CALGARY, Sept. 26 /CNW/ - Stealth Ventures Ltd. ("Stealth" or the
"Company") is pleased to announce that its production is rapidly growing
beyond its second quarter average of 236 BOE/D, primarily due to tie-in
operations on its current 70 well program at Wildmere, Alberta. Since the
inception of the play in early 2006 Stealth has progressed from a conceptual
technology play to a commercial producing asset, and production growth is now
the focus of the Company.
The current summer drilling program kicked-off on July 3rd, 2008 and is
currently under the budgeted $350,000 tied-in cost per well, with 42 wells
drilled, 25 completed, and 10 tied-in and producing to date. The Company's
production is today increasing past 2.5MMcf/d (raw) from the field with an
estimated corporate production of 350 (net) BOE/D as of the day of this
release. The Company expects to see strong production growth in the third and
fourth quarters of this year, with the majority of wells tied-in during the
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:
firstname.lastname@example.org; Richard Cohen, Investor Relations, Clark
Avenue Company, Tel.: (905) 882-4422, Fax: (905) 882-4435, Email: