Post by ToddCT on Mar 1, 2005 10:38:31 GMT -5
Great news for this stock, they will be able to pump even more per day than they thought they could out of this one well......
T
Initial Oil Production at Joarcam "13-27" Oil Well to Exceed 75 Barrels per Day
LOS ANGELES, CA, Feb. 28, 2005 (MARKET WIRE via COMTEX) -- Silver Star Energy, Inc. (OTC BB: SVSE) today announces that initial testing at the "13-27" oil well has shown that the production rates should exceed the original estimates of 75 barrels per day. The "13-27" will be on pump to establish the Initial Production Rates (I.P.R.) of the well.
As the "13-27" well location directly offset another well that initially produced oil at rates of approximately 75 barrels per day, Silver Star and the operator made a comparison between the logs of the two wells and had determined that the 5.2 metre (17.1) interval at the "13-27" well appeared to be a cleaner sand and thus may be more productive than the offsetting "16-28" well.
Third-party analysis of the swab report indicates that "the well will begin pumping at a rate exceeding 75 barrels oil per day."
A pump-jack is immediately being delivered and will be set up at the well-head. Silver Star anticipates the onset of commercial production of oil at the "13-27" well to be a matter of days. With near-record prices for crude oil, Silver Star has projected that the well should generate $112,000 per month in revenue, or $1.3 million per year, and will payout its entire cost in 6 months. The long-life reserves in the Viking allow wells to be in commercial production for 20 years.
Currently, the 38-degree API light oil at Joarcam has been priced at over $51.00 per barrel ($64.00 CDN). 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: