Prairie West Oil And Gas Ltd Recompletion on Maidstone Heavy Oil Project Complete
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Prairie West Oil And Gas Ltd Recompletion on Maidstone Heavy Oil Project Complete
Condition of the well is much better than expected
For Immediate Release
CALGARY, Alberta Canada/Aug. 2, 2010 --- Prairie West Oil & Gas (FRA: 1WP) announces that the re-completion that began on July 9, 2010, by its operations team on a heavy oil well within the Maidstone project is now complete. The team was able to bring on production within the Waseca formation and, based on just over a week's worth of evaluation, the condition of the well is much better than expected.
Every indication is that it will produce approximately 13-18 barrels every day while maintaining very low overhead, service and maintenance costs. It is important to note that the majority of the wells within this geographical area have proven to have a very long well life, with minimal decline.
Prairie West CEO Garry Pearce: "Acquisition done, re-completion done, production online and, even with the European vacation season underway, our stock is still trading every day while maintaining a consistent and stable share price. I am happy with all aspects of company development thus far, and I look forward to making progress in the months ahead."
About Prairie West (http://www.prairiewestonline.com)
Prairie West Oil & Gas Ltd. (FRA: 1WP.F) is a dynamic oil and gas corporation operating in the center of Canada's highest reserve epicenter - the oil boom provinces of Alberta and now Saskatchewan. Prairie West's primary long-term development project is strategically placed within the highly productive Twining area which is surrounded by major multi-national energy giants such as EnCana, Suncor and Devon Energy. This project is immediately adjacent to the enormous Twining Rundle/Mannville Pool with original oil in place of 1.013 billion barrels equivalent. As a secondary strategy, the company continues to successfully lay the groundwork for future growth by taking advantage of an enhanced negotiating position, bargains and opportunities that have arisen due to the recent economic volatility.
This company news release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Prairie West Ltd., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forwardstatements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forwardlooking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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Gary Pearce
Prairie West Oil and Gas
888 3rd Street SW Suite 1000
Calgary, Alberta T2P5C5
PHONE. 403 444 6880
EMAIL: CEO(at)prairiewestonline.com
Leseranfragen:
Prairie West Oil and Gas
Gary Pearce
888 3rd Street SW Suite 1000
Calgary, Alberta T2P5C5
TEL. 403 444 6880 403 444 6880
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Datum: 19.08.2010 - 14:45 Uhr
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