CALGARY, March 20 /CNW/ - ProspEx Resources Ltd. ("ProspEx" or the
"Company") is pleased to announce the initial results of recent exploration
drilling in the Edson area.
The Edson 8-13-54-19W5 well (ProspEx 35% working interest) has been
successfully drilled and production tested in the Devonian Wabamun formation.
The well flowed high pressure sour gas (14.4% H2S) at controlled rates of up
to 7 million cubic feet per day, with no water and minor condensate.
Tie-in operations are expected to proceed consistent with previous
regulatory approvals. Additional drilling in the second half of 2008 is
planned (pending regulatory approval) to follow-up on this discovery.
ProspEx Resources Ltd. is a Calgary-based junior oil and gas company
focused on exploration for natural gas in the Western Canadian Sedimentary
Certain information regarding ProspEx Resources Ltd. including, without
limitation, management's assessment of future plans and operations,
constitutes forward-looking information or statements under applicable
securities law and necessarily involve assumptions regarding factors and risks
that could cause actual results to vary materially, including, without
limitation, assumptions and risks associated with oil and gas exploration,
development, exploitation, production, marketing and transportation, loss of
markets, volatility of commodity prices, currency fluctuations, royalty rates,
imprecision of reserve estimates, environmental risks, competition, incorrect
assessment of the value of acquisitions, failure to realize the anticipated
benefits of acquisitions and ability to access sufficient capital from
internal and external sources.
The reader is cautioned that these factors and risks are difficult to
predict and that the assumptions used in the preparation of such information,
although considered reasonable by ProspEx at the time of preparation, may
prove to be incorrect. Accordingly, readers are cautioned that the actual
results achieved will vary from the information provided herein and the
variations may be material. Readers are also cautioned that the foregoing list
of assumptions, factors, and risk is not exhaustive. Additional information on
foregoing assumptions, risks and other factors that could affect ProspEx's
operations or financial results are included in ProspEx's public disclosure
documents on file with Canadian securities regulatory authorities. In
particular see ProspEx's Management Discussion and Analysis and the Risk
Factors and Industry Conditions sections of ProspEx's Annual Information Form.
ProspEx's reports may be accessed through the SEDAR website (www.sedar.com),
at ProspEx's website (www.psx.ca) or by contacting the Company directly.
Consequently, there is no representation by ProspEx that actual results
achieved will be the same in whole or in part as those set out in the
Furthermore, the forward-looking information and statements contained in
this news release are made as of the date of this news release, and ProspEx
does not undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. The forward-looking
information and statements contained herein are expressly qualified by this
Boe's may be misleading, particularly if used in isolation. A boe
conversion ratio of six thousand cubic feet to one barrel is based on an
energy equivalency conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead.
For further information:
For further information: John Rossall, President & Chief Executive
Officer, firstname.lastname@example.org, (403) 268-3941; or George Yee, Vice President
Finance and Chief Financial Officer, email@example.com, (403) 268-3942