Primera Energy Resources Ltd. (TSXV:PTT) Announces Corporate Update on Block WD-4 Drilling Program
October 13 2011 - 8:00AM
Marketwired
Primera Energy Resources Ltd. (PERL or the "Corporation") (TSX
VENTURE:PTT) is pleased to provide the following corporate
update.
Optimal Block WD-4
As announced earlier, PERL plans to drill up to four sidetrack
redrill wells on the block during this phase of the current
drilling campaign. PS266RD, the first of these wells, was drilled
to a total depth of 5,450' and encountered 270' of net pay in the
Upper and Lower Forest Formations. Production casing was set at
5,440' and a service rig is being mobilized to complete the well,
initially in 129' of Lower Forest sands. Production results will be
provided as soon as they become available.
PS 111RD, the second well on the program, was spudded on
September 29, 2011 and is currently drilling ahead at 6,600'. The
well will be targeting the under-exploited Cruse formation and will
be drilled to a total depth of 6,900'.
Work is continuing on location preparation for the third and
fourth wells in the program, PS 111RD which shall target the
under-exploited cruse formation, and an infill/replacement well to
PS 125.
About PERL
PERL is a TSX Venture Exchange listed issuer which currently
produces approximately 400 barrels of oil per day pursuant to a
lease operatorship agreement in South Central Trinidad and has a
16.2% entitlement to the Cory Moruga 'E' Block.
READER ADVISORY
Statements in this press release may contain forward-looking
information including expectations of future operations, operating
costs, commodity prices, administrative costs, commodity price risk
management activity, acquisitions and dispositions, capital
spending, access to credit facilities, income and oil taxes,
regulatory changes, and other components of cash flow and earnings.
The reader is cautioned that assumptions used in the preparation of
such information may prove to be incorrect. Events or circumstances
may cause actual results to differ materially from those predicted,
a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the issuer.
These risks include, but are not limited to, the risks associated
with the oil and gas industry, commodity prices and exchange rate
changes. Industry related risks could include, but are not limited
to, operational risks in development and production, delays or
changes in plans, risks associated to the uncertainty of reserve
estimates, or reservoir performance, health and safety risks and
the uncertainty of estimates and projections of production, costs
and expenses. The reader is cautioned not to place undue reliance
on this forward-looking information.
Neither 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.
Contacts: Primera Energy Resources Ltd. Geoffrey Leid Chief
Executive Officer (868) 628-1128 Primera Energy Resources Ltd. Dan
Patience Investor Relations (403) 262-7111
Primera Energy Resources Ltd. (TSXV:PTT)
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