CALGARY, April 5 /CNW/ - ProspEx Resources Ltd. ("ProspEx" or the "Company") is providing an operational update with respect to certain projects within its 2010 capital program.
At Brazeau, ProspEx's 15-9-47-12W5M horizontal well (the "15-9 well") has been successfully drilled and completed in the Notikewin formation. Following the multi-stage fracture stimulation, the well was configured for production and produced on test for 9 days with a final rate of 1.0 million cubic feet per day. ProspEx is the operator and has a 64.5% working interest in the 15-9 well.
The 15-9 well showed gradually increasing flow rates over the course of the flow test. The Company plans to tie the well into the local pipeline system and put the well on production when surface access conditions permit after the spring break up period. Longer term production data is expected to provide additional information with regard to the ultimate productivity of the well, and is expected to be used to guide future drilling plans in the area.
ProspEx Resources Ltd. is a Calgary-based junior oil and gas company focused on exploration for natural gas in the Western Canadian Sedimentary Basin.
Certain information contained in this press release constitutes forward-looking information or statements including, without limitation, information and statements respecting: anticipated results from drilling and production results, potential prospects and expected timing of the tie-in of wells, regulatory approvals and the completion of facilities projects.
Forward-looking information and statements are often, but not always, identified by the use of words such as "anticipate", "seek", "believe", "expect", "hope", "plan", "intend", "forecast", "target", "project", "guidance", "may", "might", "will", "should", "could", "estimate", "predict" or similar words or expressions suggesting future outcomes or language suggesting an outlook. By their very nature, forward-looking information and statements involve inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information and statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to vary materially from the forward-looking information or statements. These factors include, but are not limited to: the volatility of oil and gas prices; production and development costs and capital expenditures; the imprecision of reserve and resource estimates and estimates of recoverable quantities of oil, natural gas and liquids; the Company's ability to replace and expand oil and gas reserves; environmental claims and liabilities; incorrect assessments of value when making acquisitions or dispositions; increases in debt service charges; the loss of key personnel; the marketability of production; defaults by third party operators; unforeseen title defects; fluctuations in foreign currency and exchange rates; adequacy of insurance coverage; compliance with environmental laws and regulations; changes in tax and royalty laws; the Company's ability to access external sources of debt and equity capital; and the Company's ability to obtain equipment in a timely manner to carry out development activities. Further information regarding these factors may be found under the headings "Risk Factors" and "Industry Conditions" in the Company's most recent Annual Information Form, under the heading "Business Risks" in the Company's Management's Discussion and Analysis for the year ended December 31, 2008, and in the Company's most recent consolidated financial statements, management information circular, quarterly reports, material change reports and news releases available under the Company's profile on SEDAR (www.sedar.com). Readers are cautioned that the foregoing list of factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to the Company, investors and others should also carefully consider information set forth in the section "Forward-Looking Information" of the Company's most recent Annual Information Form respecting the assumptions upon which the Company bases certain forward-looking information and the uncertainties inherent in such assumptions.
The Company does not assume responsibility for the accuracy and completeness of the forward-looking information or statements and such information and statements should not be taken as guarantees of future outcomes. Subject to applicable securities laws, the Company does not undertake any obligation to revise these forward-looking information or statements to reflect subsequent events or circumstances. Furthermore, the forward-looking information contained in this press release are made as of the date of this document and the Company 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 applicable law. The forward-looking information and statements contained in this press release are expressly qualified by this cautionary statement.
SOURCE PROSPEX RESOURCES LTD.
For further information: For further information: please contact John Rossall, President & Chief Executive Officer or George Yee, Vice President Finance and Chief Financial Officer at firstname.lastname@example.org, (403) 268-3940