RE: News Release on Third Cardium WellMore news
Solara Exploration Ltd (C-SAA) - News Release
Solara drills, cases, completes two Dewberry wells
2011-01-07 09:31 ET - News Release
Shares issued 75,474,494
SAA.A Close 2011-01-06 C$ 0.64
Mr. Donald Holding reports
SOLARA EXPLORATION ANNOUNCES DINA HORIZONTAL DRILLING SUCCESS AND UPDATE ON CORPORATE ACTIVITIES
Solara Exploration Ltd. has recently drilled, cased and completed two horizontal wells in the Dina formation on its 100-per-cent working interest lands in Section 21-53-4 W4M at Dewberry in eastern Alberta. The company placed one of the wells on production for a test period while it cleans up and recovers load fluid and formation sand. Production equipment is currently being installed on the second well which is expected to be on production within the next few days. Solara will report on the initial stabilized daily oil production rates for the two wells within seven to 10 days.
The company also reports that prior to year-end 2010, it issued 3,062,300 Class A shares pursuant to the exercise of various broker and shareholder purchase warrants raising $579,680 in new capital. In addition, officers and directors of Solara exercised 1,111,661 stock options at 35 cents per Class A share for total proceeds of $389,081. The company also advises that in December, 2010, it returned to treasury and cancelled 874,500 Class A shares which it had purchased pursuant to its normal course issuer bid over the past several months.
The company also announces that effective Dec. 31, 2010, its major lender increased its operating lines from $9.25-million up to $13.5-million based on recent production and reserve additions