CALGARY, June 15 /CNW/ - Cirrus Energy Corporation (TSXV: CYR) is pleased
to announce the following operational update regarding ongoing development
activities in our wholly owned subsidiary, Cirrus Energy Nederland B.V.
("Cirrus") in The Netherlands.
M7-A Project (Cirrus 42.75%, operator)
The M7-A platform has been successfully installed by the vessel Stanislav
Udin operated by Seaway Heavy Lifting. The Noble Lynda Bossler drilling rig is
anticipated to return on contract to Cirrus in early July and will drill the
M7-A01 development well from the M7-A platform. This well has a prognosed
drilling duration of 50 days. First gas from the M7-A field remains on target
for early in the fourth quarter of 2009.
L8-D Project (Cirrus 25.5%, operator)
Good progress continues with the acquisition of the L11b-A platform and
L11b licence by the L8-D Unit partners which is expected to be completed
during August 2009. First gas from the L8-D field remains on target for the
fourth quarter of 2009, following tie-in of the existing L11b-A06 well.
Following completion of the M7-A01 development well, the Noble Lynda
Bossler drilling rig is planned to be moved to the L11b-A platform to drill
the deviated L11b-A07 appraisal/development well which is expected to be
completed during November 2009. The rig will be subsequently released without
further drilling commitments. Assuming success, the L11b-A07 well is expected
to start production in January 2010.
Cirrus President and CEO David Taylor comments; "Cirrus remains on track
to commence production from both the M7-A and L8-D fields during the fourth
quarter of 2009 which will mark a significant milestone in the company's
growth. Furthermore, with the indexation of Dutch gas prices to oil, the
recent strength in oil prices will translate into higher gas prices later in
2009 with a commensurate positive impact on Cirrus's future revenues."
Cirrus Energy Corporation is an international oil and gas company
headquartered in Calgary and has approximately 78.9 million fully diluted
common shares outstanding.
This press release may include forward-looking statements including
opinions, assumptions, estimates and expectations of future production, cash
flow and earnings. When used in this document, the words "anticipate",
"believe", "estimate", "expect", "intent", "may", "project", "plan", "should"
and similar expressions are intended to be among the statements that identify
forward-looking statements. Forward-looking statements are subject to a wide
range of risks and uncertainties, and although the Company believes that the
expectations represented by such forward-looking statements are reasonable
there can be no assurance that such expectations will be realized. Any number
of important factors could cause actual results to differ materially from
those in the forward-looking statements including, but not limited to, the
volatility of oil and gas prices, the ability to implement corporate
strategies, the state of domestic capital markets, the ability to obtain
financing, changes in oil and gas acquisition and drilling programs, operating
risks, production rates, reserve estimates, changes in general economic
conditions and other factors more fully described from time to time in the
reports and filings made by Cirrus with securities regulatory authorities.
Neither 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.
For further information:
For further information: David Taylor, President and Chief Executive
Officer, Glenn Gradeen, Executive Vice President and Chief Operating Officer,
Cirrus Energy Corporation, Suite 208, 5 Richard Way S.W., Calgary, Alberta,
T3E 7M8, Canada, Website: www.cirrusenergy.ca, Telephone: (403) 216-5030,
Facsimile: (403) 265-9530