Guardian Exploration Inc. (TSXV:GX) Announces Successful Re-Entry of Kotcho Lake Well
CALGARY, ALBERTA, Apr 26, 2007 (CCNMatthews via COMTEX News Network) --
Guardian Exploration Inc. ("Guardian") (TSX VENTURE:GX) is pleased to announce a successful re-entry of its Kotcho Lake, B.C. well at B-100-E/94-P-3. The existing wellbore was capable of producing 350 mcf per day with increasing volumes of water. A re-entry and whipstock of the well encountered the Slave Point Reef 13m structurally higher than the original well and tested at rates up to 42 e3m3/day (1.5 MMcf/d) water free.
Guardian holds a 15% royalty interest before payout, convertible to a 50% working interest after or upon payout.
Guardian's joint venture partner is a private U.S. oil and gas company, who assumed the entire cost of this operation resulting in a 100% participating interest share of the well.
It is anticipated that this well will be on stream imminently pending production facility upgrades at area facilities.
Guardian also maintains full ownership of a 100,000 acre parcel in Montana, which has current production from the Cutbank Tesoro Oil Unit.
Guardian Exploration Inc. is an Alberta-based oil and natural gas company. Guardian is engaged in the exploration for, and the acquisition, development and production of natural gas and crude oil with emphasis on the shallow to mid-depth hydrocarbon prone zones of the western Canadian sedimentary basin in Alberta and northeastern British Columbia.
The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions herein are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.
Certain statements contained in this document are "forward-looking statements". The projections, estimates and beliefs contained in such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results or events to differ materially from those anticipated in any forward-looking statements. Guardian believes the expectations reflected in those forward-looking statements are reasonable; however Guardian cannot provide any assurance that these expectations will prove to be correct.
SOURCE: Guardian Exploration Inc.
Guardian Exploration Inc. Graydon Kowal President and Chief Executive Officer (403) 232-1748 (403) 269-6085 (FAX) Copyright (C) 2007 CCNMatthews. All rights reserved.