CALGARY, Oct. 9 /CNW/ -
Alberta Shale Gas Prospect
Stealth Ventures Ltd. (Stealth) is pleased to announce that it has
finished drilling operations and commenced completion, testing and tie-in
operations for a twenty well program on its Alberta shale gas project. Prior
to the current program, nine wells had been tied-in on the play with initial
production rates ranging from up to 150 mcf/ day/ well and averaging just
under 100 mcf/ day/ well. Capital costs for the current program have been
reduced from previous operations by an estimated 42% for drilling, 39% for
completions and 25% for tie-ins. This is due in part to pricing pressure
caused by an available supply of new equipment and services in the sector. The
twenty well program also allowed for planned 'economies of scale' that will
enable Stealth to evaluate and plan full development of the project.
The wells target biogenic natural gas from multiple horizons within the
organic rich Colorado Shale Group. Current spacing unit holding rules for the
area allow licensing for up to four wells per section at the shallow depths of
these wells (500 metres or less). To date, Stealth has been drilling one well
per section, successfully testing the geological concept, testing different
completion technologies and earning land. Preliminary analysis indicates
higher density spacing of more than four wells per section may ultimately be
required to maximize recovery from these tight rock formations. Management
does believe that as the project progresses to the development stage, better
target identification and technology application could lead to increased
productivity and drainage per well.
Stealth currently has approximately 112 sections, 72,000 gross acres, of
mineral rights in the prospect area with approximately a 67% average working
interest. Stealth also has options to earn an additional 13 sections by
drilling. Stealth has continued to concentrate a large percentage of its
budget on the growth of this very promising project.
Nova Scotia CBM Update
Stealth is in the final stages of procurement for the Cumberland basin
horizontal well frac program which is tentatively scheduled for mid-November
pending equipment availability windows.
Stealth Ventures Ltd. is a Calgary-based junior oil and gas company whose
expertise and focus is on the "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:
firstname.lastname@example.org; Investor Relations, First Canadian
Capital Corp, Tel.: (416) 742-5600, Tel.: (866) 580-8891, Email: