Donnybrook Energy Inc.: Deep Basin, West Central Alberta Update
22 Junio 2011 - 6:00AM
Marketwired
Malcolm Todd, Chief Executive Officer of Donnybrook Energy Inc.
("Donnybrook" or the "Company") (TSX VENTURE: DEI) reports that
Donnybrook has finalized an agreement with Cequence Energy Ltd.
("Cequence") whereby Cequence will cash equalize into certain lands
totaling 5 sections that Donnybrook currently holds 100% at
Simonette, Alberta.
In return, Cequence, as operator, will commit to the drilling of
a Test Well on a nearby jointly held section (50% Donnybrook/50%
Cequence) with Cequence paying 70% of the drill and complete costs
to earn a 50% working interest at tie-in point. Donnybrook will pay
30% of the drill and complete cost to retain a 50% working interest
in the subject well which is expected to spud on or around August
1, 2011.
Initially, the Test Well will be drilled as a strat test into
the Montney formation and if successful it will then be drilled
horizontally for approximately 1,400 metres.
This well will be the first of three Montney horizontal
multi-stage frac locations contemplated to be drilled between
August and December of 2011 on Donnybrook's 50% lands at
Simonette.
At Bigstone, Alberta, Donnybrook, as operator, has received the
licence for the drilling of its Montney horizontal well (25%
BPO/50% APO) with a horizontal length of approximately 1,400
metres. Donnybrook has begun well site construction and the well is
expected to spud early in the third quarter of 2011. The well is
located within five miles of a recently announced liquids rich
natural gas two mile horizontal Montney well that after clean-up
reportedly flowed on test over the last day at an average rate of
13.1 MMCF of natural gas and 650 barrels of crude oil and NGLs per
day (2,800 boe per day). Donnybrook and its partners hold 7
contiguous sections of Triassic Montney P&NG rights at
Bigstone.
The wet spring weather in the area of Donnybrook's operations
has delayed the Company's ability to access the DEI Hz 13-27 well
at Resthaven which was drilled in the first quarter of 2011 and
completed in April. The DEI Hz 13-27 well in which Donnybrook has a
70% working interest is still pending tie-in to the Conoco Phillips
plant which will occur as soon as conditions permit. Once the well
is tied-in it will be flowed back for an in-line production test.
It is reasonable to expect that this may occur by mid July
2011.
Donnybrook Energy Inc. holds varying working interests in 61
gross sections of petroleum and natural gas rights prospective for
Montney, Wilrich, Bluesky and Falher liquid rich natural gas
resource development in the Deep Basin area of West Central
Alberta.
Further information relating to the Company is also available on
its website at www.donnybrookenergy.ca.
ON BEHALF OF THE BOARD OF DONNYBROOK ENERGY INC.
Malcolm Todd, Chief Executive Officer
FORWARD-LOOKING STATEMENTS
Certain information set forth in this news release contains
forward-looking statements or information ("forward-looking
statements"), including statements regarding the tie-in of the
13-27 well, the spud of the Bigstone well, drilling plans for the
Company's Simonette acreage, potential drilling locations and the
drilling of additional wells. By their nature, forward-looking
statements are subject to numerous risks and uncertainties, some of
which are beyond Donnybrook's control, including the impact of
general economic conditions, industry conditions, volatility of
commodity prices, currency fluctuations, imprecision of reserve
estimates, environmental risks, operational risks in exploration
and development, competition from other industry participants, the
lack of availability of qualified personnel or management, stock
market volatility and the ability to access sufficient capital from
internal and external sources. Although Donnybrook believes that
the expectations in our forward-looking statements are reasonable,
our forward-looking statements have been based on factors and
assumptions concerning future events which may prove to be
inaccurate. Those factors and assumptions are based upon currently
available information. Such statements are subject to known and
unknown risks, uncertainties and other factors that could influence
actual results or events and cause actual results or events to
differ materially from those stated, anticipated or implied in the
forward looking information. As such, readers are cautioned not to
place undue reliance on the forward looking information, as no
assurance can be provided as to future results, levels of activity
or achievements. The risks, uncertainties, material assumptions and
other factors that could affect actual results are discussed in our
management's discussion and analysis and other documents available
at www.sedar.com. Furthermore, the forward-looking statements
contained in this document are made as of the date of this document
and, except as required by applicable law, Donnybrook does not
undertake any obligation to publicly update or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise. The forward-looking
statements contained in this document are expressly qualified by
this cautionary statement.
Where amounts are expressed on a barrel of oil equivalent
("BOE") basis, natural gas volumes have been converted to oil
equivalence at six thousand cubic feet per barrel. The term BOE may
be misleading, particularly if used in isolation. A BOE conversion
ratio of six thousand cubic feet per barrel is based on an energy
equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the wellhead.
References to oil in this discussion include crude oil and natural
gas liquids ("NGLs"). NGLs include condensate, propane, butane and
ethane. References to gas in this discussion include natural
gas.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Contacts: Donnybrook Energy Inc. Malcolm Todd President and
Chief Executive Officer (604) 684-2356 (604) 684-4265 (FAX)
info@donnybrookenergy.ca www.donnybrookenergy.ca
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