CALGARY, Aug. 18 /CNW/ - Sure Energy Inc. (SHR, TSX) ("Sure Energy") ("the Company") is pleased to report the production test results of its recent Redwater North horizontal well. The Viking formation was tested for three days and flowed an average of 315 barrels of clean, 35 API oil and 400 mcf of solution gas over the final 24 hours.
The Company anticipates the well to be on production in late September, once pressure testing and facility construction is completed.
The well is 100% owned by the Company and will qualify for the Alberta Government's Horizontal Oil New Well Royalty Rate of 5% for 24 months, to a maximum of 60,000 barrels.
The Company has a minimum of six direct offset locations to this well and owns 7 3/4 sections of 100% working interest lands in the Redwater North Viking play. These lands have ERCB approved Holdings allowing up to 4 wells per quarter section.
The development of Redwater North complements Sure Energy's development and production at Redwater South. In total, Sure Energy has 7,495 acres of net undeveloped land on the Redwater Viking oil trend.
Sure Energy Inc. is a publicly traded oil and gas exploration and development company listed on the Toronto Stock Exchange under the symbol "SHR".
Certain statements contained in this release constitute forward-looking information. These statements relate to future events or Sure Energy's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Sure Energy's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, Sure Energy's stated expected timing for the Redwater North horizontal well to be on production is forward-looking information. Sure Energy's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. Sure disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
SOURCE Sure Energy Inc.
For further information: For further information: please visit our website at www.sureenergyinc.com or contact: Mr. Jeff Boyce, President and CEO, Mr. Lance Wirth, Vice President, Finance and CFO, Phone: (403) 410-3100, Fax: (403) 410-3111, Email: firstname.lastname@example.org