TSX Venture Exchange Symbol: DES
CALGARY, March 21, 2014 /CNW/ - Desmarais Energy Corporation (TSXV: DES) (the "Corporation" or "Desmarais") announces that a
farm-out horizontal well in the Virginia Hills area of west central
Alberta, was completed in the Beaverhill Lake formation early in Q4
2013 with a multi-stage acid fracture stimulation. It has been
producing light, sweet crude oil since mid-November. Variable rates
have been achieved of approximately 14 - 19 m3/ day or 90 to 120 bopd.
Desmarais has a 5% before payout royalty interest on 32.598% of
production and a 30.0% working interest on 32.598% after payout.
Desmarais has also earned a 9.7794% working interest in a vertical well
offsetting the horizontal well.
Desmarais announces the appointment of James G. Long to the position of
Chief Financial Officer effective March 10, 2014. Mr. Long is
currently a major shareholder and Director of the Company.
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.
Advisory: This press release may contain certain forward-looking
statements within the meaning of applicable securities laws. The use
of any of the words "expect", "anticipate", "continue", "estimate",
"may", "will", "project", "should", "believe", "plans", "intends" and
similar expressions are intended to identify forward looking
statements. Since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. The forward looking statements contained in this press
release are made as of the date hereof and Desmarais undertakes no
obligation to update publicly or revise any forward looking statements
or information, unless so required by applicable securities laws.
SOURCE: Desmarais Energy Corporation
For further information:
Doug F. Robinson, President and CEO
Desmarais Energy Corporation
Tel: (403) 265-8007 / Fax: (403) 264-7076