CALGARY, March 19 /CNW/ - Bow Valley Energy Ltd. (TSX - BVX) is pleased
to announce that the second well of its exploration program on the North Slope
of Alaska commenced drilling operations on March 16, 2007. Co-venturers in the
well are Alaska Venture Capital Group LLC and its wholly owned subsidiary,
Brooks Range Petroleum Corporation (Operator), TG World Energy Inc. and
Ramshorn Investments Inc. The Sak River No. 1 well was spud using Nabors
Alaska drilling rig No. 27E. The well should take approximately 22 days to
drill and will test Kuparuk and Ivishak exploration potential that has been
identified using 3-D seismic data within the Gwydyr Bay area. Bow Valley will
be paying 28.57 percent of the drilling costs to earn a 20 percent interest in
Drilling operations are continuing on the North Shore No. 1 well,
previously announced by Bow Valley on February 8, 2007, and being drilled by
Nabors Alaska rig No. 16E.
R.G. Moffat, President and CEO of Bow Valley said: "We continue to be
excited about the opportunities for exploration success on the North Slope.
Contracting a second rig gives us the confidence that we will complete our
planned program before the end of the winter drilling season."
Bow Valley Energy Ltd. is an oil and natural gas exploration, development
and production company with operations in western Canada, Alaska and the U.K.
sector of the North Sea. The common shares of the Company trade on the Toronto
Stock Exchange under the symbol BVX.
Certain statements included or incorporated by reference in this news
release constitute forward-looking statements or forward-looking information
under applicable securities legislation. Forward-looking statements or
information typically contain statements with words such as "anticipate",
"believe", "expect", "plan", "intend", "estimate", "propose", or similar words
suggesting future outcomes or statements regarding an outlook. Although the
Company believes that the expectations reflected in such forward-looking
statements or information are reasonable, undue reliance should not be placed
on forward-looking statements because the Company can give no assurance that
such expectations will prove to be correct. Forward-looking statements or
information are based on current expectations, estimates and projections that
involve a number of risks and uncertainties which could cause actual results
to differ materially from those anticipated by the Company and described in
the forward-looking statements or information. The forward-looking statements
or information contained in this news release are made as of the date hereof
and the Company undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws. The forward looking statements or information contained in
this news release are expressly qualified by this cautionary statement.
Where amounts are expressed on a barrel of oil equivalent (boe) basis,
natural gas volumes have been converted to barrels of oil equivalent at six
thousand cubic feet to one barrel of oil equivalent (6 mcf = 1 boe). This
conversion ratio is the convention used in the oil and natural gas industry
and is based on an energy equivalent conversion method primarily applicable at
the burner tip and does not represent a value equivalent at the wellhead. The
use of boe's may be misleading, particularly if used in isolation.
For further information:
For further information: Bow Valley Energy Ltd.: Robert G. Moffat,
President and Chief Executive Officer, Matthew L. Janisch, Vice President,
Finance & Chief Financial Officer, Phone (403) 232-0292, www.bvenergy.com