The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Sunridge Energy Encounters 7m Pay Thickness on Its New Pool Oil Discovery

Monday, May 07, 2012

Sunridge Energy Encounters 7m Pay Thickness on Its New Pool Oil Discovery08:00 EDT Monday, May 07, 2012CALGARY, ALBERTA--(Marketwire - May 7, 2012) -Sunridge Energy Corp. ("SRG" or the "Company") (TSX VENTURE:SRG) is pleased to report the results of our core analysis from the new pool oil discovery drilled in March at the North Central prospect. A total of 24 plugs were analyzed within the 7 metre thick pay zone. Porosities range from 13 to 20 %, with permeability values between 10 and 80 md. The X-Ray diffraction analysis (XRD) revealed the nature and mineralogy of the diagenetic clay minerals within the pore throats. Sunridge has engaged the services of Halliburton Canada, who are the world leader in designing completion operations with pay composition of this nature, to design a chemical stimulation treatment program. Dwayne Tyrkalo, President and CEO of Sunridge Energy, states, "We are very pleased about the findings of the core analysis performed as it confirms the presence of a new oil pool. We hope to commence perforation, stimulation and production testing of the well as soon as spring road bans are lifted by the province and county."All data is currently being reviewed, and completion options will be presented to Sunridge in the very near future. Armed with this important geo-scientific data the company is now able to insure that this well will perform to the best of its ability through the implementation of the correct completion techniques. Further, the recovery and examination of this core has enabled company staff to determine the environment of deposition of the subject sandstone. The Company is now able to confirm and more accurately modify the initial mapped trend and geometry of this reservoir. A second well is planned for the 2nd quarter and will be drilled some three miles away at the south end of the Company's contiguous land block. The second location is also a redrill of an older well drilled in the 1980s to a deeper target, and Sunridge's target zone was bypassed. The Company anticipates encountering a similar interval of gross sand reservoir with similar log characteristics to the discovery well.ABOUT SUNRIDGE Sunridge is a junior oil and gas exploration and development company with production operations in the Province of Alberta. The recent acquisition of the 6-Phase Oil Heating proprietary technology gives Sunridge an unprecedented opportunity to extract extensive potential reserves of heavy oil (bitumen) at shallow depths in the Alberta Oil Sands. The Sunridge assets are structured to decrease operation costs, enhancing shareholder value. On behalf of the board,Dwayne Tyrkalo, Chief Executive OfficerForward-Looking StatementsInformation set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Sunridge cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Sunridge's control. Such factors include, among other things: risks and uncertainties relating to Sun ridge's ability to complete the drilling of the Test Well; earn a working interest in the Property and that there will be production from any wells drilled. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Sunridge undertakes no obligation to publicly update or revise forward-looking information.FOR FURTHER INFORMATION PLEASE CONTACT: Dwayne TyrkaloSunridge Energy Corp.Chief Executive Officer403-718-9591403-265-7335 (FAX)info@sunridge-energy.comwww.sunridge-energy.comNEITHER 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 RELEASE.