DGAP-News: Spectral's Alberta Oil Asset Initial Results Outstanding
(firmenpresse) - DGAP-News: Spectral Capital Corporation / Key word(s): Miscellaneous
Spectral's Alberta Oil Asset Initial Results Outstanding
27.03.2012 / 07:07
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Spectral's Alberta Oil Asset Initial Results Outstanding
Company's first producing well performs in the top 1%
SEATTLE--(BUSINESS WIRE)-(27 March 2012) Spectral Capital Corporation,
(FCCN.QB) (F3SN:F) announced today that preliminary production results for
the first 30 days of production on its Alberta oil and gas property greatly
exceeded both expectations and regional averages. The exceptional
production results pave the way for Spectral's planned drilling program in
2012-2013.
'Now that our first well in our Alberta, Canada portfolio has 30 days
successful production behind it, we are pleased to report that the results
are simply outstanding. Our local operator partner tells us that this well
is in the top 1% of vertical wells in the region. This impressive result
is important not just because of the revenue that this well is producing
for Spectral's shareholders, but also because it is an indication of the
results Spectral is likely to see for its upcoming drill program on the
property.' Concluded CEO Jenifer Osterwalder.
Spectral has acquired a 60% interest in its first Alberta, Canada oil
field, which has one producing well and seven additional permitted drilling
locations. Because oil in this region is a light, sweet crude that sells
for a premium and because of the business friendly environment in Alberta,
Spectral expects to continue to report rapid progress as it increases its
Alberta oil portfolio and implements a drilling program on its existing
property in the coming months. As the newly recompleted well continues to
defy expectations, we look forward to results on each of our wells that
equal or surpass the region's averages.
About Spectral
Spectral Capital Corporation acquires and develops natural resources
projects worldwide. Spectral has a synergistic, balanced, mutually
reinforcing growth strategy focused in three areas: Near Term: Acquisition
of Cash Flow Producing Oil and Gas Properties; Medium Term: Development of
a Substantial, Producing Oil and Gas Asset Portfolio and Long-Term: Large
Scale Natural Resources Projects for Future Growth.
PRESS RELEASE FORWARD LOOKING STATEMENT: This press release contains
forward-looking statements (as defined in Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events and the Company's growth and
business strategy. Words such as 'expects,' 'will,' 'intends,' 'plans,'
'believes,' 'anticipates,' 'hopes,' 'estimates,' and variations on such
words and similar expressions are intended to identify forward-looking
statements. Although the Company believes that the expectations reflected
in such forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to have been correct. These
statements involve known and unknown risks and are based upon a number of
assumptions and estimates that are inherently subject to significant
uncertainties and contingencies, many of which are beyond the control of
the Company. Actual results may differ materially from those expressed or
implied by such forward-looking statements. Factors that could cause actual
results to differ materially include, but are not limited to, changes in
the Company's business; competitive factors in the market(s) in which the
Company operates; risks associated with operations outside the United
States; and other factors listed from time to time in the Company's filings
with the Securities and Exchange Commission. The Company expressly
disclaims any obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is based.
Contact:
Spectral Capital Corporation
Jenifer Osterwalder
206-262-7820
contact(at)spectralcapital.com
End of Corporate News
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162038 27.03.2012
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