CALGARY, May 26, 2011 /CNW Telbec/ - Exall Energy Corporation ("Exall"
or the "Company") (TSX:EE) is pleased to provide an update on its
Marten Mountain operations in the wake of the fires in and around Slave
Lake Alberta. Exall's public filings can all be found at www.exall.com or www.sedar.com.
With the return of certain essential personnel to Slave Lake over the
past twenty-four hours, Exall has re-established partial production
from its Marten Mountain operations. Full production, however, will
remain curtailed until other third party operations in the Slave Lake
area have been re-established.
In order to resume drilling and completion operations Exall is
establishing a camp and has secured additional accommodations for
drilling and completion personnel. Exall estimates that it will have
all necessary approvals in place to recommence drilling and completion
operations in early June.
Exall's current average daily production, as a result of the Slave Lake
fires, is in the order of 450 boe/d as outlined below:
May 26, 2011
May 26, 2011
Marten Mountain, Alberta
Bow Island, Alberta
* Productive capability assumes B trend waterflood approval at Marten
Mountain, Mitsue, Alberta.
Exall is a junior oil and gas company active in its business of oil and
gas exploration, development and production from its properties in
Alberta and Texas. Exall Energy is currently developing the new Mitsue
area "Marten Mountain" discovery in north-central Alberta.
Exall Energy currently has 61,808,854 common shares outstanding. The
Company's common shares are listed on the Toronto Stock Exchange under
the trading symbol EE.
This news release contains forward-looking statements, which are subject
to certain risks, uncertainties and assumptions, including those
relating to results of operations and financial condition, capital
spending, financing sources, commodity prices and costs of production.
By their nature, forward-looking statements are subject to numerous
risks and uncertainties that could significantly affect anticipated
results in the future and, accordingly, actual results may differ
materially from those predicted. A number of factors could cause actual
results to differ materially from the results discussed in such
statements, and there is no assurance that actual results will be
consistent with them. Such factors include fluctuating commodity
prices, capital spending and costs of production, and other factors
described in the Company's most recent Annual Information Form under
the heading "Risk Factors" which has been filed electronically by means
of the System for Electronic Document Analysis and Retrieval ("SEDAR")
located at www.sedar.com. Such forward-looking statements are made as at the date of this news
release, and the Company assumes no obligation to update or revise
them, either publicly or otherwise, to reflect new events, information
or circumstances, except as may be required under applicable securities
For the purposes of calculating unit costs, natural gas has been
converted to a barrel of oil equivalent (boe) using 6,000 cubic feet
equal to one barrel (6:1), unless otherwise stated. The boe conversion
ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion
method and does not represent a value equivalency; therefore boe may be
misleading if used in isolation. This conversion conforms to the
Canadian Securities Regulators' National Instrument 51-101 - Standards
of Disclosure for Oil and Gas Activities.
SOURCE Exall Energy Corporation
For further information:
For further information, please contact:
Exall Energy Corporation
| Roger N. Dueck |
President & CEO
Tel: 403-237-7820 ext. 223
| Glen D. Kerr |
Chief Operating Officer
Tel: 403-237-7820 ext. 227
| Warren F.E. Coles |
VP - Finance & CFO
Tel: 403-237-7820 x 224
Please visit Exall Energy's website at: www.exall.com
Renmark Financial Communications Inc.
Maurice Dagenais: firstname.lastname@example.org
Florence Liberski : email@example.com
Tel.: (514) 939-3989 or (416) 644-2020