CALGARY, July 9 /CNW/ - Enterra Energy Trust ("Enterra" or the "Trust") has completed a five well drilling program in Canada with 100% success. The program began in mid-May and resulted in five oil wells, two of which are already on production and the remaining three are in the testing phase with tie-in to production anticipated by July 15, 2008. Based on initial tests, the Trust anticipates that approximately 250-300 boe/day (200-250 boe/day net) of initial oil production will be added by these wells. Production will be principally reflected in the Trust's third quarter 2008 results.
"The drilling went smoothly and our technical team is pleased with the results. We are already considering follow-up wells," commented Jim Tyndall, Enterra's Senior Vice President and Chief Operating Officer. "We are on target for our $15 million Canadian capital spending budget in 2008, with about $7 million spent in the first half of the year. During the third and fourth quarters, our technical team will continue to ready our prospects in Canada in preparation for fall and winter drilling."
About Enterra Energy Trust
Enterra Energy Trust (TSX:ENT.UN) (NYSE: ENT) is a conventional oil and gas trust based in Calgary, Alberta. The Trust acquires, operates and exploits petroleum and natural gas assets principally in western Canada and in Oklahoma, U.S.A.
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Additional information on these and other factors that could affect Enterra's operations or financial results are included in Enterra's reports on file with Canadian and U.S. securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), the SEC's website (www.sec.gov), Enterra's website (www.enterraenergy.com) or by contacting Enterra. Furthermore, the forward looking statements contained in this news release are made as of the date of this news release, and Enterra does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
SOURCE Equal Energy Ltd.
For further information: For further information: Enterra Energy Trust, Kristin Mason, Investor Relations Coordinator, (403) 263-0262 or Toll Free: 1-877-263-0262, Email: email@example.com, Website: www.enterraenergy.com