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Press release from CNW Group

Sure Energy Inc. announces significant light oil test results from its Beaverhill Lake completion in Virginia Hills

Tuesday, November 29, 2011

Sure Energy Inc. announces significant light oil test results from its Beaverhill Lake completion in Virginia Hills16:38 EST Tuesday, November 29, 2011CALGARY, Nov. 29, 2011 /CNW/ - Sure Energy Inc. (SHR, TSX) ("Sure Energy" or "the Company") is pleased to announce the results of the Beaverhill Lake completion of its 102/10-12-64-10 W5M horizontal well. The well, which is 100% working interest, was completed on November 14, 2011 and has been swabbing and flowing on clean up for the past two weeks. For the last 48 hours the well has flowed steadily and has produced 2,258 barrels of oil and 729 barrels of load fluid (spent acid), which equates to 1,129 barrels of oil per day and a 24% load fluid cut. The Company will continue to test and produce the well until all the load fluid is recovered at which time the well will be placed on full production. This test rate is consistent with two offset Beaverhill Lake horizontal producers completed in a similar fashion which have produced 61,052 barrels and 70,211 barrels of oil in the first six months of production.  This translates to an average of 335 - 388 barrels of oil per calendar day per well for the six month period. The Company has three immediate offset locations, all 100% working interest, in the Beaverhill Lake, based on four wells per section spacing.The Company is also happy to announce that its recent discovery well at Hatton in southwest Saskatchewan has produced at a steady rate of over 100 barrels of oil per day for the last 18 days on production.  The Company owns 2,560 acres at Hatton, all of which is 100 percent working interest, and has identified 23 potential follow-up locations, based on 16 vertical wells per section, to develop this 12° API oil pool.Prior to the addition of production volumes from the 10-12-64-10 W5M Beaverhill Lake well the Company was producing approximately 1,500 BOE/d (60 percent oil and liquids).Sure Energy Inc. is a publicly traded oil and gas exploration and development company listed on the Toronto Stock Exchange under the symbol "SHR".AdvisoriesIn this press release the calculation of barrels of oil equivalent (BOE) is calculated at a conversion rate of 6,000 cubic feet (Mcf) of natural gas for one barrel (bbl) of oil based on an energy equivalency conversion method.  BOEs may be misleading particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl 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 InformationCertain statements contained in this release constitute forward-looking information. These statements relate to future events or Sure Energy's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Sure Energy's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, Sure Energy's intention to continue to test and produce the well until all the load fluid is recovered at which time the well will be placed on full production is forward looking information. Sure Energy's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. Sure disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.For further information: please visit our website at www.sureenergyinc.com or contact: Mr. Jeff Boyce, Chairman and CEO Mr. Chris Baker, President and COO Mr. Lance Wirth, Vice President, Finance and CFO Phone: (403) 410-3100  Fax: (403) 410-3111 Email: info@sureenergyinc.com