Sharon reports successful gas completion at the Ruebush No.1 well in Lavaca County, Texas



    CALGARY, June 23 /CNW/ - Sharon Energy Ltd. (TSXV:SHY) today reported
that the Ruebush No.1 well located in Lavaca County, Texas, has been
successfully completed in a Wilcox gas zone. The well was put on production on
June 18, 2008, and is currently producing 15.95 MMcfd of natural gas at
7,100 psi flowing pressure from approximately 40 feet of net pay. The Wilcox
gas zone has not been fracture stimulated and the well will be evaluated for a
period of time to determine if a fracture stimulation is required.
    Sharon has a 6.0% working interest before payout and 13.46% working
interest after payout in the Ruebush No.1 well. It is estimated that at
current production rates and natural gas prices payout will be reached within
60 days.
    Under the terms of the farm-out agreement Sharon's working interest in a
second well, if drilled, would also be 6.0% before payout and 13.46% after
payout. The Company's working interest in a third well, if drilled, would be
8.97%.
    Based on the Company's interpretation of the seismic and geology there
are two more development locations which could be drilled on this structure.

    Sharon is an oil and gas exploration and production company based in
Calgary, Alberta. Sharon's current focus is on deep gas 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

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SHARON ENERGY LTD.

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