CALGARY, Oct. 28 /CNW/ - Stealth Ventures Ltd. ("Stealth" or the "Company") is pleased to announce that it has received spacing approval from the Alberta Energy Resources Conservation Board ("ERCB" or the "Board") to proceed with eight wells per section on two sections of land in the Wildmere area. Currently the ERCB allows 4 wells per section drainage on all Stealth lands in Wildmere. After months of analysis a regulatory approval precedent has been set for sections 10-50-6 W4M and 29-49-5 W4M to allow for eight wells per section from the current four within a holding. Fekete Associates Inc. ("Fekete") completed extensive rate transient analysis on location 15-10-50-06 W4M which had over two years of production data and showed ultimate well density will approach 18 wells per section (36 acre spacing) to ultimately drain the resource before interference is found. An additional 17 sections are currently awaiting decision by the Board with the remaining Stealth acreage (107 sections (gross)) in process with Fekete. With full spacing approval, Stealth will have hundreds of locations available to the Company for development.
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
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.
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.
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., Tel.: (403) 514-9998, Fax: (403) 514-9995, Emails: firstname.lastname@example.org