CALGARY, Aug. 25 /CNW/ - Spitfire Energy Ltd. (TSX-V: SEL) announces that
it has commenced production on its new pool discovery well drilled in March
2008. The well has been placed on production at an initial rate of one million
cubic feet of natural gas per day. Spitfire controls, by way of a Farmin
Agreement, an additional 100% participating interest in several sections of
offsetting land in the area. The Company has committed to drill an offset
location in October 2008.
Spitfire has drilled and cased an additional four (3.1 net) wells which
are currently being completed and evaluated. The remaining two wells (1.3 net)
of its six well summer drilling program will follow shortly.
The additional production from the new discovery well brings the
company's current production to 444 barrels of oil equivalent ("boe") per day
utilizing a conversion ratio of 6:1 (6 mcf equals 1 boe).
Spitfire Energy Ltd. is a junior oil and gas company engaged in the
exploration, development and production of natural gas and crude oil reserves.
Spitfire's common shares trade on the TSX Venture Exchange under the symbol
This press release contains forward-looking statements that are based on
current expectations. There are a number of risks and uncertainties associated
with the oil and gas industry that could cause actual results to differ
materially from those anticipated.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of the contents of this press release.
For further information:
For further information: please contact: Keith N. Chase, President and
Chief Executive Officer, (403) 205-3400 x224; Danny Zivkusic, Chief Financial
Officer, (403) 205-3400 x228