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The L11-13 well tested dry gas at a maximum stabilised flow rate of 820,000 Nm3/day (30.6 million standard cubic feet per day or MMscf/d) on an 48/64" choke at a flowing wellhead pressure of 200 bar (2,900 psig). These results are being integrated with existing data on the L8-D Field which was discovered by well L8-16x drilled in 2004. The L8-16x well was drill stem tested at rates up to 430,000 Nm3/day (16.1 MMscf/day) of gas from the same Permian-aged Upper Rotliegend Group sandstone reservoirs. The bottom hole reservoir penetration at L11-13 is located approximately 5.9 kms away from the L8-16x discovery well.
Cirrus' President, David Taylor, comments; "These testing results are encouraging and have met all our expectations for the L11-13 well. Given that the well was drilled from an existing production platform we are hopeful that it can be brought into production relatively quickly and at modest cost."
Cirrus Energy Corporation is an international oil and gas company headquartered in Calgary and has approximately 75.9 million fully diluted common shares outstanding.
Forward-Looking Statements
This press release may include forward-looking statements including opinions, assumptions, estimates and expectations of future production, cash flow and earnings. When used in this document, the words "anticipate", "believe", "estimate", "expect", "intent", "may", "project", "plan", "should" and similar expressions are intended to be among the statements that identify forward-looking statements. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to, the volatility of oil and gas prices, the ability to implement corporate strategies, the state of domestic capital markets, the ability to obtain financing, changes in oil and gas acquisition and drilling programs, operating risks, production rates, reserve estimates, changes in general economic conditions and other factors more fully described from time to time in the reports and filings made by Cirrus with securities regulatory authorities.
<< The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. >>
%SEDAR: 00021839E
SOURCE: Cirrus Energy Corporation
about Cirrus, please contact: David Taylor, President and Chief Executive Officer; Glenn Gradeen, Executive Vice President and Chief Operating Officer; Cirrus Energy Corporation, Suite 208, 5 - Richard Way S.W., Calgary, Alberta, T3E 7M8, Canada, Website: www.cirrusenergy.ca, Telephone: (403) 216-5030, Facsimile: (403) 265-9530
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