CALGARY, April 5 /CNW/ - Stealth Ventures Ltd. ("Stealth" or the "Company") is pleased to announce that it has signed a joint venture with MOI Resources Ltd (MOI) a Saskatchewan based, private oil and gas company looking to expand into the Colorado Group of Shales (Colorado) resource play. "We're excited to be entering into a partnership with Stealth and see a lot of potential in the Colorado. It's a good time to be entering into the gas markets as we probably wouldn't have had this chance if gas was $10/mcf." said MOI Resources Ltd's Chief Executive Officer Kerwin Mondor.
The Cretaceous Colorado group in the WCSB is represented almost continuously in a 1000km east-west profile. Of the over 250,000 well bores that penetrate the Colorado, most have been drilled to target deeper horizons. Derek Krivak, President and CEO of Stealth said, "There is a lot of running room for the Colorado and there is no question that Stealth's efforts are just the tip of the iceberg. There is more potential than we would ever be able to manage on our own and so we're excited to be expanding our efforts with MOI." No further terms or conditions were announced.
Further to Stealth's initial downspacing approval by the Alberta Energy Resources Conservation Board ("ERCB" or the "Board") to proceed with eight wells per section on two sections of land in the Wildmere area; the Company has added an additional 17 sections bringing the total sections to 19 which are available for 8 wells per section drainage on Stealth lands in Wildmere. Fekete Associates Inc. ("Fekete") completed extensive rate transient analysis on location 15-10-50-06 W4M which had over two years of production data and showed ultimate well density will approach 18 wells per section (36 acre spacing) to ultimately drain the resource before interference is found. An additional 11 sections are currently awaiting decision by the Board with the remaining Stealth acreage (80+ sections (gross)) in process with Fekete. With full spacing approval, Stealth will have hundreds of locations available to the Company for development.
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
Forward Looking Statements:
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
Disclosure provided herein in respect of BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. THIS NEWS RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL FUTURE RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED.
SOURCE STEALTH VENTURES LTD.
For further information: For further information: Derek Krivak, CEO, Stealth Ventures Ltd., Tel.: (403) 514-9998, Fax: (403) 514-9995, Emails: email@example.com