CALGARY, Feb. 3 /CNW/ - Stealth Ventures Ltd. ("Stealth" or the
"Company") has completed its 2008 shale gas program at Wildmere, Alberta. The
bulk of the 08 capital program commenced on July 3rd, 2008, coming in under
the budgeted $350,000 full cycle cost per well. Of the total 81 wells
undertaken for the year (including Q1 wells and recompletions) twenty-four
were not tied-in (or producing) prior to year-end. Four are projected to be
tied-in during Q1 2009 and an additional five were tied-in but had not been
turned on as of December 31, 2008. Of the remaining wells, nine are deemed as
non-productive and the final six are not economically viable given today's
commodity pricing. The Companies net gas sales number for the month of
December 2008 averaged ~550 BOE/D a significant increase of 380% over last
years fourth quarter average of 143BOE/D.
Stealth has used a hedging program to protect its balance sheet and
capital expenditures for 2009. The Company currently has approximately 25% of
its production hedged from February 01, 2009 to October 31, 2009 at a set
price of $5.48Cdn/GJ.
The Company is currently planning additional new drilling at Wildmere in
the latter half of the year in order to avoid "spring breakup" and limited
surface access as a result of agricultural activities. During the interim the
Company intends to conduct a full evaluation of the results and data collected
from its 2008 activity while closely monitoring market conditions in
anticipation of the next drilling program. Prior to December 31, 2008 the
Company established a $3.1 million credit facility with a Canadian chartered
bank and may increase this facility after completing its annual reservoir
engineering report in Q1 of 2009. During such challenging times Stealth has
the distinct competitive advantage as a shale gas producer with low decline,
low royalty, and long-life reserves. With hundreds of current in-fill
locations this low cost, predictable production is poised to effectively grow
the Company's reserves and productive capability from the Cretaceous Colorado
Group of Shales.
Stealth Ventures Ltd. is a Calgary-based junior oil and gas company whose
expertise and focus is on "unconventional" gas reserves from shale gas, CBM
and tight gas sand reservoirs.
STEALTH VENTURES LTD.
Per: DEREK KRIVAK
Chief Executive Officer
Disclosure provided herein in respect of 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.
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: Derek Krivak, CEO, Mark J. Roth, CFO, Stealth
Ventures Ltd., Tel.: (403) 514-9998, Fax: (403) 514-9995, Emails:
email@example.com; Richard Cohen, Investor Relations, Clark
Avenue Company, Tel.: (905) 882-4422, Fax: (905) 882-4435, Email: