TSX Venture: AUL
VANCOUVER, June 7 /CNW/ - Austin Developments Corp. (the "Company")
(TSX: V-AUL) and its joint venture partner, Pennant Energy Inc. ("Pennant")
(TSX: V-PEN) are pleased to announce that the Pennant Austin Kaybob S No.1
well (Kaybob S No.1) was spud on June 6th 2007 at 11.30am. The drilling
program is scheduled to continue 24 hours a day until the target depth of
3,000m is reached.
The Kaybob S No. 1 well has evolved as a step-out development drilling
prospect. The Kaybob property offsets a well that produced from the same
targeted formation at rates as high as 600 barrels of oil per day and had
cumulative production of approximately 400,000 barrels of oil and 550 million
cubic feet of gas. In choosing the optimal drilling location for the initial
test well the following survey data was used:
- Existing 3D seismic survey data covering a portion of the Kaybob and
Bronson properties was purchased and reprocessed.
- Upon review of this data, a geochemical survey was initiated to
expand the data not covered by the original 3D seismic data mentioned
- Upon interpretation of the geochemical survey results a new extensive
3D seismic survey was conducted to expand coverage of all the farm-in
acreage. Interpretation of this data identified the first drill
location (Kaybob S No.1 Well).
A short video link providing an illustrated background to the current
drill program can be found on the Company's website at
www.austindevelopments.com. The drill rig being used is the "Ensign No. 62
triple rig" and is used specifically to drill deep targets. The drilling
program is anticipated to take 25 days to reach target depth of 3,000m.
The Qualified Person who holds responsibility for the accuracy of the
technical information contained in this news release, is Pennants VP of
Exploration, Mr. Jim Britton, P. Geol. P. Eng.
On behalf of the Board of Directors
Austin Developments Corp.
President and Director
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: AUSTIN DEVELOPMENTS CORP., Suite 2833, 595
Burrard Street, Vancouver, British Columbia, V7X 1C4, Tel: (604) 689-1799,
Fax: (604) 689-8199