Strange Days
PCQ with no reserves as of yet trading at .30 on this news and then you have today's news on a current near term Gulf producer, PRB.v with 3 wells ready to produce among others to come, having increased their flow rate another 25-35 MMcfd and going to be generating in the range of $6 million USper month trading at .23 - Go Figure!
HOUSTON, TEXAS--(Marketwire - Jan. 5, 2009) -Probe Resources Ltd. (TSXVENTURE:PBR) (the "Company" or "Probe") ispleased to announce thatcommercial gas reserves have been discovered inthe Probe operatedSouth Timbalier 214 A-6 Sidetrack #1 well located inthe U.S. Gulf ofMexico. The well has reached total contract depth of15,825' MeasuredDepth ("MD") and 14,751' True Vertical Depth ("TVD").The Companyencountered its primary objective in the Buliminella 1formation,logging 88' feet of TVD net pay which exceeded theCompany'sexpectations. The anticipated gross production rate from thisformationis 25 - 35 MMcfd based on similar well performance in thearea. Probeholds a 100% working interest ("WI") and a 70% net revenueinterest("NRI") in the well.
Production casing is currentlybeing run in the well withcompletion operations to immediately follow.The well was drilled froma Probe-owned production platform in theadjacent block which isconnected to the NYMEX premium market via aready-for-service exportpipeline. Production will commence once thecompletion has occurred,which is expected later this month.
Detailsof the current drilling program are more fully described intheCompany's National Instrument 51-101 report filed December 22, 2008andavailable for review at
www.sedar.com and on the Company's website.