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Texalta Petroleum Ltd.: Wordsworth Area, Saskatchewan: New Pool Discovery
CALGARY, ALBERTA - Texalta Petroleum Ltd. (TSX VENTURE: TEX.A) is very pleased to confirm an extraordinary discovery for the Company: a new Alida oil pool at East Wordsworth, Saskatchewan. The Texalta et al Wordsworth East HZ 2A2-23-4B11-14-7-3 W2 well reached total horizontal depth of 2033 meters encountering approximately 300 meters of potential oil pay in the horizontal section.
Production testing began on June 7, 2006 and on June 8, 2006 with the end of tubing set at 1600 meters in the horizontal hole, the well flowed oil at a rate of 4.4 cubic meters (28 bbls) per hour for a sustained period of 3 hours. On June 9, 2006 with the tubing set at 1274 meters in the intermediate casing string the well flowed at a rate of 3.8 cubic meters (24 bbls) per hour. Insignificant amounts of brackish and fresh water were encountered which were not formation water.
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On Friday June 11, 2006 the well was completed as a flowing oil well producing at a rate of 3.0 cubic meters (19 bbls) per hour against an 8/64" choke. The above flow rate is equivalent to 456 bbls of oil per day. Significant associated gas accompanies the oil production and a market for the associated gas is present at the nearby Carlyle Alida pool (Section 35-7-3 W2M), a distance of about 2.5 miles away.
Texalta holds a 47.50% working interest in the East Wordsworth project area and is the operating partner. The project area covers 1920 acres of both Crown and Freehold mineral leases. The Company is planning additional seismic work and further drilling in the project area as soon as practicable, with the expectation of substantial production increases from the Alida pool which may contain up to 4 million barrels of oil and associated gas.
In addition to the foregoing, Texalta has recently completed two other seismic surveys in the region in order to firm up drilling locations for other joint venture projects in the greater Carlyle Queensdale area of Saskatchewan.
TEX.A is engaged in the exploration, acquisition and development of prospective oil & gas properties in Saskatchewan and Alberta, Canada. In addition, the Company holds a 50 percent working interest in two exploration permits covering in excess of 5.5 million acres of prospective land in the Georgina Basin, Northern Territory, Australia.
This press release includes certain forward-looking statements. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Mr. William H. Nixon
Texalta Petroleum Ltd.
President
(403) 255-8380
(403) 255-8007 (FAX)
Email: texalta@texalta.com
Website: www.texalta.com
Source: Texalta Petroleum Ltd.
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