CALGARY, Aug. 27 /CNW/ - Stealth Ventures Ltd. (Stealth) is pleased to
announce that it has entered a long-term operating agreement which will give
BlackWatch Energy Services Trust (BlackWatch) a right of first refusal for
providing drilling rig services for Stealth's shale gas development program in
the Wildmere region of Alberta for the remainder of 2008 and all of 2009. In
return Stealth has been given preferred fixed pricing for the 08 and 09
drilling campaigns. "We are pleased with the outcome of our negotiations with
BlackWatch and feel that our agreement provides us with excellent visibility
on our drilling costs into the winter of 2008 and through 2009," said
Derek Krivak, Stealth's President and CEO.
To date the program has been drilling ahead of schedule and under budget
with 27 of the scheduled 70 wells completed and frac and tie-in operations on
the way. Travis Robertson, President of BlackWatch: "This is a great
opportunity for the BlackWatch drilling organization to continue to exceed our
clients' expectations by delivering outstanding drilling efficiency. We also
look forward to working with Stealth to investigate ways to further reduce
their drilling costs through the application of innovative shallow drilling
The 2008 shale gas development program in Alberta has shown fundamentally
sound production numbers and with capital costs under budget and the program
ahead of schedule, Stealth's shale gas play in the Wildmere region will remain
the key corporate focus for solid growth in 2008 and beyond.
Stealth Ventures Ltd. is a Calgary-based junior oil and gas company whose
expertise and focus is on "unconventional" gas reserves from shale gas, CBM
and tight gas sand reservoirs.
STEALTH VENTURES LTD.
Per: DEREK KRIVAK
Chief Executive Officer
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS NEWS
RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL FUTURE RESULTS
MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED.
For further information:
For further information: Derek Krivak, CEO, Mark J. Roth, CFO, Stealth
Ventures Ltd., Tel.: (403) 514-9998, Fax: (403) 514-9995, Emails:
firstname.lastname@example.org; Richard Cohen, Investor Relations, CLARK
AVENUE COMPANY, Tel.: (905) 882-4422, Fax: (905) 882-4435,