Sharon Reports Initial Gas Production at Black Owl in Wharton County, Texas
14 November 2007 - 5:44AM
Marketwired
CALGARY, ALBERTA today reported that the Black Owl #1 well
located in Wharton County, Texas, has been connected to a nearby
natural gas pipeline and began initial production on November 6,
2007. The well is currently flowing at a rate of 1.0 MMcf/d of
natural gas and 12 bbls/d of condensate, at 5600 psi. Sharon plans
to gradually increase the flow rate of the well to 1.3 MMcf/d over
the next few weeks. Sharon is the operator and has a 24.4% working
interest in the well.
Sharon as the operator, plans to commence the drilling of the
initial well on the West Wharco-Schilling prospect before the end
of November 2007. Sharon will pay 21.25% of the cost to drill the
well and will own a 28.44% working interest at casing point. As
additional consideration, for farming-out its interest in the
prospect, Sharon will also receive $105,000 USD from the other
participating partners.
Sharon is an oil and gas exploration and production company with
offices in Houston, Texas and in Calgary, Alberta. Sharon's focus
is on its operations on the development of its Wilcox properties
and the expansion of the Company into new opportunities within
Texas.
ADVISORY: Certain information regarding the Company in this News
Release including management's assessment of future plans and
operations, the use of proceeds from the offering and the
anticipated closing date of the offering, may constitute
forward-looking statements under applicable securities laws and
necessarily involve risks including, without limitation, risks
associated with oil and gas exploration, development, exploitation,
production, marketing and transportation, loss of markets,
volatility of commodity prices, currency fluctuations, imprecision
of reserve estimates, environmental risks, competition from other
producers, inability to retain drilling rigs and other services,
capital expenditure costs, including drilling, completion and
facilities costs, unexpected decline rates in wells, wells not
performing as expected, incorrect assessment of the value of
acquisitions, failure to realize the anticipated benefits of
acquisitions, delays resulting from or inability to obtain required
regulatory approvals and ability to access sufficient capital from
internal and external sources. As a consequence, actual results may
differ materially from those anticipated in the forward-looking
statements. Readers are cautioned that the foregoing list of
factors is not exhausted. Additional information on these and other
factors that could effect the Company's operations and financial
results are included in reports on file with Canadian securities
regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com) and at the Company's website
(www.sharonenergy.com). Furthermore, the forward-looking statements
contained in this news release are made as at the date of this news
release and the Company does not undertake any obligation to update
publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities
laws.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Sharon Energy Ltd. - Houston, Texas H. C. Kip
Ferguson, III President (713) 789-5395 (713) 789-8454 (FAX) Sharon
Energy Ltd. - Calgary, Alberta Robert W. Lamond Chairman (403)
269-9889 (403) 269-9890 (FAX) Website: www.sharonenergy.com
Sharon Enery Ltd (TSXV:SHY)
Historical Stock Chart
From May 2024 to Jun 2024
Sharon Enery Ltd (TSXV:SHY)
Historical Stock Chart
From Jun 2023 to Jun 2024