Owner
Post by Franko10 ™ on Feb 18, 2008 9:08:20 GMT -5
Forest Gate Discovers Oil at Ferrybank, Alberta - Four Nevis Wells Begin Producing Natural Gas (cnw)
Shares outstanding: 119 Million
SYMBOL & EXCHANGE: FGT-V
MONTREAL, Feb. 12 /CNW Telbec/ - Forest Gate Resources Inc. reports that it has discovered crude oil at Ferrybank, Alberta and has begun producing natural gas from its four Nevis coalbed methane wells.
The four Nevis coalbed methane wells have began producing natural gas at a rate comparable to "the average offset well initial daily production rates of between 125 and 400 thousand cubic feet per day"*. The four wells drilled at Nevis Alberta, section 21-39-22 W4, are currently flowing natural gas at an initial rate of approximately 450 thousand cubic feet of gas per day. The Company expects this rate to potentially double over the coming months as facilities are optimized.
The Ferrybank discovery well was swab tested and produced over 92 barrels of crude oil with no water during 13 hours of swabbing. There are no comparable wells in the area, therefore, further completion operations are required to determine potential initial production rates.
The Ferrybank 9-23-45-26 W4 well was recently drilled to a measured depth of 1543 meters, and perforated in the Glauconitic formation at 1521 meters. Recorders were placed in the wellbore to gather the necessary information needed to plan stimulation operations to optimize production. It is expected that the well will be stimulated within the month. Conventional lifting equipment and facilities will then be installed immediately thereafter.
"Discovering oil at Ferrybank is a happy surprise. We were primarily looking for natural gas", said Michael Judson, President and CEO of Forest Gate. "We are now a producer."
Forest Gate holds a 10% interest in the four Nevis wells and a 37.5% interest in the Ferrybank well.
About the Company
Forest Gate Resources Inc. is an international oil & gas exploration and production company. The company is seeking to increase shareholder value through participation and development of oil & gas exploration and production projects in Ireland and Canada. The Company's shares trade under the symbol FGT on the TSX Venture Exchange.
All figures such as drilling results and production rates have been reported by, Shelby Beattie, President and CEO of operator, Emerald Bay Energy.
*Initial production rates of offset wells are quoted from Accumap, a
geological program used throughout the Alberta industry,
energy.ihs.com/Products/Accumap/index.htm
BOEs and BOEPD may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 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.
Forward-Looking Statements
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.
The TSX Venture Exchange has not reviewed nor does it accept
responsibility for the adequacy or accuracy of this news release.
For further information: Robert Kramberger, V-P, Investor Relations, 1-866-666-3040, rkramberger@forestgate.ca, www.forestgate.ca
Shares outstanding: 119 Million
SYMBOL & EXCHANGE: FGT-V
MONTREAL, Feb. 12 /CNW Telbec/ - Forest Gate Resources Inc. reports that it has discovered crude oil at Ferrybank, Alberta and has begun producing natural gas from its four Nevis coalbed methane wells.
The four Nevis coalbed methane wells have began producing natural gas at a rate comparable to "the average offset well initial daily production rates of between 125 and 400 thousand cubic feet per day"*. The four wells drilled at Nevis Alberta, section 21-39-22 W4, are currently flowing natural gas at an initial rate of approximately 450 thousand cubic feet of gas per day. The Company expects this rate to potentially double over the coming months as facilities are optimized.
The Ferrybank discovery well was swab tested and produced over 92 barrels of crude oil with no water during 13 hours of swabbing. There are no comparable wells in the area, therefore, further completion operations are required to determine potential initial production rates.
The Ferrybank 9-23-45-26 W4 well was recently drilled to a measured depth of 1543 meters, and perforated in the Glauconitic formation at 1521 meters. Recorders were placed in the wellbore to gather the necessary information needed to plan stimulation operations to optimize production. It is expected that the well will be stimulated within the month. Conventional lifting equipment and facilities will then be installed immediately thereafter.
"Discovering oil at Ferrybank is a happy surprise. We were primarily looking for natural gas", said Michael Judson, President and CEO of Forest Gate. "We are now a producer."
Forest Gate holds a 10% interest in the four Nevis wells and a 37.5% interest in the Ferrybank well.
About the Company
Forest Gate Resources Inc. is an international oil & gas exploration and production company. The company is seeking to increase shareholder value through participation and development of oil & gas exploration and production projects in Ireland and Canada. The Company's shares trade under the symbol FGT on the TSX Venture Exchange.
All figures such as drilling results and production rates have been reported by, Shelby Beattie, President and CEO of operator, Emerald Bay Energy.
*Initial production rates of offset wells are quoted from Accumap, a
geological program used throughout the Alberta industry,
energy.ihs.com/Products/Accumap/index.htm
BOEs and BOEPD may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 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.
Forward-Looking Statements
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.
The TSX Venture Exchange has not reviewed nor does it accept
responsibility for the adequacy or accuracy of this news release.
For further information: Robert Kramberger, V-P, Investor Relations, 1-866-666-3040, rkramberger@forestgate.ca, www.forestgate.ca
