GREY:RDWEF - Post Discussion
Post by
archimedes0070 on Feb 08, 2011 12:21pm
NR: to Drill 6 Wells and Recomplete 9 Wells at Red
https://www.marketwire.com/press-release/RedWater-to-Drill-6-Wells-and-Recomplete-9-Wells-at-RedWater-and-Westlock-TSX-VENTURE-RED-1392208.htm
RedWater Energy Corp.
TSX VENTURE: RED
 |
Feb 08, 2011 09:15 ET
RedWater to Drill 6 Wells and Recomplete 9 Wells at RedWater andWestlock
OKOTOKS, ALBERTA--(Marketwire - Feb. 8, 2011) - RedWaterEnergy Corp. ("RedWater" or the "Company") (TSX VENTURE:RED) is pleased toprovide its Capital Expenditure Budget and Production Targets for 2011.
RedWater's Board of Directors has approved an initial 2011 capital budget of$3.0 million. Funds of $2.7 million will be allocated to the drilling of 6.0 andthe recompletion of 9.0 net oil wells at Redwater and Westlock. An additional$300,000 will be allocated to development work associated with horizontaldrilling projects, including seismic and geological analysis, at Redwater,Westlock and Fairydell-Bon Accord. Redwater currently has available capital of$3.9 million consisting of $3.4 million cash and a bank operating line of$500,000.
Production levels for 2011, with this budget, targets average production forthe year of 200-250 boepd and exit production of 400 boepd. Operating income for2011 will be focused towards the acceleration of the Company's conventional andhorizontal light oil drilling programs.
Business of RedWater Energy Corp.
RedWater Energy Corp. is a junior oil and gas exploration and developmentcompany. RedWater is engaged in the acquisition, enhancement and exploration ofconventional oil and gas projects in Western Canada with a focus on developinghigh working interest light oil opportunities. RedWater's core properties arelocated in Redwater, Westlock, and Fairydell-Bon Accord areas of Alberta. www.redwaterenergy.com.
The information in this news release includes certain information andstatements about management's view of future events, expectations, plans andprospects that constitute forward looking statements. These statements are basedupon assumptions that are subject to significant risks and uncertainties.Because of these risks and uncertainties and as a result of a variety offactors, the actual results, expectations, achievements or performance maydiffer materially from those anticipated and indicated by these forward lookingstatements. Although RedWater believes that the expectations reflected inforward looking statements are reasonable, it can give no assurances that theexpectations of any forward looking statements will prove to be correct. Exceptas required by law, RedWater disclaims any intention and assumes no obligationto update or revise any forward looking statements to reflect actual results,whether as a result of new information, future events, changes in assumptions,changes in factors affecting such forward looking statements orotherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as thatterm is defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
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