CALGARY, Jan. 6 /CNW/ - Goldnev Resources Inc. ("Goldnev" or the "Corporation") (TSXV: GNZ) is pleased to report the December 2010 production results on the recently completed workover program at its 13-21-20-3WM oil well on the Corporation's 50.4 percent owned Turner Valley property.
The total gross oil production recovered for December 2010 was 566 (net 285) barrels of light oil with the latest production test resulting in 22 b/d of light oil and 70 mcf/d of natural gas.
The 13-21-20-3WM well commenced production on July 31, 2010 and has produced consistently with gradual improving rates during August, September and most of October, but was shut in most of November along with the rest of the Turner Valley field, due to the shut down of the Quirk Creek gas plant
The December 2010 production results are the best to date, which is very encouraging considering the month prior shut-in and the pump intake pressures have been decreasing steadily, allowing for a larger drawdown on the formation, which is expected to cause the oil production to continue increasing over time.
Goldnev Resources Inc. is a public energy company focused on the exploration and development of conventional and unconventional hydrocarbons in northeastern British Columbia, southwestern Alberta and east central Saskatchewan. Goldnev shares trade on the TSX Venture Exchange under the symbol "GNZ."
Anyone wishing to be added to the Corporation's news release recipients list may forward an e-mail request to firstname.lastname@example.org.
Forward Looking Statements
This Company Press Release may contain certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Goldnev Resources Inc.
For further information: For further information on Goldnev, please visit our website at www.goldnevresources.com, or email at email@example.com or contact: Mr. Marc Dame, President and Chief Executive Officer, Goldnev Resources Inc., Telephone: (403) 237-5711, Facsimile: (403) 718-0163, E-mail: firstname.lastname@example.org, Suite 485, 708 - 11th Avenue S.W., Calgary, Alberta, T2R 0E4