Cork Exploration Inc. announces flow-test results from third Carrot Creek horizontal well



    CALGARY, Sept. 4 /CNW/ - Cork Exploration Inc. (the "Corporation" or
"Cork") (TSX: CRK) today announced that it had successfully completed and
flow-tested an 80% net Cork working interest horizontal development well. This
well is the third horizontal development well drilled in Carrot Creek by the
Corporation.
    At the end of a 54 hour flow-test, the well was flowing at a choked
stable production rate of 316 e3m3/d (11.2 mmcf/d) of natural gas with a
flowing tubing pressure of 6,482 kpa (940 psi) and casing pressure of
10,952 kpa (1,588 psi). These wells typically produce, on average, 43
bbls/mmcf of natural gas liquids. During the 54 hour flow-test, approximately
565 e3m3 (20.1 mmcf) of natural gas was vented in accordance with the related
EUB permits.
    The new well was drilled from an existing well site and equipping and
tie-in activities have commenced. First production from the well is expected
by Thursday, September 6, 2007. Cork plans to initially produce this well at a
choked rate of 5 mmcf/d. Upon commencement of production of this well, Cork
expects that its production will increase to approximately 3,000 boe/d.
    Cork has budgeted and expects to drill an additional 4 gross (2.8 net)
vertical wells and 1 gross (0.6 net) horizontal well in the remainder of 2007,
funded entirely by anticipated operating cashflow. As a result of the forgoing
drilling program, the Corporation is on track to meet its CEE obligations from
Cork's November 2006 flow-through share issuance.

    Cork Exploration Inc. is a Canadian junior oil and gas company engaged in
the exploration, development and production of natural gas in the Western
Canadian Sedimentary Basin.

    CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION

    Certain statements in this news release may constitute "forward-looking
information" or "forward-looking statements" which involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Corporation, or industry results, to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking information. When used in this
news release, such information uses such words as "estimates", "expects",
"plans", "anticipates" and other similar terminology. This information
reflects the Corporation's current expectations regarding future events and
operating performance and speaks only as of the date of this news release.
Forward-looking information involves significant risks and uncertainties,
should not be read as a guarantee of future performance or results, and will
not necessarily be an accurate indication of whether or not such results will
be achieved. A number of factors could cause actual results to differ
materially from the results discussed in the forward-looking information,
including, but not limited to, the factors discussed below. Although the
forward-looking information contained in this news release is based upon what
management of the Corporation believes are reasonable assumptions, the
Corporation cannot assure investors that actual results will be consistent
with this forward-looking information. This forward-looking information is
provided as of the date of this news release, and, subject to applicable
securities laws, the Corporation assumes no obligation to update or revise
such information to reflect new events or circumstances.
    In particular, this news release contains forward-looking information
pertaining to the following: flow test results on a development well,
management assessment of future plans and operations relating to this well and
the timing thereof, anticipated production rates of the new well, drilling
activity for the remainder of 2007, expected operating cashflow and
fulfillment of 2006 flow-through share CEE obligations.

    %SEDAR: 00023712E




For further information:

For further information: Cork Exploration Inc., 380, 435 - 4th Avenue
S.W., Calgary, Alberta, T2P 3A8; Raymond G. Smith, Interim President, CEO and
Chairman of the Board or Geoffrey D. Krause, Vice-President, Finance and Chief
Financial Officer, Telephone: (403) 531-1695, Fax: (403) 531-1696, Website:
www.corkexploration.com

Organization Profile

CORK EXPLORATION INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890