Great Plains Increases Oil Production Through Asset Transactions



    CALGARY, Oct. 24 /CNW/ - Great Plains Exploration Inc. (TSX: GPX) is
pleased to announce it has entered into two separate agreements to purchase
additional light oil assets at Randell, Alberta and to sell a gas weighted
property at Spirit River. The Randell transaction involves the purchase of an
approximate 50% working interest in a property which Great Plains operates and
holds the remaining working interest. The assets are being purchased for
$8,250,000 and include approximately 220 bbls/d of light oil production plus
recently upgraded facilities and 7,352 net acres of undeveloped land
independently valued at approximately $750,000. Concurrently, the Company has
sold its approximate 30% working interest in non-operated primarily gas assets
situated in Spirit River, for gross proceeds of $5,050,000. Production from
the Spirit River property averaged 132 boe/d for the quarter ended
September 2007, while September production averaged 85 boe/d due to production
downtime. As a result of these two transactions, Great Plains will increase
its daily net production by 135 boe/d with a further 145 bbls/d expected to
come online prior to year-end pending GPP approval from the EUB for one well
at Randell. The Company's oil weighting will increase from 46% to 65% as a
result of the foregoing.
    The Randell purchase contains an estimated 388 mbbls of total Proved plus
Probable oil as at September 20, 2007, based on an independent engineering
report dated March 31, 2007 that was prepared for the vendor, less recorded
production to date. The Spirit River properties sold contained net Proved plus
Probable reserves of 1.686 bcf and 109 mbbls oil and NGLs, based on the
Company's GLJ Report dated January 1, 2007, less recorded production to date.
Based on well performance and drilling results subsequent to the preparation
of the January 1, 2007 report, management's internal estimate of the Company's
reserves for Spirit River effective October 1, 2007, is 762 mmcf of Proved
plus Probable gas and 62 mbbls of Proved plus Probable oil and NGLs.
    "These transactions are consistent with our stated company policy to
focus our efforts on areas where we can generate the best returns in the
current business environment and provide the most upside to our shareholders,"
stated Stephen Gibson, CEO of Great Plains Exploration Inc. "Furthermore, we
are pleased to be increasing the volume of assets under our control as
operator and expect more benefits to come from Randell as efficiencies are
being achieved in operating costs, with netbacks increasing that will
significantly enhance the financial results of the Company. Our technical team
has extensive experience in pursuing light oil prospects at Randell and we are
looking forward to an active winter drilling season which will complement our
high impact exploration prospects in Pembina and Crossfire." Based on the
foregoing and subject to planned field activity for the balance of the year
the Company expects to exit at a production rate of approximately 1,400 boe/d.
    The Randell purchase is scheduled to close on November 1, 2007, which
will also be the effective transaction date, while the Spirit River sale has
closed with an effective transaction date of October 1, 2007.

    Investors should note that boes may be misleading, particularly if used
in isolation. A boe conversion rate of 6 Mcf: 1 bbl is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.

    Advisory Regarding Forward Looking Statements

    This news release contains forward-looking statements which include, but
are not limited to: operations plans and outlook, expectations, opinions,
forecasts, projections, guidance or other statements that are not statements
of fact. Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, it cannot give any assurance that
such expectations will prove to be correct. Results of the Company 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 Company; as a consequence, actual
results could differ materially from those anticipated or implied in the
forward-looking statements.
    The Company's 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 Company
does not intend nor does it undertake any obligation to update or review any
forward-looking statements to reflect subsequent information, event, results
or circumstances or otherwise.

    %SEDAR: 00020740E




For further information:

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

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GREAT PLAINS EXPLORATION INC.

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