Primera Energy Resources Ltd. (TSXV:PTT) Announces Corporate Update on Block WD-4 Drilling Program
08 November 2011 - 1:00AM
Marketwired
Primera Energy Resources Ltd. (PERL or the "Corporation") (TSX
VENTURE:PTT) is pleased to provide the following corporate
update.
Optimal Block WD-4
The Corporation is pleased to announce that drilling has been
completed on the first two (2) wells in this phase of the drilling
campaign. As announced earlier, PS 266RD, was drilled to a total
depth of 5,450' and encountered 270' of net pay in the Upper and
Lower Forest Formations. A service rig is currently on site
completing the well, initially in 131' of net sand pay in the Lower
Forest Formation.
PS 111RD, the second well on the program, was drilled to a total
depth of 6,900' and encountered 295' of net pay in the Forest and
Cruse formations. Production casing was set at 6,853' and the well
will be completed, initially in 45' of net sand pay in the Upper
Cruse Formation. Following the completion of PS 266RD, the service
rig will move on location to complete PS 111RD.
Production results will be provided as soon as they become
available.
Work is continuing on location preparation for PS 174RD which
shall target the under-exploited Cruse formation, and an
infill/replacement well to PS 125 and will be drilled.
About PERL
PERL is a TSX Venture Exchange listed issuer which currently
produces approximately 400 barrels of oil per day pursuant to a
lease operatorship agreement in South Central Trinidad and has a
16.2% entitlement to the Cory Moruga 'E' Block.
READER ADVISORY
Statements in this press release may contain forward-looking
information including expectations of future operations, operating
costs, commodity prices, administrative costs, commodity price risk
management activity, acquisitions and dispositions, capital
spending, access to credit facilities, income and oil taxes,
regulatory changes, and other components of cash flow and earnings.
The reader is cautioned that assumptions used in the preparation of
such information may prove to be incorrect. Events or circumstances
may cause actual results to differ materially from those predicted,
a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the issuer.
These risks include, but are not limited to, the risks associated
with the oil and gas industry, commodity prices and exchange rate
changes. Industry related risks could include, but are not limited
to, operational risks in development and production, delays or
changes in plans, risks associated to the uncertainty of reserve
estimates, or reservoir performance, health and safety risks and
the uncertainty of estimates and projections of production, costs
and expenses. The reader is cautioned not to place undue reliance
on this forward-looking information.
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 RELEASE.
Contacts: Primera Energy Resources Ltd. Geoffrey Leid Chief
Executive Officer (868) 628-1128 Primera Energy Resources Ltd. Dan
Patience Investor Relations (403) 262-7111
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