Action Energy Inc. (AEC - TSX Venture Exchange) First Quarter Activity Increases Corporate Production by 115%


    CALGARY, April 4 /CNW/ - Action Energy Inc. ("Action") after completion
of its first full quarter of activity as a public company has exceeded its
published 2007 exit production target of 1400 boepd, with current daily
production exceeding 1500 boepd (65% oil) exiting Q1-2007. This increase
represents 115% (800 boepd) of growth through the drill bit since the
completion of the announced reverse takeover of High Plains Energy on
November 20, 2006. It should be noted that these are initial production
figures from March 2007 and are subject to normal natural reservoir declines
throughout 2007.
    Action's Q1-2007 drilling program of 19 wells (18.75 net) was completed
with 100 % success and on budget. The program consisted of 1 (1 net) high
impact exploration well at Puskwa, Alberta and 18 (17.75 net) low risk
exploitation wells at Lloydminster, Alberta and Shackleton, Saskatchewan.
    At Puskwa, Alberta, Action has cased its 3,280 meter exploration
discovery at 9-29-71-25W5M (100% WI). Completion operations on this well are
expected to commence in Q2-2007 after break-up. This is the first well of a
5 well exploration commitment for the Puskwa, McLeans Creek and Calais areas
announced in the November 27, 2007 Peace River Arch Farm-In press release.
    At Lloydminster, Alberta, Action concluded the drilling and completion of
16 development horizontal oil wells (100% WI) producing oil (12 degree API)
from the Lloydminster formation in Section 29-48-1W4M. Facility construction
commenced in January, 2007, and all 4 pad facilities were completed in
March, 2007, on time and on budget. Action is reviewing the potential to drill
an additional 12 horizontal wells from existing infrastructure in Q4-2007,
subject to Board approval and commodity prices.
    During the period, Action also drilled one successful exploratory well at
15-29-48-1W4M (100% WI) targeting oil in the Sparky formation. To date, three
existing Sparky oil wells on Section 29-48-1W4M were re-completed and are
awaiting tie-in. Further delineation drilling of the Sparky formation is
planned for late 2007. Additional production from the new Sparky delineation
wells will be handled through existing company facilities.
    At Shackleton, Saskatchewan, Action completed the drilling, before
break-up, of the first well (0.75 net) of a six well program targeting the
shallow gas from the Milk River formation. Drilling was completed March 12,
2007 and is expected to be tied in prior to the end of the second quarter. The
remaining five wells in the program and an additional six well program are
budgeted for Q3-2007.

    Certain information set forth in this document, including management's
assessment of the Company's future plans and operations, contains
forward-looking statements. When used in this document, the words
"anticipate," "believe," "estimate," "expect," "intend," "may," "project,"
"plan", "will", "should" and similar expressions are intended to be among the
statements that identify forward-looking statements. By their nature,
forward-looking statements are subject to numerous risks and uncertainties,
many of which are beyond the Company's control, including the impact of
general economic conditions, industry conditions, volatility of commodity
prices, currency fluctuations, imprecision of reserve estimates, environmental
risks, competition from other industry participants, the lack of availability
of qualified personnel or management, stock market volatility and ability to
access sufficient capital from internal and external sources. Readers are
cautioned that the assumptions used in the preparation of such information,
although considered reasonable at the time of preparation, may prove to be
imprecise and, as such, undue reliance should not be placed on forward-looking
statements. The Company's actual results, performance or achievement could
differ materially from those expressed in, or implied by, these
forward-looking statements. No assurance can be given that any of the events
anticipated will transpire or occur, or if any of them do so, what benefits
the Company will derive from them. The Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.

    Oil equivalent amounts have been calculated using a conversion rate of
six thousand cubic feet of natural gas to one barrel of oil. BOEs may be
misleading, particularly if used in isolation. A BOE conversion ratio of
6 mcf: 1 bbl is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    %SEDAR: 00001728E

For further information:

For further information: Roger Tang, Chairman and CEO, Action Energy
Inc., Telephone: (403) 264-1112, Facsimile: (403) 264-1116, Website:; R.D. (Bob) Bowman, President & COO, Action Energy Inc.,
Telephone: (403) 264-1112, Facsimile: (403) 264-1116, Website:

Organization Profile

Action Energy Inc.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890