NR - Passport Energy Ltd. Announces the Successful Passport Energy Ltd. Announces the Successful Drilling of its Second Horizontal Bakken Development Well in its Hardy Core Area of SE Saskatchewan
Passport Energy Ltd. Announces the Successful Drilling of its Second Horizontal Bakken Development Well in its Hardy Core Area of SE Saskatchewan
Calgary, Alberta CANADA, January 30, 2012 - Passport Energy Ltd. (PPO - CNSX),("Passport" or the "Company") is pleased to announce that, in conjunction with its partner American Eagle Energy Inc. ("American Eagle"), it has successfully completed drilling and casing its Hardy North 3D14-17-3A3-17-4-21w2 well (the "Hardy 14-17 well").
The Bakken formation well was drilled to a vertical total measured depth of 3,358 m (11,015 ft.) with a lateral section of approximately 1,280 m (4,200 ft.). This well is located approximately 2,000 m north and west of the Company's first Bakken horizontal development well, 4-16.
A 26-stage fracture stimulation planned for the completion is scheduled for late February pending availability of the service crew.
"It's been very exciting to be able to move the company forward with the success of our first well with our partner American Eagle, stated Frank Port, Passport Energy's President. The partnership continues to develop its 2012 plan around Hardy Saskatchewan (North & South). This should be an unprecedented year of growth for the company."
Passport has paid 23.1% of the drilling, completion and equipping costs of the well to earn a 15% working interest in 2 sections and a 7.5% working interest in 1.5 sections of land (640 net acres) in the Hardy North Area. The well completes the earning terms on the remainder of the joint Hardy North Acreage with its partner American Eagle.
The Company is a junior natural resource exploration company focused on the acquisition, exploration, and development of economically viable natural resources, with a focus on Bakken oil projects.
The Company trades on the CNSX under the trading symbol "PPO".
Forward Looking Statements
This press release contains forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular; fluctuations in oil prices; the results of exploration and development drilling, recompletions and related activities; the uncertainty of reserve estimates; changes in environmental and other regulations; risks associated with oil and gas operations and future exploration activities; and other factors, many of which are beyond the control of the Company. You can find an additional discussion of those assumptions, risks and uncertainties in Passport's Canadian securities filings.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, Passport disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Passport undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
The CNSX does not accept responsibility for the adequacy or accuracy of this news release.
For more information, please refer to the Company's public documents available on SEDAR (www.sedar.com).
For further information contact:
Bruce Murray Frank Port
Chairman & CEO President & COO
Tel: 403-930-4061 Tel: 403-930-4063
Email: bmurray@passportenergy.com Email: fport@passportenergy.com
Website: www.passportenergy.com