/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION
IN THE UNITED STATES/
CALGARY, Sept. 22 /CNW/ - West Energy Ltd. ("West" or the "Company")
(TSX: "WTL") announces that the Company operated Nisku well located at West
Pembina 09-01-050- 6W5 was recently tied-in and is producing into the
Crossfire battery. In addition, the Energy Resources Conservation Board (ERCB)
has granted new pool status (Pembina Nisku C2C pool) and Good Production
Practice (GPP) for the pool. The new pool status means the well will receive a
$1.0 million crown royalty holiday and GPP allows West to produce a Nisku well
at any daily oil rate as long as a minimum reservoir pool pressure is
maintained and a produced gas versus oil ratio is not exceeded.
With GPP approved, West has ramped up production from the 9-1 well to
1850 BOPD of light oil and 1.3 MMCFD of raw gas. The 9-1 well performance to
date is similar to the West operated Nisku well located at 13-2-50-6W5
(W.I. 100%) which is one of the highest producing oil wells in western Canada.
West has a 67.5% working interest in the 9-1 well facilities and production.
The Company is working to license up to three development wells in the Pembina
Nisku C2C pool.
The commencement of production from 9-1 demonstrates West's ability to
drill, complete and tie-in the technically challenging wells in the Pembina
Nisku program in a safe and efficient manner. West is working to license a
number of Nisku development and exploration drilling opportunities on Company
owned lands in the Crossfire area.
With the Crossfire 9-1 well on-stream, the current corporate production
target is to average over 5500 BOEPD for the remainder of the year.
Certain information regarding West Energy Ltd. in this news release
including management's assessment of the future plans and operations and their
timing 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, changes to the proposed royalty
regime prior to implementation and thereafter, 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, incorrect assessment of the value of
acquisitions, failure to realize the anticipated benefits of acquisitions,
delays resulting from or inability to obtain required regulatory approvals and
ability to access sufficient capital from internal and external sources. As a
consequence, actual results may differ materially from those anticipated in
the forward-looking statements. Readers are cautioned that the foregoing list
of factors is not exhaustive. Additional information on these and other
factors that were applied in drawing a conclusion or making a forecast or
projection as reflected in the forward-looking information and that could
cause actual results to differ materially from those anticipated in the
forward-looking statements are included in reports on file with Canadian
securities regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com) or at the Corporation's website (www.westenergy.ca).
Furthermore, the forward-looking statements contained in this news release are
made as of the date of this news release and the Corporation 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 laws.
For further information:
For further information: West Energy Ltd., 600, 333 5th Avenue S.W.,
Calgary, Alberta, T2P 3B6, Main Phone: (403) 265-5202, Facsimile: (403)
263-7007; Attention: Ken McCagherty, President and Chief Executive Officer,
Email: firstname.lastname@example.org, Direct Phone: (403) 716-3458; Attention:
Scott Bridge, Vice President Finance and Chief Financial Officer, Email:
email@example.com, Direct Phone: (403) 716-3457