Carmen Energy Inc. Announces Casing of Leduc Reef Light Oil Exploration Well and Horizontal Glauconitic Development Well
30 Oktober 2011 - 1:06PM
PR Newswire (Canada)
CALGARY, Nov. 1, 2011 /CNW/ - Carmen Energy Inc. ("Carmen" or the
"Corporation") is pleased to announce that the Corporation, with
its Partners has completed drilling to the contracted depth on the
second of two Leduc test ("Leduc well") wells at Sylvan Lake,
Alberta and the horizontal Glauconitic development well
("Glauconitic Horizontal well") in the Viking-Kinsella, Alberta
area. After a review of the logs and samples of the aforementioned
wells, the Company and its Partners have undertaken to case the
Leduc well and commence completion and testing operations. The
Glauconitic Horizontal well reached a measured depth of 1,740
metres with a horizontal section of 890 metres and was cased for
completion, stimulation and production testing. The Company
anticipates testing on both wells to transpire within the next 14
to 28 days, dependent on availability of equipment and services in
the areas. Under the terms of the farmin agreement on the Leduc
Reef Exploration well in the Sylvan Lake, Alberta area, Carmen is
paying 25% of all costs to completion of testing to earn a 16.25%
working interest in the well and entire section of land the well is
located on. Under the terms of the farmin agreement on the
horizontal Glauconitic development well in the Viking-Kinsella,
Alberta area, Carmen is paying 100% of the costs to drill to the
contract depth, abandonment, capping or completion, equipping and
tie-in to earn a 60% working interest in the well and half-section
of land the well is located on. Provided that the proposed
transaction to acquire Shorthorn Exploration Ltd ("Shorthorn") as
provided in a Letter of Intent announced by Carmen on September 19,
2011 is completed, the farmin agreement relating to the Horizontal
Glauconitic Development well in the Viking, Alberta area shall be
superseded by virtue of Carmen's acquisition of Shorthorn. About
Carmen Energy Inc.: Carmen is based in Calgary, Alberta and a
publicly traded oil and gas exploration and production company. The
focus is on exploration and development of Western Canadian
Sedimentary Basin based oil and gas properties. The current
projects are the Jumpbush properties in south eastern Alberta, the
Ferrybank properties in central Alberta, the Sylvan Lake area
properties in Southern Alberta and the Hamburg properties in
northern western Alberta. FORWARD LOOKING INFORMATION Certain
information in this news release is forward-looking within the
meaning of certain securities laws, and is subject to important
risks, uncertainties and assumptions. This forward-looking
information includes, among other things, the availability of
completion equipment and services, the ability for the Corporation
to finalize the acquisition of Shorthorn and information with
respect to the Corporation's beliefs, plans, expectations,
anticipations, estimates and intentions and the activities of the
Corporation after the proposed acquisition of Shorthorn. The words
"may", "could", "should", "would", "suspect", "outlook", "believe",
"anticipate", "estimate", "expect", "intend", "plan", "target" and
similar words and expressions are used to identify forward-looking
information. . The forward-looking information in this news release
describes the Corporation's expectations as of the date of this
news release. The results or events anticipated or predicted in
such forward-looking information may differ materially from actual
results or events. Material factors which could cause actual
results or events to differ materially from such forward-looking
information include, among others, the risks associated with the
oil and gas industry in general, risks arising from general
economic conditions and adverse industry events, risks arising from
operations generally, reliance on contractual rights such as
licences and leases in the conduct of its business, the uncertainty
of reserve and resource estimates; the uncertainty of estimates and
projections relating to reserves, resources, production, costs and
expenses; reliance on third parties, reliance on key personnel,
possible failure of the business model or business plan or the
inability to implement the business model or business plan as
planned, competition, environmental matters, and insurance or lack
thereof; failure to realize the anticipated benefits of
acquisitions including the proposed aacquisition of Shorthorn;
ability to access sufficient capital from internal and external
sources; changes in legislation, including but not limited to tax
laws, royalties and environmental regulations. The Corporation
cautions that the foregoing list of material factors is not
exhaustive. When relying on the Corporation's forward-looking
information to make decisions, investors and others should
carefully consider the foregoing factors and other uncertainties
and potential events. The Corporation has assumed a certain
progression, which may not be realized. It has also assumed that
the material factors referred to in the previous paragraph will not
cause such forward-looking information to differ materially from
actual results or events. However, the list of these factors is not
exhaustive and is subject to change and there can be no assurance
that such assumptions will reflect the actual outcome of such items
or factors. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS
RELEASE REPRESENTS THE EXPECTATIONS OF THE CORPORATION AS OF THE
DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE
AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON
FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE THE CORPORATION MAY ELECT
TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY
PARTICULAR TIME. 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 press release. Carmen Energy Inc
CONTACT: Brian DohertyPresident and Chief Executive Officer(403)
537-5590
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