Looking for advice on RYD....Hello fellow investors:
I'm not trying to spam this board but I'm looking for some advice on RYD. I own both OPC and RYD but to be honest I really don't have the knowledge to accurately decipher this NR from RYD and can't make a decision about whether it's a good play or not. I know that's nowhere near the same league as OPC but maybe there's some upside to it. I'd appreciate any comments from the oil experts who hang out here, thanks.
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Ryland Oil Provides Corporate Update08:00 EDT Wednesday, May 27, 2009
VANCOUVER,BRITISH COLUMBIA--(Marketwire - May 27, 2009) - Ryland Oil Corporation(TSX VENTURE:RYD) is pleased to provide an update on its corporateactivities and operations.
On April 21, 2009Ryland announced that it has engaged GMP Securities LP as a financialadvisor and agent to assist the Company in reviewing and assessingcorporate strategies, which may include a sale or merger of theCompany, an asset sale, or a teaming agreement with one or moreindustry partners. The Company has recently completed a confidentialinformation memorandum respecting its properties, operations andvarious prospects with potential numbers of wells, which will be sentby GMP to interested parties this week. The Company has also set up anelectronic data room which interested parties will be able access aftersigning a confidentiality agreement. Interested parties will be invitedto submit business proposals by June 19, 2009.
TheCompany's recent operations efforts have focused on evaluating andoptimizing production from wells completed in early 2009. The Hardy2D7-9-3D2-16-04-21W2 is a horizontal well in the Middle Bakken thatestablished production from a new field area. The well was veryrecently returned to production following installation of a larger pumpdesigned to allow more efficient production of the reservoir.Production rates increased from 48 barrels of oil per day ("BOPD") to100-110 BOPD. The Company is very encouraged by this initial increasein production rates resulting from larger pumping capacity. Furtheroptimization work may be conducted after monitoring well performancefor a period. Management believes that results from the Hardy well todate are indicative of a conventional quality reservoir. The Companyholds a 100% working interest in 12,000 leasehold acres in the Hardyprospect, with up to 60 net well locations.
TheRoncott 2A1-6-2D1-31-05-24W2 is also a Middle Bakken horizontal wellwhich was drilled approximately two miles east of the establishedRoncott Field. Several minor refinements to the multi-stage fracturestimulation treatment appear to have yielded significant improvement inthe well performance relative to previous completions in the area.Current well production is 58 BOPD with very limited reservoirdrawdown. The Company will be completing a workover within the nextweek to further increase the pump capacity on this well. Following abrief evaluation period of the results of increasing the size of thepump, plans are in place to conduct a similar completion on therecently drilled Roncott 1A-1-6-1D-16-6-06-24W2 well and are-stimulation treatment of the Roncott 4B-4-36-3C-13-36-05-25W2 well.The workover/completion program is contingent upon Ryland raisingadditional working capital.
Total netproduction from all of Ryland's producing wells is approximately210-220 BOPD at this time. Management believes that with limitedcapital expenditures covering the workover/completion program describedabove, production could be increased by up to 140 BOPD.
RYLAND OIL CORPORATION
Gerald J. Shields, President
Issued and Outstanding: 193,576,106
FOR FURTHER INFORMATION PLEASE CONTACT:
Ryland Oil CorporationJim WelykochyVice President Corporate Development(403) 861-1242www.rylandoil.com
TheTSX Venture Exchange has not reviewed and does not accept anyresponsibility for the adequacy or accuracy of this news release, andno regulatory authority has approved or disapproved the informationcontained herein."