BWD provides updatesBowood Provides Operational and Alberta Bakken Updates9/30/2010 9:01:45 AM - NFD
CALGARY, ALBERTA, Sep 30, 2010 (Marketwire via COMTEX News Network) --
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BowoodEnergy Inc. (TSX VENTURE:BWD) ("Bowood" or the "Company") is pleased toprovide updates on its ongoing operations in the greater Armada area,the Alberta Bakken play and on its corporate bank lines.
ALBERTA BAKKEN
Duringthe month of September, Bowood continued to strategically add to itsland position in the southern Alberta Bakken play. Following thecompletion of the previously announced leasing arrangement with theBlood Tribe, the Company will hold approximately 117,000 net acres(46,800 net hectares) or 183 sections of petroleum and natural gasrights, which the Company believes are on trend and highly prospectivefor the Alberta Bakken oil resource play.
ARMADA OPERATIONS
Duringthe month of September, Bowood finished completions on two (net 1.2)wells in the greater Armada area which were directionally drilledearlier this year. One well is a potential dual zone gas producer withinitial post frac gas rates in excess of 2 MMCF/day. Equipping andtie-in to third party facilities is underway and anticipated to becompleted by the end of October. The second well, following fracturestimulation and clean up, was tested for 3 days and final rates were 65barrels/day of oil and 250 mcf/day of gas. This well is alsoanticipated to be on production by the end of October.
Threeadditional wells (net 1.95) were drilled directionally and cased inArmada in September with multiple prospective zones in each well.Completion operations will begin in October on all three wells.
BANK LINE
OnSeptember 2, 2010 the Company completed a new banking facility withCanadian Western Bank, replacing the facility that was in place at June30, 2010. This new facility is an $8.0 million revolving term demandcredit facility.
About Bowood Energy Inc.
Withoperations based in Calgary, Alberta, Bowood Energy Inc. is a TSX-VTier 2 corporation. Through its wholly owned subsidiary, Bowood EnergyLtd., the Company is engaged in the acquisition, exploration,development, and production of oil and gas resources. Projects arecurrently situated in the Province of Alberta.
Bowood Energy Inc.
Robert Mercier, President & CEO