MONTREAL, Dec. 17 /CNW Telbec/ - Rolland Energy Inc. (TSX-V: ROE, the
"Corporation") announced today that it has signed a farm-in agreement with
Exceed Energy Corp. to participate in the drilling and development of one
shallow gas wells in east-central Alberta, the second farm-in agreement signed
by the Corporation recently.
The well is located at Abee on LSD 2-7-62-22W4 on a Crown P&NG lease. The
drilling of the well is now completed and the casing has been set to the total
depth of 843 meters. Based on interpretation of the logs, the well has three
zones of interest for gas production. Test production and completion of the
well will commence shortly.
Under the terms of the agreement the Corporation will contribute 20% of
the capital costs required to drill and complete the well for an undivided 20%
working interest before payout subject to a pro rata share 15% gross
overriding royalty. After payout, subject to an election by the operator, the
Corporation's working interest may be reduced to 12% upon conversion of the
gross overriding royalty. Upon completion the Corporation will earn in
640 gross acres.
"This is another low-risk, bread and butter development opportunity in
line with the primary objective of our restructuring plan, which is to
increase the value and revenue-generating capacity of the Corporation's
assets", said Michael McLellan, President and Chief Executive Officer.
ABOUT ROLLAND ENERGY INC. - www.rollandenergy.com
Rolland Energy is a public energy company focused on developing oil and
gas properties in Western Canada, building shareholder value through growth
from low-risk drilling and strategic acquisitions.
Statements included herein, including those that express management's
expectations or estimates of our future performance, constitute
"forward-looking statements" within the meaning of applicable securities laws.
Forward-looking statements are based on assumptions and estimates that are
subject to various risks and uncertainties including but not limited to the
risks disclosed under the heading "Business Risks" in the Corporation's
periodic filings with Canadian securities regulators, including most recently
in its Management Discussion and Analysis for the period ended June 30, 2007.
Such information contained herein represents management's best judgment as of
the date hereof based on information currently available. The Company does not
assume the obligation to update any forward-looking statements.
"The TSX Venture Exchange has not reviewed this release and therefore
does not accept responsibility for its adequacy or accuracy."
For further information:
For further information: Michael McLellan, (514) 333-9292