CALGARY, Sept. 15 /CNW/ - Sharon Energy Ltd. (TSXV: SHY) today reported
that it has closed the sale of its working interest in the Grice oilfield
located in Loving County, Texas, for the amount of U.S. $1.25 million.
Sharon's net production over the month of July from the Grice oilfield
averaged 14.7 BOE per day which equates to an average selling price of $85,000
per flowing BOE per day and based on AJM Petroleum Consultants, March 31, 2008
Reserve Report, the sale equates to $62.85/BOE proven producing reserves and
$26.60/BOE total proven reserves, net to Sharon.
Sharon plans to use the funds to expand its exploration and development
program in Texas.
Sharon is an oil and gas exploration and production company based in
Calgary, Alberta. Sharon's current focus is on gas exploration in Texas.
ADVISORY: Certain information regarding the Company in this News Release
including management's assessment of future plans and operations, drilling and
completion plans and the timing thereof, may constitute forward-looking
statements under applicable securities laws and necessarily involve risks
including, without limitation, risks associated with oil and gas exploration,
development, exploitation, production, marketing and transportation, loss of
markets, volatility of commodity prices, currency fluctuations, imprecision of
reserve estimates, environmental risks, competition from other producers,
inability to retain drilling rigs and other services, capital expenditure
costs, including drilling, completion and facilities costs, unexpected decline
rates in wells, wells not performing as expected, incorrect assessment of the
value of acquisitions, failure to realize the anticipated benefits of
acquisitions, delays resulting from or inability to obtain required regulatory
approvals and ability to access sufficient capital from internal and external
sources. As a consequence, actual results may differ materially from those
anticipated in the forward-looking statements. Readers are cautioned that the
foregoing list of factors is not exhausted. Additional information on these
and other factors that could effect the Company's operations and financial
results are included in reports on file with Canadian securities regulatory
authorities and may be accessed through the SEDAR website (www.sedar.com) and
at the Company's website (www.sharonenergy.com). Furthermore, the
forward-looking statements contained in this news release are made as at the
date of this news release 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
may be 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: H.C. (Kip) Ferguson, III, President, Houston,
Texas, SHARON ENERGY LTD., Telephone: (713) 789-5395, Fax: (713) 789-8454;
Robert W. Lamond, Chairman, Calgary, Alberta, SHARON ENERGY LTD., Telephone:
(403) 269-9889, Fax: (403) 269-9890