DIDSBURY, ALBERTA, April 5 /CNW/ - JED Oil Inc. (AMEX: JDO) ("JED") today
announced it exited the first quarter of 2007 at a production rate of 1,150
boe/d, an increase of 190 boe/d from the exit rate for the fourth quarter of
2006. During the first quarter, a previously drilled gas well in Ferrier was
completed. In addition, after reviewing the offers received for JED's North
Ferrier assets, it has been decided not to proceed with the previously
announced sale at this time. "We received offers that were reasonable for the
proved reserves, but in management's opinion, were not adequate consideration
for the potential reserves," stated James Rundell, President of JED.
"Therefore we decided that it was in JED's best interest to develop the
reserves ourselves." There are five drilling sites in Ferrier that will be
drilled in the second quarter as the next stage in JED's 2007 drilling
program. Management continues to pursue additional opportunities that meet its
Also in the first quarter, JED drilled a gas-targeted test well in a new
area, which was dry and abandoned.
Boe's, or barrels of oil equivalent, may be misleading if used in
isolation. A boe conversion ratio of 6 mcf to 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.
About JED Oil Inc.
Established in September 2003, JED Oil Inc. is an oil and natural gas
company that commenced operations in the second quarter of 2004 and has begun
to develop and operate oil and natural gas properties principally in western
Canada and the United States.
This press release contains forward-looking statements. The words
"proposed", "anticipated" and scheduled" and similar expressions identify
forward-looking statements. Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered reasonable
by management, are inherently subject to significant business, economic and
competitive uncertainties and contingencies which could cause actual results
to differ materially from the future results expressed or implied by the
forward-looking statements. Such statements are qualified in their entirety by
the inherent risks and uncertainties surrounding future expectations. Factors
that may affect future results are contained in JED's filings with the
Securities and Exchange Commission ("SEC"), which are available at the SEC's
Web site (http://www.sec.gov) and JED's filings with the Alberta Securities
Commission, which are available at the Web site (http://www.SEDAR.com). JED is
not under any obligation, and expressly disclaims any obligation, to update,
alter or otherwise revise any forward-looking statement, whether written or
oral, that may be made from time to time, whether as a result of new
information, future events or otherwise.
For further information:
For further information: JED Oil Inc. Tom Jacobsen, CEO, 403-335-2107 or
Marcia Johnston, General Counsel, 403-335-2105 www.jedoil.com Or Investor
Relations Counsel: The Equity Group Inc. Linda Latman, 212-836-9609 or Lena
Cati, 212-836-9611 www.theequitygroup.com