Stealth Announces Alberta's First Commercial Shale Gas Development and Files 2007 Reserves



    SLV tsxventure

    CALGARY, March 4 /CNW/ - Stealth Ventures Ltd. (The Company) is pleased
to announce development of Alberta's first commercial shale gas resource play
on its Wildmere property in the Colorado Group shales (Colorado). The Alberta
Energy Resource Conservation Board (ERCB) recognizes Stealth's operations as
shale gas exploitation and the Company has and will continue to work closely
with the ERCB on its Colorado shale gas properties. The Colorado is locally a
thick, organic rich, biogenic gas charged shale which covers a large part of
eastern Alberta.
    In accordance with disclosure requirements provided by National
Instrument 51-101 Standards of Disclosure for Oil and Gas Activities
("NI 51-101") the Company has received and is filing its 2007 independent
reserve evaluation report evaluated by Sproule Associates Limited (Sproule).

    
    Highlights

    -   From wildcat exploration play in Wildmere to 12.4 BCF (2.07 MMBOE)
        proved plus probable shale gas reserves booked in 2007 exclusively
        through the drill bit on 39 gross (29.25 net) wells delineated over
        15 townships of aerial extent

    -   Proved plus probable reserve life index of 15.7 years for Wildmere
        shale gas property

    -   Proved plus probable finding and development costs of 13.68/BOE

    -   Land holdings in the Wildmere area comprise 122 gross (83 net)
        sections of land. This land has immediate four wells per section
        spacing and is expected to be developed on no less than eight wells
        per section.


    -------------------------------------------------------------------------
                                   Table 1
                                  NI 51-101
                       Summary of Oil and Gas Reserves
                           as of December 31, 2007
                          Forecast Prices and Costs
    -------------------------------------------------------------------------
                                 Reserves(*)
    -------------------------------------------------------------------------
                                                    Natural Gas      Natural
                         Light and              (non-associated          Gas
                        Medium Oil     Heavy Oil   & associated)     Liquids
    -------------------------------------------------------------------------
    Reserve Category  Gross    Net  Gross    Net  Gross     Net  Gross   Net
                      (Mbbl) (Mbbl) (Mbbl) (Mbbl) (MMcf)  (MMcf) (Mbbl)(Mbbl)
    -------------------------------------------------------------------------
    Proved
    Developed
     Producing         18.2   15.3    0.0    0.0  3,637   3,165    0.1   0.0
    Developed
     Non-Producing      0.0    0.0    0.0    0.0     59      55    0.0   0.0
    Undeveloped         9.9    9.7    0.0    0.0  5,383   4,887    0.0   0.0
    Total Proved       28.1   25.0    0.0    0.0  9,080   8,107    0.1   0.0
    Probable           15.6   13.6    0.0    0.0  3,342   2,992    0.0   0.0
    Total Proved
     Plus Probable     43.7   38.7    0.0    0.0 12,422  11,098    0.1   0.0
    -------------------------------------------------------------------------
    Reference: Item 2.2(1) of Form 51-101F1
    (*) gross company reserves
    

    Shale gas development in Alberta is at its infancy. Stealth has been
methodically researching and testing technology to exploit the Colorado, and
the Company's rapid growth will be based on this initial success. The Company
has completed the majority of exploratory drilling and core testing and will
now focus on increasing efficiencies available in basic development drilling.
Stealth has completed the first 10 wells of its projected 80 well program for
2008 and management feels confident that this pace of drilling can be
increased in the future. Current competitive pricing in the drilling services
market, as well as a bullish long-term outlook in natural gas pricing will
motivate the Company to aggressively pursue development. In addition, the
Colorado shale gas properties are classified as low productivity gas wells by
the ERCB. Because of this Stealth will enjoy lower royalties starting in 2009,
based on production tiers used in the Government's sliding scale royalty
regime (which is based on rate and price per MCF).
    Stealth is building a solid platform for long-term corporate growth,
forecasting a tripling of production in 2008. This growth will be profitable,
given low operating costs and netbacks forecast to be well above $5/Mcf, based
on $8 gas(1). Detailed reserve information will be presented in the Company's
year-end report in addition to a comprehensive year-end reserve report based
on National Instrument 51-101 Standards of Disclosure for Oil and Gas
Activities (NI 51-101) which will be filed by April 30 2008 on SEDAR.

    Stealth is a Calgary-based junior oil and gas company whose expertise and
focus is on unconventional gas reserves including CBM, shale gas and tight gas
sand reservoirs.

    Cautionary Statement:
    ---------------------
    Forward Looking Statements: Certain information regarding the Company in
this news release including management's assessment of reserve and production
estimates, reserves additions and estimates of future net revenue 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, the timing and length of plant turnarounds and the impact of such
turnarounds and the timing thereof, delays resulting from or inability to
obtain required regulatory approvals and ability to access sufficient capital
from internal and external sources. As a consequence, the Company's actual
results, performance or achievements could differ materially from those
expressed in, or implied by, these forward-looking statements and, accordingly
no assurance can be given that any events anticipated by the forward-looking
statements will transpire or occur, or, if any of them do so, what benefits
the Company will derive there from. Readers are cautioned that the foregoing
list of factors is not exhaustive. 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 the
Company's website (www.stealthventures.ca). 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 ma be
required by applicable securities laws.

    BOE Disclosure: "BOEs may be misleading, particularly if used in
isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead."

    
    Notes:
    ------
    (1)  Netbacks are calculated after capital.
    

    STEALTH VENTURES LTD.

    "Derek Krivak "

    Per: Derek Krivak
    Chief Operating 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.

    %SEDAR: 00008195E




For further information:

For further information: Derek Krivak, COO, W. Robert Bell, CEO, Mark J.
Roth, CFO, Stealth Ventures Ltd., Tel.: (403) 514-9998, Fax: (403) 514-9995,
Emails: investorrelations@stealthventures.ca

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STEALTH VENTURES LTD.

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