CALGARY, May 24, 2011 /CNW/ - (TSXV:PRC) - PanTerra Resource Corp. ("PanTerra" or the "Company") is pleased to announce that it has completed a series of flow tests
at a recent re-entry / work-over on a former shut-in well on the
Company's 100% controlled Carrot Creek oil property in west central
Alberta. Stabilized flow rates of 286 barrels of oil per day and 746
Mcf of gas per day were achieved after a period of 3 days. The Company
is currently obtaining surface access to construct a pipeline to
connect the well to the company's Carrot Creek Battery. This is
expected to be completed and the well put on production in late Q3 of
this year. The Company conservatively projects the well will go on
production at a rate in excess of 50 Barrels of Oil per Day.
The forthcoming production will provide a significant increase to the
Company's overall production profile and revenue. Two additional wells
are planned for re-entry / re-completion in the same pool in the
ensuing months of 2011.
PanTerra is a diversified junior public oil and gas company listed on
the TSXV (PRC.V) with holdings in both conventional and unconventional
projects in Western Canada. The Company has a current operated
production base of 75 BOPD and 100 Mcf/d gas with excellent
optimization and exploitation potential. Additionally PanTerra holds
'rights' in approximately 119,000 acres in various properties in
Western Canada. PanTerra trades on the TSX Venture Exchange under the
Company information can be found at: www.panterraresource.com.
This news release shall not constitute an offer to sell or the
solicitation of any offer to buy the securities in any jurisdiction.
The common shares may be offered or sold in other eligible foreign
jurisdictions and to U.S. buyers on a private placement basis pursuant
to an applicable exemption from registration requirements in Rule 144-A
or Regulation D of the United States Securities Act of 1933, as
amended. This press release contains certain forward-looking statements
within the meaning of applicable securities law. Forward-looking
statements are frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate" and
other similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements are based on the
opinions and estimates of management at the date the statements are
made and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ materially
from those projected in the forward-looking statements. The Corporation
cannot assure that actual results will be consistent with these forward
looking statements. They are made as of the date hereof and are subject
to change and the Corporation assumes no obligation to revise or update
them to reflect new circumstances, except as required by law.
Prospective investors should not place undue reliance on forward
looking statements. These factors include the inherent risks involved
in the exploration for and development of crude oil and natural gas
properties, the uncertainties involved in interpreting drilling results
and other geological and geophysical data, fluctuating energy prices,
the possibility of cost overruns or unanticipated costs or delays and
other uncertainties associated with the oil and gas industry. Due to
the nature of the oil and natural gas industry, budgets are regularly
reviewed in light of the success of the expenditures and other
opportunities which may become available to the Corporation.
Neither the 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 PanTerra Resource Corp.
For further information: