CALGARY, Oct. 30 /CNW/ - Sharon Energy Ltd. (TSXV:SHY) today reported
that the Company has acquired, over the last three months, approximately 5,400
gross acres in the Eagleford Shale play, located in Texas. Sharon and its
partner have 4,250 net acres. Sharon has a 50 % working interest in the net
acres and is the Operator of the project.
Sharon's acreage is on trend with the recently announced gas discovery by
Petrohawk Energy Corporation and a large development program, operated by
On October 21, 2008, Petrohawk announced the successful completion of the
STS No.241-1H well that had an initial production of 7.6 MMcfd and 250 Bbls
condensate per day.
Apache's investor presentation, released on October 23, 2008, which can
be found on Apache's web site, confirmed that it has an ongoing program to
evaluate the play and had drilled and completed four horizontal oil wells to
date, with initial production rates of 170 to 345 bopd.
Sharon's acreage has numerous existing wellbores which Sharon believes
can be re-entered, drilled horizontally and stage frac'd within the Eagleford
Shale. The use of existing wellbores will significantly reduce the capital
expenditures required for Sharon's development program.
Sharon is continuing to acquire additional acreage in the area and a
development plan for the area is being prepared.
Sharon is an oil and gas exploration and production company based in
Calgary, Alberta. Sharon's current focus is on gas and oil development and
exploration in Texas.
ADVISORY: Certain information regarding the Company in this News Release
including management's assessment of future plans and operations, drilling and
completion plans and the timing thereof, may constitute forward-looking
statements under applicable securities laws and necessarily involve risks
including, without limitation, risks associated with oil and gas exploration,
development, exploitation, production, marketing and transportation, loss of
markets, volatility of commodity prices, currency fluctuations, imprecision of
reserve estimates, environmental risks, competition from other producers,
inability to retain drilling rigs and other services, capital expenditure
costs, including drilling, completion and facilities costs, unexpected decline
rates in wells, wells not performing as expected, incorrect assessment of the
value of acquisitions, failure to realize the anticipated benefits of
acquisitions, delays resulting from or inability to obtain required regulatory
approvals and ability to access sufficient capital from internal and external
sources. As a consequence, actual results may differ materially from those
anticipated in the forward-looking statements. Readers are cautioned that the
foregoing list of factors is not exhausted. Additional information on these
and other factors that could effect the Company's operations and financial
results are included in reports on file with Canadian securities regulatory
authorities and may be accessed through the SEDAR website (www.sedar.com) and
at the Company's website (www.sharonenergy.com). Furthermore, the
forward-looking statements contained in this news release are made as at the
date of this news release and the Company does not undertake any obligation to
update publicly or to revise any of the included forward-looking statements,
whether as a result of new information, future events or otherwise, except as
may be required by applicable securities laws.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS RELEASE.
For further information:
For further information: H.C. (Kip) Ferguson, III, President, Houston,
Texas, SHARON ENERGY LTD., Telephone: (713) 789-5395, Fax: (713) 789-8454;
TSXV: SHY; Robert W. Lamond, Chairman, Calgary, Alberta, SHARON ENERGY LTD.,
Telephone: (403) 269-9889, Fax: (403) 269-9890