Post by ToddCT on Jan 19, 2005 7:50:41 GMT -5
Silver Star Drilling "13-27" Well at Joarcam
LOS ANGELES, CA, Jan. 18, 2005 (MARKET WIRE via COMTEX) -- Silver Star Energy, Inc. (OTC BB: SVSE) today announces that drilling of the "13-27" oil well at the Joarcam Project, Alberta, Canada, has commenced. The well was spudded this morning and is drilling ahead. The objective of the well is the Viking formation and the well is planned to a depth of 1,020 metres (3,347 feet). Drilling and well completion is anticipated to take 7-10 days.
Silver Star had previously anticipated to begin drilling by year-end but has experienced a short delay due to limited rig availability, owing to the high prices of oil and gas in Alberta this winter, which has resulted in fierce province-wide competition for drilling equipment.
The first location was chosen based on information gathered from a new producer on a neighboring lease. The "13-27" will directly offset Enermark's new "16-28-47-20W4M" well. This offset well produced at initial rates of approximately 75 barrels per day.
Currently, the 38 degree API light oil at Joarcam has been priced at over $55.00 CDN ($46.00 US) per barrel. The project is a low-risk development property with oil at shallow depth, short payback period and long life reserves. The play is located in the "Viking C" pool adjacent to the established Joarcam Viking pool, the largest Viking hydrocarbon accumulation in Alberta, Canada.
The overall development strategy at Joarcam could see up to 16 well locations ultimately drilled. With success at Joarcam, it is anticipated that the field could produce 500 barrels of oil per day (bbls/d) if fully developed. Oil wells at Joarcam demonstrate very shallow decline curves. The prospect lands are located about 25 miles southeast of Edmonton, Alberta, and there is year-round access to the property.
ABOUT SILVER STAR ENERGY, INC.
The Company is committed to the exploration and extensive development of oil and natural gas reserves throughout western North America. Company management is focused on an acquisition program targeting high-quality, low-risk prospects provided via key strategic alliance partnerships.
Safe harbor for Forward-Looking Statements:
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Silver Star Energy, Inc. has little or no control.
ON BEHALF OF THE BOARD
Silver Star Energy, Inc.
Robert McIntosh-President
To find out more about Silver Star Energy, Inc. (OTC BB: SVSE), visit our website at www.silverstarenergy.com.
Investor Information:
1-888-803-SVSE (7873)
Silver Star Energy, Inc.
SOURCE: Silver Star Energy, Inc.
Copyright 2005 Market Wire, All rights reserved.
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LOS ANGELES, CA, Jan. 18, 2005 (MARKET WIRE via COMTEX) -- Silver Star Energy, Inc. (OTC BB: SVSE) today announces that drilling of the "13-27" oil well at the Joarcam Project, Alberta, Canada, has commenced. The well was spudded this morning and is drilling ahead. The objective of the well is the Viking formation and the well is planned to a depth of 1,020 metres (3,347 feet). Drilling and well completion is anticipated to take 7-10 days.
Silver Star had previously anticipated to begin drilling by year-end but has experienced a short delay due to limited rig availability, owing to the high prices of oil and gas in Alberta this winter, which has resulted in fierce province-wide competition for drilling equipment.
The first location was chosen based on information gathered from a new producer on a neighboring lease. The "13-27" will directly offset Enermark's new "16-28-47-20W4M" well. This offset well produced at initial rates of approximately 75 barrels per day.
Currently, the 38 degree API light oil at Joarcam has been priced at over $55.00 CDN ($46.00 US) per barrel. The project is a low-risk development property with oil at shallow depth, short payback period and long life reserves. The play is located in the "Viking C" pool adjacent to the established Joarcam Viking pool, the largest Viking hydrocarbon accumulation in Alberta, Canada.
The overall development strategy at Joarcam could see up to 16 well locations ultimately drilled. With success at Joarcam, it is anticipated that the field could produce 500 barrels of oil per day (bbls/d) if fully developed. Oil wells at Joarcam demonstrate very shallow decline curves. The prospect lands are located about 25 miles southeast of Edmonton, Alberta, and there is year-round access to the property.
ABOUT SILVER STAR ENERGY, INC.
The Company is committed to the exploration and extensive development of oil and natural gas reserves throughout western North America. Company management is focused on an acquisition program targeting high-quality, low-risk prospects provided via key strategic alliance partnerships.
Safe harbor for Forward-Looking Statements:
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Silver Star Energy, Inc. has little or no control.
ON BEHALF OF THE BOARD
Silver Star Energy, Inc.
Robert McIntosh-President
To find out more about Silver Star Energy, Inc. (OTC BB: SVSE), visit our website at www.silverstarenergy.com.
Investor Information:
1-888-803-SVSE (7873)
Silver Star Energy, Inc.
SOURCE: Silver Star Energy, Inc.
Copyright 2005 Market Wire, All rights reserved.
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