Great Plains Announces New Nisku Production at Crossfire



    
    /THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
    ANY UNITED STATES NEWS SERVICES/
    

    CALGARY, Sept. 24 /CNW/ - Great Plains Exploration Inc. (TSX-GPX) is
pleased to announce that the 9-01-50-6W5 Nisku oil well on its Crossfire
project in West Pembina was recently tied-in and is on production. In
addition, the Energy Resources Conservation Board (ERCB) has granted new pool
status (Pembina Nisku C2C pool) and Good Production Practice (GPP) for the
pool. The new pool status means the well will receive a $1.0 million crown
royalty holiday and GPP allows production at any daily oil rate as long as a
minimum reservoir pool pressure is maintained and a produced gas versus oil
ratio is not exceeded.
    With GPP approved, the operator has ramped up production from the 9-1
well to 1850 BOPD of light oil and 1.3 MMCFD of raw gas. The 9-1 well
performance to date is similar to the nearby Nisku well located at 13-2-50-6W5
which last month produced at approximately 2500 BOEPD and is one of the
highest producing oil wells in western Canada. Great Plains participated for
25% of the drilling and completion costs in 9-1 and has a 17.5% interest in
production. The licensing process has begun on up to three delineation wells
in the Pembina Nisku C2C pool.
    The commencement of production from 9-1 demonstrates that drilling,
completing and tying-in technically challenging Nisku wells in the Crossfire
area can be achieved in a safe and efficient manner. Great Plains will
continue to focus its resources at Pembina/Crossfire as management believes
this area provides the opportunity for significant per share growth for
shareholders. Great Plains has a minimum 40% working interest in several Nisku
prospects adjacent to and up-dip of 9-1 which the Company anticipates will be
drilled in the coming year. In addition, Great Plains currently estimates that
it still has over 600 BOEPD of tested production behind pipe in the
Pembina/Crossfire area.

    Reader Advisory

    This news release contains forward-looking statements which include, but
are not limited to: operations plans and outlook, expectations, the effect of
the transaction, timing of matters relating to the approval and implementation
of the transaction, opinions, forecasts, projections, guidance or other
statements that are not statements of fact. Although the Companies believe
that the expectations reflected in such forward-looking statements are
reasonable, they cannot give any assurance that such expectations will prove
to be correct or that the proposed transaction will be completed or required
shareholder and regulatory approvals will be received. Results of the
Companies may be affected by a variety of variables and risks associated with
oil and gas exploration, production and transportation, such as loss of
market, volatility of oil and gas prices, currency fluctuations, imprecision
of reserve estimates, environmental risks, competition from other producers,
ability to access sufficient debt and equity capital from internal and
external sources, ability to replace and expand oil and gas reserves, ability
to generate sufficient cash flow from operations to meet its current and
future obligations, and risks associated with existing and potential future
lawsuits and regulatory actions made against the Companies; as a consequence,
actual results could differ materially from those anticipated or implied in
the forward-looking statements.
    The Companies' forward-looking statements are expressly qualified in
their entirety by this cautionary statement and are made as of the date of
this news release. Unless otherwise required by applicable securities laws,
the Companies do not intend nor do they undertake any obligation to update or
review any forward-looking statements to reflect subsequent information,
event, results or circumstances or otherwise, except as may be required by
applicable securities laws.

    
    The TSX has neither approved nor disapproved of the contents of this
    press release.
    

    %SEDAR: 00020740E




For further information:

For further information: Great Plains Exploration Inc., Stephen P.
Gibson, President & CEO, Sean Bovingdon, VP Finance & CFO, Tel: (403)
262-9620, Fax: (403) 262-9622, www.greatplainsexp.com,
info@greatplainsexp.com

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GREAT PLAINS EXPLORATION INC.

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