CALGARY, Dec. 22 /CNW/ - Winstar Resources Ltd. ("Winstar" or "the Company") (TSX: WIX) provides an update on the
drilling of Chouech Essaida Silurian #1 Well ("CS Sil #1"), on its 100%
owned and operated Chouech Essaida Concession in Southern Tunisia.
Winstar has successfully drilled its first Silurian exploration well CS
Sil #1, to a total depth of 4,390 metres, ahead of budget in terms of
both time and costs. The well, spud in early November 2010, was
drilled on an Ordovician structural high (anticline) defined by 3D
seismic with the objective to test the commercial hydrocarbon potential
of the Silurian Acacus Sandstone and a shallower secondary target in
the Triassic TAGI Sandstone.
Logging operations are nearing completion. Open-hole log data (including
an MDT - Modular Formation Dynamic Tester) and well-site geological
measurements and observations indicate hydrocarbon potential in the
Silurian Tannezuft and Acacus sandstones, Devonian Ouan Kasa sandstones
and the Triassic TAGI sandstones.
The final production casing is scheduled to be installed this weekend.
Testing of prospective Silurian zones is expected to commence in early
January 2011 once the rig has been released and moved off location. The
multi-zone testing program is expected to cumulatively take 2 to 3
weeks after which the Company will release the results.
The Company cautions that open-hole log results are interpretative and
that a comprehensive production testing program is required to estimate
the technical reservoir parameters and the longer term productive
capacity of the well.
References herein to "boe" mean barrels of oil equivalent and is derived
by converting gas to oil in the ratio of six thousand cubic feet (Mcf)
of gas to one barrel (bbl) of oil. Boe may be misleading, particularly
if used in isolation. A boe conversion ratio of 6 Mcf to 1 bbl is
based upon an energy conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead.
References herein to "boepd" means barrels of oil equivalent per day.
This press release contains certain forward-looking statements. These
statements relate to future events or future performance of the
Company. When used in this press release, the words "may", "would",
"could", "will", "intend", "plan", "anticipate", "believe", "estimate",
"predict", "seek", "propose", "expect", "potential", "continue", and
similar expressions, are intended to identify forward-looking
statements. These statements involve known and unknown risks,
uncertainties, and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements. Such statements reflect the Company's
current views with respect to certain events, and are subject to
certain risks, uncertainties and assumptions. Many factors could cause
Winstar's actual results, performance, or achievements to materially
differ from those described in this press release. Should one or more
of these risks or uncertainties materialize, or should assumptions
underlying forward-looking statements prove incorrect, actual results
may vary materially from those described in this press release as
intended, planned, anticipated, believed, estimated, or expected.
Specific forward-looking statements in this press release include,
among others, statements pertaining to the following: factors upon
which Winstar will decide whether or not to undertake a specific course
of action; and estimated volumes and timing of future production;
business plans for drilling, exploration and development; and other
expectations, beliefs, plans, goal, objectives, assumptions,
information and statements about possible future events, conditions,
results of operations or performance. The risks to which the Company is
subject include those of the oil and gas industry in general including
operational risks in exploring for, developing and producing crude oil
and natural gas; risks and uncertainties involving geology of oil and
gas deposits; volatility in global market prices for oil and natural
gas; general economic conditions; competition; liabilities and risks,
including environmental liability and risks, inherent in oil and gas
operations; uncertainties as to the availability and cost of financing
and changes in capital markets; alternatives to and changing demand for
petroleum products; and changes in legislation and the regulatory
environment, including uncertainties with respect to the Kyoto
Protocol. Furthermore, statements relating to "reserves" or "resources"
are deemed to be forward-looking statements, as they involve the
implied assessment, based on certain estimates and assumptions to the
effect that the resources and reserves described can be produced
profitably in the future. The forward-looking statements contained in
this press release are expressly qualified in their entirety by this
cautionary statement. These statements speak only as of the date of
this press release. The Company does not intend and does not assume any
obligation, to update these forward-looking statements to reflect new
information, subsequent events or otherwise, except as required by
Winstar Resources Ltd. is a Calgary based junior oil and gas company,
which explores for, develops, produces, and sells crude oil, natural
gas liquids and natural gas in Tunisia, Romania and Hungary. Winstar's
common shares trade on The Toronto Stock Exchange under the symbol WIX.
SOURCE Winstar Resources Ltd.
For further information: For further information:
Mr. Charles de Mestral
Chief Executive Officer
Phone: +41 22 361 14 45
(Note: Mr. de Mestral is based in Europe, in a time zone eight hours ahead of Calgary time)
Mr. David Monachello
Phone: +1 403 513 4200
E-mail : email@example.com
Mr. Bradley Giblin
Chief Financial Officer
Phone : +1 403 513 4207
E-mail : firstname.lastname@example.org