(TSXV Symbol - PEF; AMEX Symbol - PED)
CALGARY, Jan. 20 /CNW/ - Further to the official announcement on January
16, 2009, Petroflow Energy Ltd. has graduated from the TSXV to the TSX. The
Company's common shares, previously traded on the TSXV, will be traded on the
TSX starting today, January 20, 2009.
Stock Symbol: PEF
Currency: $ CDN
The Company is subject to the reporting requirements of Section 501 of
the TSX Company Manual.
Mr. John Melton, CEO of Petroflow commented, "We laid out a plan to grow
the Company and we are very pleased to be reaching our goals; one of which was
to graduate to the senior stock exchange in Canada. The management of
Petroflow is charged with making effective changes to adjust to the new
economy. The leadership and expertise within the Company allows us to be very
confident about our next growth phase".
Petroflow has operations in Oklahoma, Texas and Alberta. Petroflow has
developed specific expertise in the Hunton Resource Play in Oklahoma that has
proven to be successful. Horizontal drilling in the Hunton formation allows
large scale water withdrawal in a very brief period of time. This high rate
withdrawal changes the fluid dynamics within the reservoir allowing otherwise
trapped hydrocarbons to be economically produced.
Mr. Sandy Andrew, COO commented, "Since we entered into the Farmout to
develop this play in April of 2006, we have spud 64 Hunton producers with 57
currently tied in and the other 7 in various stages of completion and hook up.
Production continues to ramp up, with most of these wells continuing some
level of dewatering".
Petroflow recently formalized a Joint Venture Agreement (JVA) to add 3
new project areas within the Hunton Play. The JVA is unburdened by any carried
interests and will contribute towards improved economics in the Hunton Play.
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.
The TSX has not reviewed and does not accept responsibility
for the adequacy or accuracy of this news release.
For further information:
For further information: Petroflow Energy Ltd., John Melton, President &
CEO, (504) 453-2926; Duncan Moodie, CFO, (403) 539-4320,
www.petroflowenergy.com.; Investor Awareness, Inc., Tony Schor or James Foy,
(847) 945-2222, www.investorawareness.com