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CALGARY, July 21 /CNW/ - Sea Dragon Energy Inc. ("Sea Dragon") (TSX Venture: SDX) is pleased to provide the following update on its NW Gemsa Operations in Egypt
The AL Amir SE No.6 well has now been completed in the Kareem Shagar formation in the interval 9,805 ft to 9,835 ft. A flow test followed and a peak production of 4,630 bopd and 3.9 mmscf/d was recorded on a 48/64" choke. The well was shut in for a pressure build up and later placed on stream at approximately 1,100 bopd.
The AL Ola X-1 well spuded on July 15th. and is currently drilling at 1,540 feet. This well is being drilled as an exploratory well outside of the southern boundary of the AL Amir SE Development Lease. It is intended to capture a southern extension to the AL Amir SE oil field.
With the placement of the AL Amir SE No.6 well on stream, the NW Gemsa gross production has now reached approximately 9,500 bopd. Cummulative production to date from the concession is almost 2.8 mmbbls.
Sea Dragon has a 10% working interest in the NW Gemsa Concession with Vegas Oil at 50% as operator and Circle Oil Plc. with 40%.
Commenting on the progress made to date on the NW Gemsa operations in Egypt, Company Chairman and CEO Mr. Said Arrata stated "It is encouraging to see the increase in production as a result of our development plans in the NW Gemsa concession. We look forward to further appreciation in this property's reserves, production and cash flow with continued exploitation of its full potential."
For further information please see the website of the Company at www.seadragonenergy.com or the Company's filed documents at www.sedar.com.
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning the development of the Al Baraka field and exploration of the Kom Ombo Concession and events or projections referenced or implied herein should be viewed as forward-looking statements.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, costs and timing of exploration and production development, availability of capital to fund exploration and production development; political, social and other risks inherent in carrying on business in a foreign jurisdiction, the effects of a recessionary economy and such other business risks as discussed herein and other publicly filed disclosure documents. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Corporation undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
This news release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. When used herein, words such as "intended" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on assumptions by and information available to the Corporation. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Actual results may differ materially from those currently anticipated. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
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SOURCE Sea Dragon Energy Inc.
For further information: For further information: Said Arrata, CEO and Chairman, (403) 457-5035; David Thompson, Senior Vice President and Director, (403) 457-5035; Scott Koyich, President, Brisco Capital Partners, (403) 262-9888, firstname.lastname@example.org; Graeme Dick, Brisco Capital Partners, (403) 561-8989, email@example.com