RE: That's itHere's the full PR's from TIP.TSX
Tyner Resources Ltd.: New Acquisition and Palo Duro Update; Sentell Field Acquisition
17:50 EDT Wednesday, April 26, 2006
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 26, 2006) - Tyner Resources Ltd. ("Tyner") (TSX VENTURE:TIP) announces that its wholly owned subsidiary, Tyner Texas Operating Company ("Tyner Texas"), has entered into a 50/50 joint venture acquisition agreement with Dynamic Resources Corporation of Las Vegas, Nevada ("Dynamic"), to acquire an acreage position in a hydrocarbon producing field in Northwest Louisiana. The opportunity is within Bossier County, Louisiana, covering 4 to 10 sections, in a field where two wells currently produce from a single 8,300 foot zone. Of particular interest is the shallower production in the adjacent areas, which has been established in not less than 7 zones. These zones have never been evaluated within the target acreage. Further potential exists from the Smackover sands which have been active and successful within 10-20 miles of the acreage and could extend into our area of interest. The deeper unproduced Cotton Valley sands below 8,300' and the Hosston sands from 4,300' to 5,000' are also primary targets. Based on an independent assessment of existing production and well logs, the total remaining reserves may be 150 Bcf at one well per 80 acres.
Tyner Texas and Dynamic have paid an upfront prospect fee for costs incurred to date of US $50,000 and will pay a US $20 per acre fee to Sierra Pine Resources International ("SPRI") for all leasehold, mineral interests or contractual rights acquired by SPRI within the prospect area. To date SPRI has assigned 2,500 acres of a prospective 6,000 acres to the joint venture. Bonus payments on the leases of an average of $175 per acre are for a three year term. On the farm-in acreage, the joint venture has an obligation to drill a well within the first year to earn the acreage. The joint venture is currently assessing drilling rig availability for a September 2006 spud date. If either Tyner Texas or Dynamic as parties to the joint venture, default on any payment, the non defaulting party can assume the defaulting parties 50% interest in the prospect for the payment of half of that parties cost outlay.
PALO DURO UPDATE
The joint venture partners of the horizontal Foster well comprised of Tyner, through its wholly owned subsidiary Tyner Texas, Basa Resources, Inc. ("Basa") and Apollo Energy Operating Company, LP ("Apollo"), set pipe and cemented the well on March 4th 2006 and completed the perforation of the first leg of the Foster horizontal well on April 10th 2006. The joint venture has planned a five to six stage frac stimulation program of the horizontal extension, which will start at the toe of the horizontal well. On April 20th 2006, Schlumberger initiated the first stage frac of the outer perimeter of the horizontal extension. However the shale was tight in this area, as indicated by previous logs and propant injection did not meet the frac specifications. The joint venture is awaiting the opportunity to review core data from the adjacent Bankers Petroleum well before proceeding with the next stage of the horizontal frac. This well was joint-ventured with Basa and Apollo to drill a 2,400 foot horizontal leg, as a re-entry from the vertically drilled Foster well. This well was first drilled by Basa during November 2005. Of the 2,400 feet of horizontal leg drilled, approximately 1,900 feet has now been identified as traversing the "sweet spot" highlighted by the vertical well logs.
Tyner has commissioned Source Capital Partners ("Source Capital") of Phoenix, Arizona, to provide Corporate Finance Services for an initial term of one year to the Company and to provide assistance to expedite the exercise of approximately 1,900,000 warrants which expire in May 2006 and are held by clients of Source Capital. Subject to TSX approval the Company will issue to Source Capital a 200,000 warrant exercisable at US $0.60 per share as consideration for the Services.
ON BEHALF OF THE BOARD
Paul Larkin, President
Forward-Looking Statements: Statements in this release that are forward-looking