PRTuesday August 17 2010 - News Release
Mr. Richard Wilson reports
LOUISIANA 1ST WELL FINDS TUSCALOOSA AND BARRIER SANDS FORMATIONS; FURTHER FINANCING ARRANGED
Regent Ventures Ltd.'s first well, the Francis Thompson No. 1, being drilled on its interest in the Francis Thompson Lease, Madison and Richland Parishes, Louisiana, was commenced on August 11, 2010. Surface casing (8 5/8") was set and cemented with 275 sacks of class A cement to a depth of 390 feet. J Four Exploration & Production, operator on behalf of Regent, drilled out of surface on August 11 and reached the desired depth of 4,067 feet on August 14, 2010.
The wellbore was then conditioned and prepared for logging on the same day. Baker Atlas, a division of Baker Hughes, was contracted and performed a suite of logs that included High Definition Induction, Compensated Z-Densilog, Compensated Neutron, Gamma Ray and a TTRM Sub Mini Log.
Regent's target of the Tuscaloosa Sands Formation was found, and, as suspected, was approximately 50 feet up-dip from the adjacent control well. In addition, below the Tuscaloosa Sands, in the order of 200 feet of Barrier Sands Formation were noted by the driller and confirmed on the logs from 3,600 feet to 3,950 feet.
5 ½" production casing has been set and cemented to a depth of 4,001 feet. Well completion and testing of zones for production potential is ongoing. Regent is extremely pleased with the results to date on the Francis Thompson No. 1 well and is currently organizing financing for, and acquiring bids through J Four Exploration & Production, to begin work on the second well on their lease interest, which could commence as early as this week.
Additional Debt Financing
Regent is also pleased to announce that it has negotiated a Loan Agreement with two arms' length persons (the "Lenders") from Langley, British Columbia whereby the Lenders have agreed to loan the Company US$1,000,000, primarily to finance the drilling program for the second and third wells on its interest in the Francis Thompson Lease in northern Louisiana. The Loan Agreement provides that the loan shall be for a term of one year, bear simple interest at 8% per annum, payable monthly, and be convertible into shares in the capital stock of Regent at the election of the Lenders. The Company has agreed to pay a finders' fee in cash and shares with respect to the loan transaction.