/NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISSEMINATION
INTO THE UNITED STATES/
CALGARY, Sept. 15 /CNW/ - Angle Energy Inc. ("Angle" or the "Company") is
pleased to announce the following appointments and management additions.
Elizabeth More has been promoted to Vice President, Exploration. Ms. More
is a P. Geol. and holds a Bachelor of Science in Geology and has over 26 years
exploration success with major oil and gas explorers such as Gulf Canada as
well as junior explorers such as Bear Creek Energy Inc.
Glen Richardson has been promoted to Vice President, Land. Mr. Richardson
holds a Bachelor of Commerce Degree with a major in petroleum land management,
and has over 14 years of negotiation and related experience with Penn West
Petroleum and Amoco Canada.
Glen and Elizabeth joined the Angle team in 2007 and these promotions
recognize their contributions to our success.
We are pleased to announce Matthew Mazuryk has joined Angle as Manager of
Engineering. Mr. Mazuryk is a P. Eng. and holds a Bachelor of Science in
Petroleum Engineering and will be responsible for all aspects of reservoir and
business opportunity evaluations. Matt has over seventeen years of related
experience at producers such as Penn West Petroleum and Harvest Energy Trust.
Additionally, we welcome Heather Post in the role of Controller. Ms. Post is a
Chartered Accountant with five years of related experience most recently with
Barnwell of Canada and KPMG.
Operations in the Company's two core areas of Harmattan and Ferrier are
yielding excellent results with current total production exceeding 7,000
boe/d. Angle is on track to meet or exceed its guidance of average production
of 7,000 boe/d in the third quarter of 2008.
In the Ferrier area, the Company has drilled three wells (2.4 net) to
date in the third quarter, with one of these wells (Angle 37.5% working
interest) testing at significant gas volumes on a multi point flow test. The
location, operated by Angle, is the fourth well Angle has drilled in Ferrier
with stabilized capability of greater than 3.0 MMcf/d. Additionally, the
Company's Ferrier compression project is ready for start up this week,
eliminating high line pressure conditions, with the capacity to handle 18
MMcf/d. The strong infrastructure position Angle has created will allow ready
access for volumes from future drilling in the Ferrier area.
In the Harmattan area, the Company has drilled five wells (4.4 net) to
date in the third quarter, primarily targeting delineation of the Mannville
sand play. The wells continue to show promising results, with a mixture of
light oil and gas production. The scope of development in the sand will be
determined following the completion of delineation drilling and incorporation
of production history over the later part of 2008.
Angle is reviewing its 2008 budget guidance in light of the operational
success that the Company has achieved, and will communicate 2008 fourth
quarter and exit expectations to shareholders in the third quarter report.
Angle Energy Inc. was founded in 2004 for the purposes of participating
in oil and gas exploration, development and production in Canada. The
Company's focus is on generating and developing its own prospects and on the
acquisition of undeveloped lands directly or through farm-ins. At present,
Angle has two principal producing properties, both located in west central
Alberta and two emerging prospects also located in Alberta. Both emerging
prospects are targeting large conventional gas plays.
These securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "1933 Act") or any state
securities laws. Accordingly, these securities may not be offered or sold
within the United States or to U.S. persons (as such term is defined in
Regulation S under the 1933 Act) in the absence of an exemption from the
registration requirements of the 1933 Act and applicable state securities laws
and this release does not constitute an offer to sell or a solicitation of an
offer to buy any of these securities within the United States.
For further information:
For further information: Gregg Fischbuch, President and Chief Executive
Officer, T: (403) 263-4534, firstname.lastname@example.org; Stuart Symon, Chief
Financial Officer, T: (403) 263-4534, email@example.com; Heather
Christie-Burns, Chief Operating Officer, T: (403) 263-4534,