CALGARY, Aug. 21 /CNW/ - Tudor Corporation Ltd. (TSX-TDR) ("Tudor" or the
"Company") - As per our report released May 14, 2007, five of our ten wells
have been put back on stream with hydraulic pumps and are producing
850,000 cu/ft/day (63% Tudor) plus five bbls. oil. This is approximately 90
bbls./day which adds to our existing production of 170 bbls./day. The
remaining five wells will be reworked shortly with one of them only awaiting a
pump. We believe these additional five wells will be as good or better than
the first five.
With respect to the huge market fluctuations the last couple of weeks,
this is exactly what management was expecting and why, over the last few
months, we have chosen to pay down our debt with income rather than to expand.
With the big companies all backing off on drilling, the prices for rigs,
equipment and field work has fallen in half, making it more attractive for us
at this time. We are poised to begin our 20 well drilling program; and in this
regard are still awaiting confirmation of our negotiations with a company to
undertake a $6 million private placement to finance the program. While this
would mean increasing our share capital, Tudor could double its current
production and benefit by the tax write-offs as well.
This news release contains forward-looking information. These
forward-looking statements are based on certain assumptions that involve a
number of risks and uncertainties and are not guarantees of future
performance. There is no guarantee by Tudor that the actual outcome or results
achieved will be the same as those forecast herein.
No stock exchange or securities commission has approved nor disapproved
of the contents herein.
For further information:
For further information: Mr. Lionel Conn, President and CEO of Tudor
Corporation Ltd., (403) 250-7225