Loon Participates in Colombia Well
18 Décembre 2007 - 3:00PM
Marketwired
CALGARY, ALBERTA (TSX VENTURE: LEY) announces its participation
in the drilling of the Delta #1 well in Colombia. The well, spud on
December 9th, is located within a 60,817 hectare block of lands
covered by the Buganviles Association Contract (the "Contract")
between Holywell Resources S.A. ("Holywell") and Ecopetrol, the
national oil company of Colombia. The Buganviles lands will reach
the end of their primary term during the drilling of the Delta #1
well. The well will be drilled to a total depth of approximately
8,000 feet. Estimated costs to drill and complete is approximately
$3.9 million with Loon's share being slightly over $1 million.
In the event that the well is cased for commercial production,
fifty percent of the lands or approximately 76,000 acres will be
retained for a period of two years. In the event that the well is
not cased for commercial production, the lands will expire. Under
the terms of an agreement with Kappa Energy Colombia Limited S.A.
("Kappa"), Loon will participate through Kappa in an arrangement
between Kappa and Holywell and will pay 26.4% of the costs of the
drilling and completion of the Delta#1 well to earn a 20% working
interest in the well and any of the retained lands.
Loon is an international oil and gas exploration and production
company having direct interests in Brunei, Syria, Colombia, Peru,
Tunisia and Slovenia and exposure to a major exploration and
development program in Pakistan through its shareholding in Jura
Energy Corporation. Loon has offices in Calgary (Canada), Dubai
(United Arab Emirates) and Bandar Seri Begawan (Brunei
Darussalam).
Some of the statements contained in this release may be
forward-looking statements. Forward-looking statements may include,
but are not limited to, statements concerning estimates of
recoverable hydrocarbons, expected hydrocarbon prices, expected
costs, statements relating to the continued advancement of the
Company's projects and other statements which are not historical
facts. When used in this document, and in other published
information of the Company, the words such as "could," "estimate,"
"expect," "intend," "may," "potential," "should," and similar
expressions are indicative of a forward-looking statement. Although
the Company believes that its expectations reflected in the
forward-looking statements are reasonable, the potential results
suggested by such statements involve risk and uncertainties and no
assurance can be given that actual results will be consistent with
these forward-looking statements. Various factors, which could
cause actual results to differ from these forward-looking
statements, include the potential that the Company's projects will
experience technical and mechanical problems, geological conditions
in the reservoir which may negatively impact levels of oil and gas
production and changes in product prices and other risks not
anticipated by the Company or disclosed in the Company's published
material. Since forward-looking statements address future events
and conditions, by their very nature, they involve inherent risks
and uncertainties.
The TSX Venture Exchange neither approves nor disapproves of the
information contained herein.
Contacts: Loon Energy Inc. (Calgary) Norman W. Holton Executive
Chairman (403) 264-8877 Email: nholton@loon-energy.com Loon Energy
Inc. (Dubai) Timothy M. Elliott President and Chief Executive
Officer +971-4-339-5212 Email: telliott@loon-energy.com Loon Energy
Inc. (Dubai) Jock M. Graham Executive Vice President
+971-4-339-5212 Email: jgraham@loon-energy.com Website:
www.loon-energy.com Brisco Capital Partners Corp. (Calgary) Gordon
Aldcorn Investor Relations (403) 262-9888 Email:
galdcorn@shaw.ca
Loon Energy (Tier2) (TSXV:LEY)
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