- Published: 05 January 2009
- Written by Editor
Probe Resources Announces Gas Discovery at South Timbalier 214
Probe Resources Ltd. (TSX VENTURE: PBR) (the "Company" or "Probe") is pleased to announce that commercial gas reserves have been discovered in the Probe operated South Timbalier 214 A-6 Sidetrack #1 well located in the U.S. Gulf of Mexico. The well has reached total contract depth of 15,825' Measured Depth ("MD") and 14,751' True Vertical Depth ("TVD"). The Company encountered its primary objective in the Buliminella 1 formation, logging 88' feet of TVD net pay which exceeded the Company's expectations. The anticipated gross production rate from this formation is 25 - 35 MMcfd based on similar well performance in the area. Probe holds a 100% working interest ("WI") and a 70% net revenue interest ("NRI") in the well.
Production casing is currently being run in the well with completion operations to immediately follow. The well was drilled from a Probe-owned production platform in the adjacent block which is connected to the NYMEX premium market via a ready-for-service export pipeline. Production will commence once the completion has occurred, which is expected later this month.
Details of the current drilling program are more fully described in the Company's National Instrument 51-101 report filed December 22, 2008 and available for review at www.sedar.com and on the Company's website.
About Probe Resources Ltd.
The Company, along with its wholly-owned subsidiary Probe Resources US Ltd. located in The Woodlands, Texas, is an oil and natural gas exploration and production company focused on generating, acquiring, developing, and operating drilling prospects within the Texas and Louisiana Outer Continental Shelf of the Gulf of Mexico.
ON BEHALF OF PROBE RESOURCES LTD.
Scott Broussard, Chief Executive Officer and Chairman of the Board
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities in the United States. The Company's securities have not been and will not be registered under the United States Securities Act of 1933 as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Statements in this press release may contain forward-looking information including expectations of future operations (including drill rig commitments and use of proceeds), commerciality of any gas discovered, production rates, 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 Company. 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 exploration, 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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts: Probe Resources Ltd. Scott Broussard Chief Executive Officer and Chairman of the Board (281) 210-1170 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: www.probe-resources.com
SOURCE: Probe Resources Ltd.
mailto:This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.probe-resources.com