(TSXV Symbol - PEF; AMEX Symbol - PED)
CALGARY, Jan. 14 /CNW/ - Petroflow is pleased to provide an update
regarding December 2008 operational results including the current status of
its Oklahoma drilling activities.
Corporate Production Update
Our peak rate for the month of December 2008 was 3,540 BOEs (21,240 mcfe)
per day, which reflects a 60 BOEs per day (2%) increase over the peak rate for
We averaged approximately 3,243 BOEs (19,457 mcfe) per day of production
during December, of which approximately 14% was oil and 86% natural gas and
Oklahoma Drilling Activity
Petroflow continues to build on the expertise gained as well as the
successes realized in the Hunton Resource Play in Oklahoma.
Mr. Sandy Andrew, COO of the Company, commented; "We are pleased with the
continued overall increase in our production capability. Seasonal weather
issues have had some negative impact on average production during the month;
however, we continue to work through such issues as they occur."
Following is a table outlining the status of our drilling activities in
the Hunton resource play.
Total wells on production as at December 1, 2008 53
Wells brought on production to December 31, 2008 4
Wells currently drilling 3
Wells in completion phase 4
Salt water disposal wells drilled 4
Wells awaiting hookup -
Our Texas and Alberta properties continue to produce at a steady rate and
provide a consistent cash flow for operations.
This news release contains statements about oil and gas production and
operating activities that may constitute "forward-looking statements" or
"forward-looking information" within the meaning of applicable securities
legislation as they involve the implied assessment that the resources
described can be profitably produced in the future, based on certain estimates
Forward-looking statements are based on current expectations, estimates
and projections that involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those
anticipated by Petroflow and described in the forward-looking statements.
These risks, uncertainties and other factors include, but are not limited to,
adverse general economic conditions, operating hazards, drilling risks,
inherent uncertainties in interpreting engineering and geologic data,
competition, reduced availability of drilling and other well services,
fluctuations in oil and gas prices and prices for drilling and other well
services, government regulation and foreign political risks, fluctuations in
the exchange rate between Canadian and US dollars and other currencies, as
well as other risks commonly associated with the exploration and development
of oil and gas properties. Additional information on these and other factors,
which could affect Petroflow's operations or financial results, are included
in Petroflow's reports on file with Canadian and United States securities
regulatory authorities. We assume no obligation to update forward-looking
statements should circumstances or management's estimates or opinions change
unless otherwise required under securities law.
BOEs derived by converting gas to oil in the ratio of six thousand cubic
feet of gas to one barrel of oil (6 Mcf: 1 bbl). BOEs may be misleading,
particularly if used in isolation. A BOE conversion ratio 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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
For further information:
For further information: Investor Awareness, Inc., Tony Schor or James
Foy, (847) 945-2222, www.investorawareness.com; Petroflow Energy Ltd., John
Melton, President & CEO, (504) 453-2926; Duncan Moodie, CFO, (403) 539-4320,