TORONTO, Sept. 18 /CNW/ -- Dover Petroleum Corp. (Pink Sheets: DVPC)
today announced that its wholly owned subsidiary, Dover Investments, operating
for Sea Dragon Energy in the drilling of Exploration well EWA-4X in the Gulf
of Suez, Egypt, has informed Sea Dragon that the well has reached a total
depth of 5,250 feet (measured depth) and has entered the basement formation
which in this area is an igneous granite rock formation.
The highly deviated onshore well has achieved all of its objectives,
having successfully penetrated in an offshore position, a major sequence of
Carboniferous Nubia formation with several potential sandstone reservoirs.
Unfortunately none of these potential reservoirs provided indications of
economic hydrocarbon accumulations, thus no testing is planned and the well is
currently being electric wire-line logged and prepared for final plugging and
Even though the well tested a clearly mapped closed structure which lies
up-dip and less than 3 kms from the prolific Warda Oilfield, it now seems
clear that the major bounding fault lying between them is tight and has not
provided a conduit for oil migration into the EWA-4X structure.
The partners are now assessing the results from this exploration well and
reviewing the future program in the block in light of the new evidence gained
from this well.
Dover Petroleum Corp's wholly owned subsidiary, Slaterdome, Inc., with
major oil and gas properties in Wyoming and Colorado, will have a rig on site
at the end of September to begin testing the Federal 14-13 well most recently
drilled by New Frontier Energy Inc., during the successful summer drilling
program. In addition, work is being done to tie in all six of the successful
wells recently drilled.
The Company will update work on the Slaterdome project as it continues.
The statements contained in this press release which are not historical
fact are forward looking statements that involve certain risks and
uncertainties including, but not limited to, decreases in prices for natural
gas and crude oil, unexpected decreases in gas and oil production, the
timeliness, costs and success of development activities, unanticipated delays
and costs resulting from regulatory compliance, and other risk factors
described from time to time in the Company's periodic reports filed with the
Securities and Exchange Commission. No assurances can be given that these
statements will prove to be accurate. A number of risks and uncertainties
could cause actual results to differ materially from these statements. While
these forward-looking statements, and any assumptions upon which they are
based, are made in good faith and reflect our current judgment regarding the
direction of our business, actual results will almost always vary, sometimes
materially, from any estimates, predictions, projections, assumptions or other
future performance suggested herein. Except as required by applicable law,
including the securities laws of the United States, we do not intend to update
any of the forward-looking statements to confirm these statements to actual
E & E Communications
For further information:
For further information: Heather Blaine of Dover Petroleum,
+1-905-884-6958, firstname.lastname@example.org; or Paul Knopick of E & E
Communications, +1-949-707-5365, email@example.com, for Dover