CALGARY, Aug. 13 /CNW/ - Cirrus Energy Corporation ("Cirrus") (TSXV: CYR)
is pleased to announce that its wholly owned subsidiary, Cirrus Energy
Nederland B.V., has closed an agreement with Petro-Canada Netherlands B.V.
("Petro-Canada") to acquire its 25% non-operated interest in that part of the
L8-D Field that may potentially extend into the L8b licence. The consideration
for the acquisition takes the form of an overriding royalty payable out of
future production revenues and the drilling of one appraisal well on the L8-D
Field. With this acquisition, Cirrus now holds a 50% interest in that part of
the L8-D Field that potentially extends into the L8b licence.
The L8-D Field was discovered by well L8-16x drilled in 2004 in the L8a
licence. The well was drill stem tested at rates up to 430,000 Nm3/day (16.1
MMscf/day) of gas from a Rotliegend sandstone reservoir at a depth around 3850
metres. Water depth at the location is 30 metres.
Further appraisal of the discovery is considered to be required in order
to establish the extent of the field and whether development is commercially
Cirrus Energy Corporation is an international oil and gas company
headquartered in Calgary and currently has 47.5 million fully diluted common
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: David Taylor, President and Chief Executive
Officer; Pamela Orr, Vice President, Finance and Chief Financial Officer,
Cirrus Energy Corporation, Suite 350, 926 - 5th Avenue S.W., Calgary, Alberta,
T2P 0N7, Canada, Website: www.cirrusenergy.ca, Telephone: (403) 216-5030,
Facsimile: (403) 265-9530