CALGARY, Oct. 16 /CNW/ - Arrow Energy Ltd. (TSX Venture: AOF) ("Arrow" or the "Company") is pleased to provide a second update on the first three wells of its Pembina, Alberta drilling program.
The first well, 6-4-49-3W5, has been completed and production tested and is awaiting tie-in of the solution gas to commence first production, which is expected in early November. Production test results from 6-4 met management's expectations and the Company will be making a further announcement when the well is on regular production with stabilized rates. In addition, multistage completion operations were partially completed on the second well, located at 16-34-47-3W5M, however problems were encountered and operations were briefly suspended. The operator studied the problem, designed a solution to resolve it and completion operations will re-commence within the next few days. Finally the third well, 6-33-47-3W5M has reached total depth and is preparing to run casing and the completion packers.
Several successful wells have been drilled and completed in a similar fashion in the Cardium formation on lands on trend to Arrow's property. Arrow will initially have a 16.6% working interest in these wells and potentially up to a 25% working interest in the pool development. The number of wells and timing of the development of the Company's Pembina lands will depend on the success of these three wells, the price of oil and participation of partners. These wells qualify for both the Alberta Drilling Royalty Credit and New Well Royalty Reduction programs.
Arrow is a Calgary-based junior resource company engaged in the exploration, development and production of natural gas and oil primarily in Alberta.
This press release contains forward-looking statements which include, but are not limited to: operations plans and outlook, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results of the Company may be affected by a variety of variables and risks associated with oil and gas exploration, production and transportation, such as loss of market, volatility of oil and gas prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, ability to access sufficient debt and equity capital from internal and external sources, ability to replace and expand oil and gas reserves, ability to generate sufficient cash flow from operations to meet its current and future obligations, and risks associated with existing and potential future lawsuits and regulatory actions made against the Company; as a consequence, actual results could differ materially from those anticipated or implied in the forward-looking statements. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement and are made as of the date of this news release. Unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, event, results or circumstances or otherwise.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE ARROW ENERGY LTD.
For further information: For further information: Robyn Lore, President, Telephone: (403) 237-9996, Facsimile: (403) 264-0416