
Foreland Corporation announced on February 20, 1997, that the Ghost Ranch
#38-45 well flowed 470 to 495 barrels of oil per day during a three-day
production test. The Ghost Ranch #38-45 well is a westerly offset to the Ghost
Ranch #48-35, the discovery for the field. The #38-45 well has nearly 50% more
net pay than the discovery well. Management of Foreland believes that the well
further demonstrates the high production rates which make Nevada oil exploration
exciting and profitable and proves the usefulness of 3D seismic operations in
exploration and development. The well will be produced at a rate of
approximately 400 barrels per day as a reservoir conservation measure.
Gross daily production from Foreland's Eagle Springs and Ghost Ranch fields
is currently 1,090 BOPD. Foreland has a 100% working interest (.82-.84% NRI) in
the Eagle Springs Field and a 60% working interest (51% NRI) in the Ghost Ranch
field. Foreland's net daily production of 720 BOPD exceeds the 1996 average
daily production by 132% or 410 BOPD. Foreland's gross revenues for 1996 were
$2 million.
Foreland has submitted a permit for another well on the Ghost Ranch
structure. The Ghost Ranch #47-35 will be located northeast of the #38-35 well.
Foreland anticipates it will begin drilling the #47-35 well within the next
weeks. Foreland has a 60% working interest in the Ghost Ranch field and is the
operator. Plains Petroleum Operating Co., a wholly-owned subsidiary of Barrett
Resources, has the remaining 40% working interest.
- --------------------------------------------------------------------------
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
- --------------------------------------------------------------------------
(a) Financial statements of businesses acquired. Not applicable.
(b) Pro forma financial information. Not applicable.
(c) Exhibits. The following exhibit is included as part of this report:
None.
- --------------------------------------------------------------------------
SIGNATURES
- --------------------------------------------------------------------------
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: February 24, 1997
FORELAND CORPORATION
By /s/ N. Thomas Steele, President