CALGARY, April 2 /CNW/ - Unbridled Energy Corporation (TSXV:
UNE/Frankfurt: 04U) (the "Company" or "Unbridled") is pleased to announce the
acquisition of 13,280 gross acres including 61 wells in the State of New York.
The Company now refers to this area as the Chautauqua Lake properties. The
wells are currently producing approximately 250 thousand standard cubic feet
per day ("Mscf/d") largely from the Whirlpool and Medina tight gas sand
("TGS") formations at depths between 3000 to 4000 ft and have produced a
cumulative total of 7.3 Billion Standard Cubic Feet ("Bscf") to date. Two of
the wells produce from the shallower Bass Island trend, which is a naturally
fractured carbonate formation that produces both oil and gas.
Unbridled has retained Schlumberger Data and Consulting Services ("DCS"),
based in Pittsburgh, Pennsylvania, a qualified third party reserves evaluator
to establish a range for the discovered resources. The DCS range is 64 Bscf to
112 Bscf depending on the assumptions used in the calculations. Schlumberger's
detailed reserves report will be finalized and provided to the Company by
early May, 2007.
By applying sound operational practices, drilling additional wells via
offsets and down spacing, restimulating existing wells, and utilizing the
latest fracturing and imaging technologies, management intends to increase
production and recoverable reserves in the TGS formations of this property.
Additionally, Unbridled plans to test a Devonian Shale interval available
across the acreage.
Unbridled will operate these properties holding a 50% working interest
("WI"). The Company's partner, HH Allegiance Energy Fund LLP, an entity at
arm's length to the Company, presently holds the remaining 50% WI. Acquisition
and closing costs totaled less than US$1.4 million net to Unbridled. Due to
the location of the Chautauqua Lake properties, natural gas production
commands an approximate $.40 to $.80 per Mscf/d premium to regularly posted
NYMEX Henry Hub Natural Gas Prices.
State of Ohio
Further to its news release disseminated March 7, 2007, the Company has
now reached an agreement in principal to acquire 100% WI on 23,000 acres in
the State of Ohio from Lodge Energy, L.P. ("Lodge"), an entity at arm's length
to the Company. The 23,000 acres is a result of management refining it's area
of interest on the 30,000 acres under negotiation as announced March 7, 2007.
Due diligence on these lands is now almost complete, with only minor title
work remaining. As a result, the Company anticipates closing during the last
two weeks in April, 2007. Assuming Unbridled proceeds with the purchase, it
will acquire a right of first refusal on future lands leased by Lodge in an
'Area of Mutual Interest' between Lodge and Unbridled.
President & CEO Joe Frantz said, "The acquisition of the Chautauqua Lake
properties in the state of New York is a stepping stone for Unbridled in the
USA. It provides numerous opportunities to apply high technology
methodologies on new drills, restimulate existing formations, and test a shale
interval. I am pleased with the cost of entry to Unbridled and the upside
potential it provides. The acreage in Ohio presents another new opportunity to
exploit shales and tight gas sands in the Appalachian Basin. This area has
been attracting many companies to lease lands and has now become a competitive
U.S. 20-F Registration
Unbridled Energy is also pleased to announce, effective March 14, 2007,
the Company is a reporting issuer in the United States. Securities Exchange
Commission "SEC" filings are now publicly available on EDGAR which may be
accessed by www.sec.gov website address. The Company's US Registration
Statement on Form 20-F is now effective and the Company is in the process of
clearing all comments with SEC staff.
About Unbridled Energy
Unbridled is an independent natural gas evaluation and production company
focused on growing the Company in shale gas and tight gas sand ("TGS")
opportunities in two main basins within North America, the Appalachian Basin
in eastern United States and the Western Canadian Sedimentary Basin. More
specifically, management is applying its production enhancement strategy with
latest horizontal drilling and fracing technologies to well known shale gas
and TGS formations throughout the Appalachian Basin. In the Western Canadian
Sedimentary Basin, management is employing a first mover approach to major,
shale gas and TGS resource opportunities. The Company has offices in
Pittsburgh, Pennsylvania and Calgary, Alberta.
By Order of the Board of Directors
Unbridled Energy Corporation
Joseph H. Frantz Jr.
President & CEO
For more information, please contact the Company's Investor Relations
Consultant at 1-800-940-6781.
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, relating to the
proposed use of proceeds. 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 the Company'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. The Company 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 a change in the use of proceeds, 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, (Accessible on EDGAR
at www.sec.gov), including the Company's Form 20-F (Amended) dated January 9,
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Unbridled Energy Corporation Investor Relations