CALGARY, July 10 /CNW/ - Stealth Ventures Ltd. ("Stealth" or the
"Company") is pleased to announce the second stage of its shale gas drilling
program, which commenced July 3. This development drilling program will tie in
an additional seventy producing shale gas wells at Wildmere, Alberta over the
remainder of 2008. The program is fully funded with the successful equity
private placement closed on May 30, 2008 and as press released on
June 2, 2008. Stealth anticipates significant generation of cash flows from
this program, such that drilling programs through 2009 and beyond will be
funded primarily with cash flow and senior debt. Management is currently
reviewing a potential increase to its 2008 budget in light of stronger market
prices as well as favorable service costs. This would boost the Company's
forecast exit rate for 2008, currently anticipated to grow to approximately
The shale gas development drilling program in Alberta has shown
fundamentally sound production numbers and with rising prices for natural gas,
recently above $10/Mcf AECO, it is Stealth's key corporate focus for continued
solid production growth in 2008 and beyond.
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
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,