CALGARY, Aug. 31 /CNW/ - Stealth Ventures Ltd. ("Stealth" and/or
the "Company") (TSX.V: SLV) announces that effective August 30, 2010, it
has filed its second quarter financial statements and related
Management's Discussion and Analysis (MD&A). A copy of these documents,
are filed on SEDAR and available at www.sedar.com.
Second Quarter Results
Company signs Joint Venture deal with MOI Resources Ltd. (MOI) to
purchase further joint lands in the Wildmere region of Alberta.
Increased total amount of sections in the Wildmere region to 29,
eligible for eight (8) wells per section in-fill drilling, which is a
100% success rate on all applications made to date. The Company
continues to grow its ready inventory of drillable locations.
Stealth acts on its Joint Venture deal with MOI and purchases 17 of 19
possible sections of land in the Wildmere region. This is an 89%
success rate proving that the bids are competitive and realistic.
On June 9th 2010 the Company signed a Joint Study Agreement (JSA) with
the Oil and Natural Gas Corporation Ltd. of India, (ONGC) outlining
go-forward plans to work together towards unconventional
exploration and development in India.
Stealth continued to strengthen its international focus by appointing
Mr. Subra Subramaniam as Chairman of the Board of Directors and as
The JSA commences June 30th 2010 with meetings in New Delhi. It was
agreed that all efforts should be made to fast track development of
the JSA between Stealth and ONGC and the initial data viewing and
was formally commenced.
The Company closed the initial tranche of the Private Placement which
consisted of the sale of 6,716,000 units at a price of $0.10 per unit,
for gross proceeds of $671,600, each unit consisting of one (1) common
and one-half (1/2) of a share purchase warrant, with each whole
warrant entitling the holder to purchase one additional common share
at a price of $0.25 until July 30, 2012.
Stealth's royalty as a percentage of sales was a credit of 12.6%,
compared to the same quarter in 2009 where the rate was 7.5%. The
credit was due to recovery of gas cost allowance in the quarter.
The Company has lowered its net bank debt to $1,951,115 from
$3,195,725 in December 2009, a decrease of 39%.
G&A for Q2 2010 was $407,718 compared to $671,567 for Q2 2009, a
decrease of 40% compared to Q2 2009.
Production in Q2 2010 was 304 boe/day compared to 298 boe/day in Q1
2010. This 1.5% production increase is an indicator of the low annual
decline rates expected from the Colorado Group of shales package.
The Company continues to aggressively execute on its primary strategy of
growing its presence in the international oil and gas sector. An
immediate focus was placed on India and on June 9th when Stealth
successfully signed a Joint Study Agreement (JSA) with the Oil and
Natural Gas Corporation Ltd. of India (ONGC), focusing on unconventional
hydrocarbon exploration and development in India. By sticking to the
Company's core competency of analyzing and developing high impact
unconventional oil and gas resource plays Stealth is well positioned to
enter into India's unconventional resource sector. By diversifying out
of the North American gas markets and into emerging marketplaces the
Company is bringing its extensive unconventional resource play
experience, expertise and technology, to position itself in the early
lifecycle of such resource development and ultimately to add shareholder
value and growth.
Stealth Ventures Ltd. is a Calgary based junior oil and gas exploration
and development Company focused on the exploration for, acquisition,
development and production of unconventional hydrocarbon reserves,
derived primarily from shale, Coalbed Methane (CBM) and tight sand
STEALTH VENTURES LTD.
Per: DEREK KRIVAK
Chief Executive Officer
Forward Looking Statements:
This News Release may contain forward-looking statements based on
assumptions and judgments of management regarding future events or
results that may prove to be inaccurate as a result of exploration and
other risk factors beyond its control, and actual results may differ
materially from the expected results.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS
RELEASE. THIS NEWS RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION.
ACTUAL FUTURE RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED.
SOURCE STEALTH VENTURES LTD.
For further information: For further information:
Derek Krivak, CEO
Stealth Ventures Ltd.