Press release from Marketwire
Sunridge Energy Announces New Production Well at North Central Prospect, Alberta
Tuesday, October 23, 2012
CALGARY, ALBERTA--(Marketwire - Oct. 23, 2012) - Sunridge Energy Corp. (TSX VENTURE:SRG) ("Sunridge" or the "Company") is pleased to announce that its well at 102/14-22-47-25-W4 has been successfully fractured and equipped for production. This represents our second well in our new field discovery covering 4,560 contiguous acres.
We are now in the testing phase and within weeks shall have a detailed production average per vertical well.
Gathering of data has been a lengthy process. We have now determined that this prospect covers a wide area and is most likely comprised of multiple, stratigraphically-trapped oil pools. Sunridge believes that there is potential for a multi-well drilling program to effectively develop the reserves and significantly increase our daily production rates. Notably, when compared to the discovery well, the subject well has displayed double the net oil column thickness, and a 26% increase in reservoir pressure.
"We are very encouraged with the reservoir data from our exploration program thus far and we will continue to develop our land position," states Dwayne Tyrkalo, CEO of Sunridge.
Sunridge has a 90% working interest in 102/14-22-47-25-W4 well and 80% working interest in the 102/9-36-47-25-W4 discovery well.
Sunridge is evaluating existing seismic data and estimates an additional 8-10 vertical wells or 4-6 horizontal wells on a go forward basis. Additionally, we are in latter stage negotiations with a potential joint venture partner to participate in drilling and developing our lands, in order to minimize our capital expenditure requirements and thereby dilution, while rapidly developing our field and production.
In other business, Ferd Lobkowicz has resigned as a director of Sunridge and will stay on as a Heavy Oil consultant to assist in our new Bitumen (Heavy Oil) Technology. The Company would like to thank Ferd for all his time and dedication he provided in his role as Director.
Sunridge Energy is an Alberta based exploration and production company focused on cost effective, sustainable oil development projects.
On behalf of the board,
Dwayne Tyrkalo, Chief Executive Officer
Information 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. 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.
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Sunridge Energy Corp.
Chief Executive Officer