Desmarais Updates Activity, Appoints CFO
TSX Venture Exchange Symbol: DES
CALGARY, March 21, 2014 /CNW/ - Desmarais Energy Corporation (TSXV: DES) (the "Corporation" or "Desmarais") announces that a farm-out horizontal well in the Virginia Hills area of west central Alberta, was completed in the Beaverhill Lake formation early in Q4 2013 with a multi-stage acid fracture stimulation. It has been producing light, sweet crude oil since mid-November. Variable rates have been achieved of approximately 14 - 19 m3/ day or 90 to 120 bopd. Desmarais has a 5% before payout royalty interest on 32.598% of production and a 30.0% working interest on 32.598% after payout. Desmarais has also earned a 9.7794% working interest in a vertical well offsetting the horizontal well.
Desmarais announces the appointment of James G. Long to the position of Chief Financial Officer effective March 10, 2014. Mr. Long is currently a major shareholder and Director of the Company.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Advisory: This press release may contain certain forward-looking statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward looking statements. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward looking statements contained in this press release are made as of the date hereof and Desmarais undertakes no obligation to update publicly or revise any forward looking statements or information, unless so required by applicable securities laws.
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