SLV tsxventure
CALGARY, Nov. 14 /CNW/ - Stealth Ventures Ltd. ("Stealth" or the
"Company") is pleased to announce that natural gas production from the
Wildmere field is rapidly increasing past its previously announced 3.0MMcf/d
(raw) 440 BOE/D net production. Ongoing tie-in operations at Wildmere, Alberta
have added to existing production and cash flow, with 34 of the 68 wells
drilled, tied-in, and producing. The drilling program kicked-off on July 3rd,
2008. Drilling was completed on October 27th, 2008, with final drilling costs
coming well under budget. It is expected that the Company will beat its
projected full cycle cost of $350,000/well, and it is on time to complete
tie-in operations by year end.
The Company also announces that Mr. R.H. MacDonald has resigned as a
Director, effective November 10, 2008, although he will remain a consultant to
the Company and a part of its operational team as the Company continues
exploration efforts to develop the over 1.6 TCF of discovered Coalbed Methane
resource through proposed joint venture opportunities. Stealth Management and
Directors would like to personally thank Mr. MacDonald for his years of valued
input and guidance to the Company. Mr. MacDonald will retain the 250,000 share
option granted to him on March 23, 2005 exercisable at $0.55 per share until
March 23, 2010, and the 100,000 share option granted to him on May 19, 2006
has been re-priced from $2.30 per share to $0.98 per share, subject to
regulatory acceptance, with the expiry date for this option having been
accelerated from May 19, 2011 to March 23, 2010.
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
