/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
ANY UNITED STATES NEWS SERVICES/
CALGARY, July 7 /CNW/ - Great Plains Exploration Inc. ("Great Plains")
(TSX-GPX) is pleased to announce that it has cased a potential Nisku oil well
located in 9-01-50-6W5 on its Crossfire project in West Pembina, Alberta.
The 9-1 location is the second well of a multi-well program which is
testing a number of anomalies identified from a 200 square kilometre
proprietary 3-D seismic program which was shot in 2007. A large Nisku seismic
anomaly was identified at the 9-1 location which is approximately two
kilometres east of a highly prolific Nisku producer at 13-02-50-6W5. The 9-1
well which was spudded June 18 encountered a 33 metre dolomite reef with an
18 metre hydrocarbon column, based on log analysis and wellsite data. Analysis
and comparison of the foregoing indicates porosity similar to the 13-2
The 9-1 well has been cased and the drilling rig released with completion
and flow-testing expected to commence prior to the end of July, following
which the 9-1 well will be tied-in to existing infrastructure at 13-02-50-6W5.
Production is expected to commence in late September or October of 2008. Great
Plains participated for 25% of the drilling and completion costs and will have
a 17.5% interest in production. The licensing process has begun on up to three
delineation wells on this significant discovery.
This successful test well at 9-1 follows a previously announced discovery
at 11-12-51-5W5 and continues to confirm the presence of large accumulations
of light oil in the Pembina/Crossfire fairway. With a number of additional
exploratory and development targets remaining to be drilled, this area
continues to provide the opportunity for significant per share growth for
Great Plains Exploration.
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
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,