Lavoy Area Production Update
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/27/11 -- Sunridge Energy Corp. (TSX VENTURE: SRG) ("Sunridge" or the "Company") is pleased to announce a production update on its hydrocarbon assets (the "Assets") located in the Lavoy area of north central Alberta. The Assets consist of a 100% Crown lease working interest with well facilities and pipelines, acquired from Silver Peak Industries Ltd ("Silverpeak") earlier in the year as part of the Company's qualifying transaction.
Key Point Summary
Production commenced on the first of three wells in the Lavoy area, which is currently producing 900 MCF/d (90 Barrels of Oil Equivalent per Day (i)). This production rate significantly exceeds 400 MCF/d, the initial engineered expectation from all three wells and used in the valuation of the Assets when acquired by Sunridge (Chapman Petroleum Engineering Ltd.; Reserve & Economic Evaluation - June 2010). The Assets were acquired from Silverpeak, a private Alberta corporation owned and controlled by the Company's President and Chief Executive Officer, Mr. Dwayne Tyrkalo as part of its qualifying transaction completed in February 2011. Capital expenditures were in-line with budgeted costs on the multi-well workover and optimization program completed.
The Lavoy property is on a seismic high with multi zone gas potential and the Company plans to further investigate these stacked gas zones.
"The success of our first well, producing an estimated net cash flow of $50,000 per month to Sunridge, follows our original plan to establish strong cash flows from our core assets with our ultimate goal to become a low cost heavy oil producer using our Six-Phase Oil Heating proprietary technology" states Dwayne Tyrkalo, President and CEO. "Natural gas is not only a great cash flow stream but a possible source for gas generated power (cogen) required in our overall business model".
(i)Barrels of Oil Equivalent ("BOE") may be misleading, particularly if used in isolation. A BOE conversion ratio of 10 MCF:1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
ABOUT SUNRIDGE
Sunridge is a junior oil and gas exploration and development company with production operations in the Province of Alberta. The recent acquisition of the Six-Phase Oil Heating proprietary technology gives Sunridge an unprecedented opportunity to extract extensive potential reserves of heavy oil at shallow depths in the Alberta Oil Sands.
On behalf of the board,
Jerry Bella, Chief Financial Officer
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Sunridge cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Sunridge's control. Such factors include, among other things: risks and uncertainties relating to Sun ridge's ability to complete the drilling of the Test Well; earn a working interest in the Property and that there will be production from any wells drilled. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Sunridge undertakes no obligation to publicly update or revise forward-looking information.
NEITHER 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 RELEASE.
Contacts:
Sunridge Energy Corp.
650 West Georgia St. Suite 620
Vancouver, British Columbia V6B 4N9
604-681-0221
604-687-4670 (FAX)
Rain Communications
Nelson Da Silva
604-648-0523 (direct)
Rain Communications
Ralph Biggar
604-306-2525 (direct)
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Datum: 27.09.2011 - 13:00 Uhr
Sprache: Deutsch
News-ID 70131
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contact information:
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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