- Owen 1-18H Test Rate: 1,240 Mcf/d
- Ballard 1-18H Test Rate: 1,341 Mcf/d
DENVER and CALGARY, Alberta, July 8 /CNW/ -- Storm Cat Energy Corporation
(Amex: SCU; TSX: SME) today provided an update of its operations in the
Company's Arkansas Fayetteville Shale acreage.
The first three of the Company's 2008 Fayetteville development program
wells are now on production and tied into sales, two of which have undergone
State of Arkansas Form 13 testing. Each well continues to produce significant
volumes of fracturing fluid. Notwithstanding, the Owen 1-18H tested at a rate
of 1,240 thousand cubic feet per day (Mcf/d) and the Ballard 1-18H tested at a
rate of 1,341 Mcf/d. The Company is very encouraged by these test rates and
anticipates that production from these wells will increase as cleanup
progresses. The third well, the Roberts 1-13H, is tied into sales and is
about to undergo a Form 13 rate test.
The Company anticipates commencing hydraulic fracturing of the fourth
horizontal well of the 2008 program, the Files 3-12H, this week. Drilling
activity on the fifth horizontal well, the Files 2-12H, is ongoing and is
approaching total depth. Finally, completion of the Vaughan 2-18 well, a
shallow well testing a gas-charged zone observed in the Vaughan 1-18H well, is
expected to commence later this week.
The Company is extremely pleased by the initial results observed in its
2008 wells and believes that these results further validate the Company's
About Storm Cat Energy
Storm Cat Energy is an independent oil and gas company focused on the
exploration, production and development of large unconventional gas reserves
from fractured shales, coal beds and tight sand formations and, secondarily,
from conventional formations. The Company has producing properties in
Wyoming's Powder River Basin and Arkansas' Arkoma Basin and exploration and
development acreage in Canada. The Company's shares trade on the American
Stock Exchange under the symbol "SCU" and in Canada on the Toronto Stock
Exchange under the symbol "SME."
This press release contains certain "forward-looking statements", as
defined in the United States Private Securities Litigation Reform Act of 1995,
and within the meaning of Canadian securities legislation. Forward-looking
statements are statements that are not historical facts; they are generally,
but not always, identified by the words "expects," "plans," "anticipates,"
"believes," "intends," "estimates," "projects," "aims," "potential," "goal,"
"objective," "prospective," and similar expressions, or that events or
conditions "will," "would," "may," "can," "could" or "should" occur. Forward-
looking statements are based on the beliefs, estimates and opinions of Storm
Cat's management on the date the statements are made and they involve a number
of risks and uncertainties. Consequently, there can be no assurances that such
statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. Storm Cat
undertakes no obligation to update these forward-looking statements if
management's beliefs, estimates or opinions, or other factors, should change.
Factors that could cause future results to differ materially from those
anticipated in these forward-looking statements include, but are not limited
to, the volatility of natural gas prices, the possibility that exploration
efforts will not yield economically recoverable quantities of gas, accidents
and other risks associated with gas exploration and development operations,
the risk that the Company will encounter unanticipated geological factors, the
Company's need for and ability to obtain additional financing, the possibility
that the Company may not be able to secure permitting and other governmental
clearances necessary to carry out the Company's exploration and development
plans, and the other risk factors discussed in greater detail in the Company's
various filings on SEDAR (www.sedar.com) with Canadian securities regulators
and its filings with the U.S. Securities and Exchange Commission, including
the Company's Form 10-K for the fiscal year ended December 31, 2007.
For further information:
For further information: William Kent, Director, Investor Relations of
Storm Cat Energy, +1-303-991-5070 Web Site: http://www.stormcatenergy.com