Pacific Rodera Energy announces recent developments

    CALGARY, Feb. 8 /CNW/ - Pacific Rodera Energy Inc. (TSX Venture: PRD),
("Pacific Rodera" or the "Company") announced today the following recent

    Northwest Territories Update

    Pacific Rodera has spud the first of the two wells to be drilled this
winter on Exploration Licence 423 in the Northwest Territories (NWT). The
Dahadinni B-20 well (formerly named Haywood B-20) is being drilled into the
Devonian and Silurian formations. The structure (as defined by seismic) is
estimated to be twice the size of our Summit Creek B-44 structure. In the
first quarter of 2006, the Summit Creek B-44 well tested at 20 mmcf/day with
6300 bbls/day of light oil/condensate. The Summit Creek B-44 well was recently
granted a 24 section Significant Discovery License (SDL) which is 50% larger
than the standard SDL's granted by the Canadian Government. Once a SDL is
granted the land is held indefinitely.
    The second well, Keele River L-52 (formerly named Cloverleaf B-44), is
expected to spud on or about February 15th. This well is being drilled to
evaluate a shallow Cretaceous-aged reservoir which is believed to be oil
bearing. Keele River L-52 is located within tie-in distance of the Norman
Wells to Zama pipeline. This pipeline has 30,000 bbls a day of spare capacity
which would allow Pacific Rodera to commence production from Keele River L-52
in a relatively short period of time should an oil reservoir of significance
be discovered.
    Pacific Rodera is encouraged with the recent proposals by TransCanada
Pipelines Limited to spearhead the development of the proposed Mackenzie
Valley gas pipeline. We believe that TransCanada, as a common carrier with
strong motivation to backfill production on its existing pipeline, could
provide the necessary impetus required initiating this very important project.
All of this augurs well for Pacific Rodera and the possibility of bringing
commerciality to our significant gas discoveries.

    Central Alberta Update

    Pacific Rodera is expected to spud the first well of a multiwell program
in central Alberta in mid-February. To date, Pacific Rodera has acquired
15,500 gross acres of land in this area under its previously announced joint
venture agreement.

    First Nations Memorandum of Agreement

    Pacific Rodera has entered into a memorandum of agreement (MOA) with
several First Nation bands in Saskatchewan relating to the acquisition,
exploration and development of prospective lands located in Saskatchewan.
Pursuant to the MOA, these First Nations bands have requested the Saskatchewan
government to impose an 18-month moratorium on the sale of the Crown-owned
mineral rights associated with approximately 88,000 acres of land located
within the Bakken play area of SE Saskatchewan. Under the MOA, the First
Nations bands have granted Pacific Rodera the right to explore and develop all
oil and gas reserves located on the lands in which the First Nations acquire
rights. One of the requirements for the First Nations to acquire the
subsurface rights is that they first acquire the surface rights from the
present land owners. Because of this requirement, Pacific Rodera expects the
actual land acquired will be materially less than the 88,000 acres. The First
Nations bands have agreed that they will continue to negotiate exclusively
with Pacific Rodera on the acquisition, exploration and development of these
    Entering into the MOA is consistent with Pacific Rodera's strategy to
develop large contiguous land positions on high impact plays. Pacific Rodera's
management team, who were a significant part of the team that brought the
Bakken to commerciality while at Mission Oil & Gas, are very excited about
these prospective lands.
    Pacific Rodera has approximately $24.5 million in working capital to
pursue its current strategy of capturing large land positions to provide
significant running room and optimization of "program" type drilling. Pacific
Rodera is continuing to search for companies and properties that meet these
criteria at the "right" price.

    Statements in this press release contain forward-looking information
including expectations. Readers are cautioned that assumptions used in the
preparation of such information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from those
predicted, a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the Company. These
risks include, but are not limited to; the risks associated with the oil and
gas industry, commodity prices, exchange rate changes and our joint venture
arrangements. Industry related risks include, but are not limited to;
operational risks in exploration, development, production and transportation,
delays or changes in plans, risks associated with the uncertainty of reserve
estimates, health and safety risks and the uncertainty of estimates and
projections of production, costs and expenses. Risks relating to our joint
venture arrangements include, but are not limited to the acquisition of
surface rights, entering into definitive agreements on matters relating to the
joint venture and risks of disputes arising in connection with such joint
ventures. The risks outlined above should not be construed as exhaustive. The
reader is cautioned not to place undue reliance on this forward-looking
information. The Company undertakes no obligation to update or revise any
forward-looking statements except as required by applicable securities laws.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

For further information:

For further information: Michael Greenwood, Chairman and Chief Executive
Officer; Mark Hornett, President and Chief Operating Officer; David Williams,
Senior Vice President, Corporate Development and Investor Relations,
Telephone: (403) 234-0501, Facsimile: (403) 234-0511

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