Exile Resources Inc. Spuds Well in Eastern Turkey

TORONTO, April 28 /CNW/ - Exile Resources Inc. (TSXV: ERI) today announced that, with partner Valeura Energy Inc. and operator Aladdin Middle East Ltd., it had spud the Company's first exploration well, Bostanci-1, on April 24, 2011 in Turkey. This well is located in the southern most corner of the Rubai License 2600 adjacent to the borders with Iraq and Syria.

"The Bostanci structure is a large surface anticline, with Cretaceous Mardin limestones interpreted to lie within the core of the structure as the reservoir target," said Tony Henshaw, President and CEO, of Exile Resources.

Due to surface location constraints, the Bostanci wellsite is located to the north of the target and will require a deviated well, of approximately 11,400 feet measured depth, to reach the interpreted reservoir level. This is expected to take approximately 70-80 days to drill. Exile and Valeura are sharing equally the drilling costs of the well, estimated to be $6.2 million excluding completion and cased-hole testing. This expenditure would take Exile's equity to just under 29%.

The Ogunduk area is still under evaluation, as the partners continue to evaluate the results from the seismic program and consider other leads on the License area.

About Exile Resources Inc.

Exile Resources Inc. is an oil and gas exploration company advancing the development of the Akepo Oilfield in the shallow water Niger Delta, Nigeria. With significant experience and track record of success in international operations, the Company is pursuing additional prospects in Africa and beyond, looking for opportunities that are early on in the exploration and development value chain. Please visit Exile Resources web site for further information: www.exileresources.com.

To receive news releases from Exile,
please email dfeick@equicomgroup.com and mention "Exile Resources" in the subject line.

Forward-Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Exile Resources Inc. including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of estimates, currency fluctuations, independent actions of its joint venture partners, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. 

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.

 

SOURCE Exile Resources Inc.

For further information:

Exile Resources Inc. 
Tony Henshaw, President & CEO
Tel: (44) 20-7793-2592
Tony.Henshaw@exileresources.com

Investor Relations -The Equicom Group 
David Feick
Tel: (1) 403-218-2839
dfeick@equicomgroup.com

Profil de l'entreprise

Exile Resources Inc.

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.