CALGARY, Feb. 9 /CNW/ - Cirrus Energy Corporation ("Cirrus") (TSXV: CYR)
is pleased to announce that its wholly owned subsidiary, Cirrus Energy
Nederland B.V., has completed the drilling of the L11-13 appraisal well to a
total measured depth of 5,400 metres (true vertical depth "tvd" 4,120 metres).
The L11-13 well has been directionally drilled from the L11b-A production
platform into the L8-D Field which potentially straddles the L8a, L8b and L11b
blocks. The L8-D field area has been unitised and equity interest partners in
the L8-D Unit are Cirrus (25.479%), TAQA (15.000%), DSM Energie B.V. (2.880%),
Energy06 Investments B.V. (1.341%), EWE AG (13.400%) and EBN (41.900%). Cirrus
is the operator of the L8-D Unit.
The L11-13 well, located offshore in 27 metres of water, was designed to
test the southern extension of a large, well defined fault block which
contains the L8-D Field. The L8-D Field was discovered by well L8-16x drilled
in 2004. The L8-16x well was drill stem tested at rates up to 430,000 Nm3/day
(16.1 MMscf/day) of gas from Permian-aged Upper Rotliegend Group sandstone
reservoirs at a vertical depth around 3,850 metres. The bottom hole reservoir
penetration at L11-13 is located approximately 5.9 kms away from the L8-16x
In L11-13, the top of the primary Upper Rotliegend Group target was
encountered at 3,845 metres tvd sub-sea with indications of gas during
drilling and coring. Two 27 metre cores were cut over two potential reservoir
sections. Both potential reservoir sections have been open-hole logged and
preliminary petrophysical evaluation indicates the presence of gas in a total
of 15.5 metres of net pay in the Upper Rotliegend Group reservoirs with
average porosities of 14.5%.
Partners have agreed to flow test the Upper Rotliegend Group reservoirs
with results expected in approximately 10 to 15 days.
Cirrus' President, David Taylor, comments; "These preliminary results are
encouraging although both flow test data and further geological and
geophysical analysis will be required before the economic potential of the
L11-13 well and its impact on our understanding of the L8-D Field can be
assessed. It is noteworthy that the drilling operations of this deep well went
smoothly and were fully on prognosis and budget."
Cirrus Energy Corporation is an international oil and gas company
headquartered in Calgary and has approximately 75.9 million fully diluted
common shares outstanding.
This press release may include forward-looking statements including
opinions, assumptions, estimates and expectations of future production, cash
flow and earnings. When used in this document, the words "anticipate",
"believe", "estimate", "expect", "intent", "may", "project", "plan", "should"
and similar expressions are intended to be among the statements that identify
forward-looking statements. Forward-looking statements are subject to a wide
range of risks and uncertainties, and although the Company believes that the
expectations represented by such forward-looking statements are reasonable,
there can be no assurance that such expectations will be realized. Any number
of important factors could cause actual results to differ materially from
those in the forward-looking statements including, but not limited to, the
volatility of oil and gas prices, the ability to implement corporate
strategies, the state of domestic capital markets, the ability to obtain
financing, changes in oil and gas acquisition and drilling programs, operating
risks, production rates, reserve estimates, changes in general economic
conditions and other factors more fully described from time to time in the
reports and filings made by Cirrus with securities regulatory authorities.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: about Cirrus, please contact: David Taylor,
President and Chief Executive Officer; Glenn Gradeen, Executive Vice President
and Chief Operating Officer; Cirrus Energy Corporation, Suite 208, 5 - Richard
Way S.W., Calgary, Alberta, T3E 7M8, Canada, Website: www.cirrusenergy.ca,
Telephone: (403) 216-5030, Facsimile: (403) 265-9530