CALGARY, Feb. 19 /CNW/ - Cirrus Energy Corporation ("Cirrus") (TSXV: CYR)
is pleased to announce that its wholly owned subsidiary, Cirrus Energy
Nederland B.V., has completed the successful testing of the L11-13 appraisal
well. 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 tested dry gas at a maximum stabilised flow rate of
820,000 Nm3/day (30.6 million standard cubic feet per day or MMscf/d) on an
48/64" choke at a flowing wellhead pressure of 200 bar (2,900 psig). These
results are being integrated with existing data on the L8-D Field which 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 the same
Permian-aged Upper Rotliegend Group sandstone reservoirs. The bottom hole
reservoir penetration at L11-13 is located approximately 5.9 kms away from the
L8-16x discovery well.
Cirrus' President, David Taylor, comments; "These testing results are
encouraging and have met all our expectations for the L11-13 well. Given that
the well was drilled from an existing production platform we are hopeful that
it can be brought into production relatively quickly and at modest cost."
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