RE: Sure Energy's Sure UpWhat a close today!!! The news release is great!
Here is the latest NR from SHR (i am sure you have all read this - but I will post it anyways)
SURE ENERGY INC. ANNOUNCES SECOND REDWATER WELL VIKING OIL TEST RESULTS
CALGARY, Oct. 27 /CNW/ - Sure Energy Inc. (SHR, TSX) ("Sure Energy" or "the Company") is pleased to report the production test results of its latest Redwater North horizontal well. The Viking formation was tested for three days and flowed a total of 818 barrels of light oil. Over the last 24 hours of flow production averaged 202 barrels of clean oil and 82 mcf of solution gas. Rates were restricted through a 3/8 inch choke with drawdown estimated at 13 percent.
The well is 100% owned by the Company and will qualify for the Alberta Government's Horizontal Oil New Well Royalty Rate of 5% for 24 months, to a maximum of 60,000 barrels.
The well was drilled from the same surface location as Sure Energy's successful Viking oil well announced on August 18th, 2010. The Company anticipates that both wells will come on production in early November when the construction of surface facilities and pipelines to handle the associated solution gas is complete.
The Company owns 7 3/4 sections of 100% working interest lands in the Redwater North Viking play. These lands have ERCB approved holdings allowing up to 4 wells per quarter section.
The development of Redwater North complements Sure Energy's development and production at Redwater South. The Company also completed the tie in of its 1-21-56-20W4M South Redwater well on October 25th and the well is now on production.
In total, Sure Energy has 7,495 acres of net undeveloped land on the Redwater Viking oil trend.
Sure Energy Inc. is a publicly traded oil and gas exploration and development company listed on the Toronto Stock Exchange under the symbol "SHR".
Forward-looking Information
Certain statements contained in this release constitute forward-looking information. These statements relate to future events or Sure Energy's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Sure Energy's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, Sure Energy's stated expected timing for the Redwater North horizontal wells to be on production is forward looking information. Sure Energy's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. Sure disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
%SEDAR: 00024118E
For further information: please visit our website at www.sureenergyinc.com or contact: Mr. Chris Baker, President and COO, Mr. Lance Wirth, Vice President, Finance and CFO, Phone: (403) 410-3100, Fax: (403) 410-3111, Email: info@sureenergyinc.com