CALGARY, Nov. 6 /CNW/ - Stealth Ventures Ltd (Stealth) is pleased to
announce that a coal-gas production agreement was announced today, Nov. 6, by
Nova Scotia's acting Energy Minister Murray Scott.
Stealth was granted approval, with conditions, to develop coal-bed
methane - also known as natural gas from coal - in the Springhill area of
Cumberland County. It is the province's first opportunity for onshore gas
"Nova Scotia's onshore is a frontier, but we have great potential, and
today, we see it becoming a reality," said Mr. Scott. "A coal-gas production
agreement means more investment, and with it comes more jobs, more
infrastructure and more prosperity for Springhill and Nova Scotia."
"This is a very exciting day for us," said Stealth's Chief Operating
Officer, Derek Krivak. "We hope to set the standard for safe, healthy and
environmentally friendly onshore developments."
The production agreement, pending Stealth's approval, covers a 10-year
period, with three phases. Additional terms and conditions include:
- Phase one: Over three years feasibility studies will be done so
Stealth can assess the commercial potential of the coal gas;
- Phase two: An evaluation will be done over three years to allow for
revisions of the original drilling plans pending phase one results;
- Phase three: over four years, full production development.
This comprehensive agreement sets out a schedule of evaluation and
development and a framework of regulatory and corporate requirements. This
understanding allows Stealth the certainty required for future budget
commitments on the project.
Stealth has been actively exploring in the Cumberland Basin since 2005,
including drilling three horizontal test wells under an Exploration Agreement.
Stealth recently announced that it was in the final stages of procurement for
a frac program, pending equipment availability windows. The equipment should
be available within the next three to four weeks.
Stealth Ventures Ltd. is a Calgary-based junior oil and gas company whose
expertise and focus is on "unconventional" gas reserves from CBM, shale gas
and tight gas sand reservoirs.
STEALTH VENTURES LTD.
"W. Robert Bell"
Per: W. ROBERT BELL
Chief Executive Officer
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS NEWS
RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL FUTURE RESULTS
MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED.
For further information:
For further information: W. Robert Bell, CEO, Mark J. Roth, CFO, Stealth
Ventures Ltd., Tel.: (403) 514-9998, Fax: (403) 514-9995, Emails: