/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
CALGARY, Sept. 28 /CNW/ - Vero Energy Inc. (TSX - VRO, "Vero" or the
"Company") is pleased to report operating and drilling results for the third
quarter of 2008. During this quarter, Vero participated in the drilling of
8 (5.8 net) wells of which 3 (3.0 net) were horizontal wells, with a success
rate of 100%. This drilling program resulted in two new pool discoveries.
Current production, based on field estimates, is approximately 7,225 boed
(80% natural gas). Three operated drilling rigs are currently working, with
two of these rigs drilling horizontal wells. Currently Vero has 7 (5.4 net)
wells that have been completed and are waiting to be brought on production.
Other highlights include the start up of a 100% owned and operated,
12 mmcfd gas compression and dehydration facility late in the quarter. This
continues to allow Vero to control the pace of development in its core areas
by adding to its gas processing capacity. The new facility augments the
20 mmcfd, 100% owned and operated gas processing facility Vero put into
operation late last year and brings our total, operated, processing capacity
in our core areas to 37 mmcfd. In addition, the Company commenced shooting a
61 square kilometer seismic data program during the quarter, which was
designed to further evaluate its exploration and development opportunities.
Vero currently has 17 - 21 (12.7 - 15.7 net) budgeted wells remaining to
drill prior to year end with 6 - 7 (5.0 - 6.0 net) of these being horizontal
wells. It is therefore currently projected that 40 - 43 (28.5 - 30.8 net)
wells will be drilled during the 2008 fiscal year. The Company's current land
position is now in excess of 155,000 net undeveloped acres with the increase
in the most recent quarter coming from crown land sales; strategic farm-ins;
and recent corporate and asset acquisitions. In addition, Vero has also gained
access to 17,500 acres of selective, highly focused land to earn via farm-ins
which will continue to augment and expand our current project inventory.
Vero Energy Inc. is a publicly traded Canadian energy company involved in
the exploration, development and production of oil, natural gas and liquids in
Alberta. The Company's shares trade on The Toronto Stock Exchange under the
symbol "VRO". Please visit our website for the latest presentation to be
posted on October 1st.
The Toronto Stock Exchange has neither approved nor disapproved of the
information contained herein.
Forward Looking Statements: Certain information regarding the Company in
this news release including management's assessment of future plans and
operations, production estimates, drilling inventory and wells to be drilled,
timing of drilling and tie-in of wells, productive capacity of new wells,
capital expenditures 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, the timing and length of
plant turnarounds and the impact of such turnarounds and the timing thereof,
delays resulting from or inability to obtain required regulatory approvals and
ability to access sufficient capital from internal and external sources. As a
consequence, the Company's actual results, performance or achievements could
differ materially from those expressed in, or implied by, these
forward-looking statements and, accordingly no assurance can be given that any
events anticipated by the forward-looking statements will transpire or occur,
or, if any of them do so, what benefits the Company will derive therefrom.
Readers are cautioned that the foregoing list of factors is not exhaustive.
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 the Company's website
(www.veroenergy.ca). 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
BOE Disclosure: Disclosure provided herein in respect of barrels of oil
equivalent (BOE) 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.
This press release is reproduced on Vero's website at www.veroenergy.ca.
Also for the latest presentation and other information about Vero Energy Inc.,
please visit the website (www.veroenergy.ca).
For further information:
For further information: If anyone requires additional information,
please contact: Doug Bartole, President & CEO, at (403) 218-2063; Gerry
Gilewicz, Vice-President Finance & Chief Financial Officer at (403) 693-3170;
Scott Koyich, Investor Relations, (403) 714-5979