SLV tsxventure
CALGARY, Oct. 22 /CNW/ - Stealth Ventures Ltd. ("Stealth" or the
"Company") is pleased to announce an increase in gas production from that
reported previously, primarily due to tie-in operations on its current 70 well
program at Wildmere, Alberta. Since the inception of the play in early 2006
Stealth has progressed from a conceptual technology play to a commercial
producing asset, and production growth is now the focus of the Company.
The current drilling program began July 3rd, 2008 and is currently under
the budgeted $350,000 full cycle cost per well, with 63 wells drilled, 30
completed, and 19 tied-in and producing to date. The Company's estimated
production is currently increasing past 3.0MMcf/d (raw) from the Wildmere
field. Corporate production is 440 (net) BOE/D. The Company will bring on the
majority of new production during the fourth quarter.
Stealth has signed a letter of intent to farm-out a working interest in
its Nova Scotia Coalbed Methane (CBM) properties to a new private Canadian oil
and gas company. This multi-year joint venture will enable the Company to
advance towards commercializing the 1.6 TCF of net discovered CBM resource
booked on its two Nova Scotia onshore basins. Stealth will continue to operate
the properties.
Stealth Ventures Ltd. is a Calgary-based junior oil and gas company whose
expertise and focus is on "unconventional" gas reserves from shale gas, CBM
and tight gas sand reservoirs.
STEALTH VENTURES LTD.
"Derek Krivak"
Per: DEREK KRIVAK
Chief Executive Officer
Disclosure provided herein in respect of BOEs may be misleading,
particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is
based on an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS NEWS
RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL FUTURE RESULTS
MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED.
%SEDAR: 00008195E
