Vangold Resources Ltd.: Drilling Permits Issued for Killam Oil Field.VANCOUVER, British Columbia -- DRILLING TO COMMENCE Vangold Resources Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:VAN) ("Vangold") is pleased to announce that the operator of the Killam North Oil Field Project, Culane Energy Corp. (TSX VENTURE:CLN CLN Clean CLN Community Learning Network CLN Colon CLN Celsion Corporation CLN Class Library for Numbers CLN Credit Linked Note CLN Comitato di Liberazione Nazionale (Committee of National Liberation) CLN Corn Lethal Necrosis ) ("Culane"), has obtained the first two drilling licences from the Alberta Energy and Utilities Board ("EUB EUB Energy and Utilities Board (Alberta, Canada) EUB EU–Büro (Bundesministerium für Bildung und Forschung; German ministry of Science) EUB Electric Upright Bass EUB European Union Bank EUB Essential User Bypass "). The Killam North Oil Field Project is located in Central Alberta, Canada. Vangold holds a 26.25% interest in this field. On August 31, 2005, Vangold announced that the EUB had given the Killam North project a new oil pool status named the Mannville F2F "Face-to-face." For example, "let's meet and work it out F2F." See digispeak. F2F - face-to-face pool and had granted good production practice to Culane. It was also reported that Culane had completed and submitted the holding application for the development of Killam North to the EUB which, upon approval, would allow Culane to commence its horizontal development drilling program. Drilling of the new wells is scheduled to commence the week of October 24, 2005. The Killam test well has been producing 120 BPD since its completion in January, 2005. Culane plans to drill 14 additional horizontal legs by January, 2006. Drilling will be continuous with each triple leg horizontal well taking approximately 2 weeks to complete. In addition to the 14 horizontal legs, 2 water injection wells will be drilled during this program. The development of this oil field will have a significant positive impact on Vangold's oil and gas revenues. Pending the successful completion of this 14 horizontal well program, Vangold anticipates that further wells could be developed in 2006. Vangold Resources Ltd. is a diversified natural resource company with a portfolio of 22 advanced stage projects. Vangold's upcoming oil and gas drilling programs in Alberta, Canada, include Sarcee, (the Sarcee 12-13-23-4W5M well is estimated to be 20 to 30 BCF (Sproule Associates Ltd.)); Rocky Mountain House Rocky Mountain House, town (1991 pop. 5,461), S central Alta., Canada, at the foot of the Rocky Mts. and the confluence of the North Saskatchewan and Clearwater rivers. Deep Gas Basin (close to Shell's trillion cubic feet pool) and developing the 30 well potential at Killam Oil Field. In the gold sector, drilling will commence in December at Mt. Penck (Papua New Guinea Papua New Guinea (păp`  ə, –y ) which has been compared to Nevada's Round Mountain Mine (9 million ounces). Vangold also has licenses covering over 60 sq km in the prospective Kilembe copper/cobalt belt in Uganda. On Behalf of the Board of VANGOLD RESOURCES LTD. Dal Brynelsen, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept resp onsibility for the adequacy or accuracy of the content of this news re lease. Vangold Resources Ltd. (TSX VENTURE:VAN) |
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