Printer Friendly

Assure Continues to Grow Through the Drill Bit.

CALGARY, Alberta -- Assure Energy, Inc. (Assure) (OTCBB:ASURF) is pleased to announce that it has drilled the 4 wells announced to be drilled in its May 14, 2004 news release and expanded its Spring Program to a total of 6 wells drilled. Assure drilled or participated in 3 gas wells and 3 oil wells. 2 of the 3 gas wells indicated pay on logs and are scheduled to be completed and tied in to production for September at which time the amount of increased gas production can be announced. The 3rd well was abandoned. All 3 of the oil wells are presently pumping oil at a combined rate of approximately 120 barrels per day (bbls/d).

Harvey Lalach, President stated, "again we are pleased with our team's ability to grow this company through the drill bit by sourcing multi-zone opportunities within our core areas. We are planning for 3 additional wells to be drilled and one well previously drilled to be completed by the end of this summer in addition to preparing for a busy winter drilling season ahead. With oil just hitting US$43 per barrel and gas prices rising we are going to punch some more holes."

Edson, Alberta

Assure participated for a 25% interest in a deep test gas well in the Edson area of Alberta. The well tested at a stabilized rate of 2.2 million cubic feet of gas per day (mmcf/day) and is slated for tie in with a gas production transportation contract at a rate of 1.5 mmcf/d commencing September 1. Assure has earned 3 sections of land (1920 gross acres - 480 net acres) and an area of mutual interest with its partner. Further geological modeling is underway to determine the potential of additional drill locations on the offsetting sections.

Enchant, Alberta

Assure participated for a 38% interest in a test gas well in the Enchant area of Alberta. The well logs indicated 2 potential pay zones in the Manville Group and was cased and is now awaiting completion and production testing. Tie-in is scheduled for the 3rd quarter of 2004. Assure has 6.5 sections of land (4104 gross acres - 2570 net acres) and varying interests in 5 producing wells in the Enchant area. Further drilling of this multi-zone area is scheduled for this summer.

Lloydminster, Saskatchewan

Assure successfully drilled 3 heavy oil wells. The 3 wells encountered multiple potential pay zones and were completed as General Petroleum oil wells presently producing at a combined rate of approximately 120 barrels of oil per day. Assure has a 100.00% BPO (70.00% APO) working interest subject to a sliding scale convertible gross overriding royalty interest in these 3 oil wells. Additional development drilling locations have been identified and are expected to be part of Assure's fall 2004 drilling program.

Tim Chorney, Assure's Operations Manager stated, "We are presently building a road to allow for completion and tie-in one of the dual zone potential gas wells drilled during last winter to get production on stream for September. Plans are underway to complete and tie in the 3 remaining wells, also drilled last winter, once freeze up occurs this fall."

Assure and Quarry exit 2nd Quarter Net Consolidated Production was approximately 1475 boe/d combined (60% Oil: 40% Gas).

ABOUT ASSURE ENERGY, INC.

Assure Energy, Inc. is an Alberta, Canada corporation that is principally engaged in the exploration, development and acquisition of petroleum and natural gas located in Western Canada. Assure operates through its wholly owned subsidiary Assure Oil & Gas Ltd. and its wholly owned subsidiary Westerra 2000 Inc. Assure owns approximately 51% of the issued and outstanding shares of Quarry Oil & Gas Ltd., an Alberta corporation, through Assure Holdings Inc. Assure trades on the OTCBB under the symbol ASURF.

ABOUT QUARRY OIL & GAS LTD.

Quarry Oil & Gas Ltd., an Alberta, Canada corporation, is a junior oil and gas company engaged in the exploration and development of petroleum and natural gas properties located in Western Canada. Quarry's common shares trade on the TSX Venture Exchange under the symbol QUC.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks defined in this document and in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

To find out more about Assure Energy, Inc. (OTCBB: ASURF) visit our website at www.assure-energy.com
COPYRIGHT 2004 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Jul 29, 2004
Words:851
Previous Article:Pine Lake Corn Processors Ethanol Plant Underway in Iowa, an Advisory from Industrialinfo.com.
Next Article:Active Power Receives $2.75 Million Order for New Megawatt UPS.


Related Articles
Disappointment in the deep Pacific.
ECUSA condemns drilling in Arctic: proponents cite national security.
Ultra160 SCSI Technology Adapts Itself To TA-04 Linux.
Four sue to stop drilling for natural gas pipeline.
Atlas Copco Exploration Products: company of the year (51+ employees).
Registration techniques for advanced technology PCBs: or, so you think you can really do two-track routing?
Mushrooms for food & medicine: discover spore magic with mushroom magnate Tom Magruder.
Keep offshore off-limits.

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters