Rolland Energy announces drilling program

    MONTREAL, March 15 /CNW Telbec/ - Rolland Energy Inc. (TSX-VE:ROE) will
drill two new wells with the proceeds of a "flow-through" financing that
closed in December 2006. The Corporation has recently completed an extended
geological study to select the best potential drilling locations at its
properties at Woodnorth. A geologist, Ray Schwartzenberger, performed the
study. The Corporation has also reached an agreement with Venture Drilling
Inc. to perform drilling of at least two wells. As part of the agreement,
Venture has transferred a drilling rig to the Corporation's Woodnorth
properties earlier this week, prior to the seasonal road ban.
    The seasonal road ban, which is expected to be implemented shortly, will
require the Corporation to apply for special permission to use roads until the
end of the ban period. The ban is typically lifted in May or June. Obtaining
special permission depends on the discretion of the local municipal government
representative and depends on the weather and the condition of the roads. The
Corporation is also currently awaiting drilling permits from the Manitoba
    The Corporation's CEO and President, Martial Rolland, says "The
Corporation expects sizeable increases in its reserves and in its overall oil
production as a result of this low risk drilling. The proposed drilling will
take place on the Corporation's properties, near the Woodnorth battery
operation, where there are operational efficiencies to be obtained. With a
drilling rig already on our properties, we hope to take advantage of any
windows of opportunity resulting from good weather during the road ban, to
commence drilling as soon as possible".
    The drilling costs are estimated to be on average approximately $300,000
per well. Should the Corporation strike oil at each of its drill sites, the
costs to complete and tie-in each well are estimated to be on average an
additional $250,000 per well. The Corporation's battery operation is capable
of processing the fluid that might come from production of these two new
wells. The Corporation will pay for most of these investments using "flow
trough" funds from its previous private placement closed in last December


    The Corporation is currently in discussions with investors to raise
between $120,000 and $500,000 through an un-brokered private placement of
common shares (the "Shares") and common share purchase warrants (the
"Warrants"). The Closing of the private placement is expected to occur on or
about March 27th, 2007. The Shares are to be issued with a price of $0.15 and
the Warrants with an exercise price of $0.25 for the first year and $0.50 for
the second year. Proceeds from the financing will be used for general working
    As announced on February 19, 2007, the Corporation raised $560,000
through a private placement of convertible debentures and warrants. As part of
this private placement, the Corporation issued warrants to purchase 2,554,742
Common Shares with an exercise price equal to the conversion price of the
convertible debentures. With the proceeds of this financing, the Corporation
repaid $500,000 of short-term debt and refinanced $3.5 million with extended
repayment periods and lower financing costs. As part of this re-financing,
Rolland Energy issued 4,888,889 warrants Primatlantis Capital L.P., with an
exercise price of $0.18 and a maturity date of February 29, 2009, subject to
the approval of the TSX Venture Exchange.


    Previously known as RVBS, Rolland Energy is an oil and gas Corporation
with subsidiary operations in information technology. Its oil and gas
operations are based in south-western Manitoba. The Corporation intends to
sell its information technology division.

    "The TSX Venture Exchange has not reviewed this release and therefore
    does not accept responsibility for its adequacy or accuracy."

For further information:

For further information: Martial Rolland, (514) 333-9292

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