Sharon Announces Drilling Has Commenced on the N.W. Speaks Robertson #1 Well, Lavaca County, Texas and Updates Texas Operations
30 January 2008 - 5:40AM
Marketwired
CALGARY, ALBERTA announces that on January 29, 2008, drilling
commenced on the N.W. Speaks Robertson #1 well, located in Lavaca
County, Texas.
The projected total depth for the Robertson #1 well is 13,600
feet and is located 325 feet from a well which had produced from
125 feet of Wilcox gas pay.
Sharon developed the N.W. Speaks project and will be the
operator. Sharon will pay 31.125% of the drilling costs and have a
35.844% working interest at casing point.
The Black Owl #1 well, Wharton County, Texas, Sharon working
interest 24.4%, came on stream November 6, 2007, and to date has
produced 110 MMcf of gas and 1930 barrels of condensate. The well
is currently producing 1.4 MMcfd, at 5,225 psi flowing tubing
pressure, with 23 barrels of condensate per day. Sharon is the
operator and has a 24.4% working interest.
At the West Wharco Schilling Duson #1 well, Wharton County,
Texas, operated by Sharon, 28.4375% working interest, plans are
under way to complete a Yegua zone which, based on the Company's
log interpretation, has 18 feet of potential oil and gas pay.
Completion operations are expected to be carried out in February,
2008.
At the Cheney Hancock #1 well, Colorado County, Texas, Sharon
has been appointed operator and has put the remaining partners on
notice to fracture stimulate the Wilcox #18 sand and install
production facilities. Sharon currently has a 14% working interest
in this well. The completion operations are anticipated to be
conducted in the first quarter of 2008.
At Allen Ranch, Sharon plans to conduct operations to restore
production from the Hancock #2 well. Sharon has a 14% working
interest in this well and operations are expected to be conducted
in the first quarter of 2008.
Sharon is an oil and gas exploration and production company
based in Calgary, Alberta. Sharon's current focus is on deep gas
exploration in Texas.
ADVISORY: Certain information regarding the Company in this News
Release including management's assessment of future plans and
operations, drilling and completion plans and the timing thereof,
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
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