Business
Carmen Energy Inc. announces corporate update and grant of stock options
CALGARY, Feb. 2, 2012 /CNW/ - Carmen Energy Inc. (TSXV: CEI) (" Carmen " or the " Corporati...
About this update from Cassiar Gold Corp
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Feb. 2, 2012 /CNW/ - Carmen Energy Inc. (TSXV: CEI) (\"Carmen\" or the \"Corporation\") is pleased to announce that it has spud a well in its Hamburg area of\n Alberta. Management of the Corporation expects drilling to take up to\n thirty-five days from the date of spud to reach contract depth and to\n review well logs.\n\n\nAdditionally, Petrus Resources Ltd. (\"Petrus\"), a privately owned energy\n company based in Calgary, Alberta is participating in the well and has\n the right to earn a 45% working interest in two sections of land in the\n Hamburg area of Alberta. Petrus is required to contribute 45% of the\n costs to drill to the contract depth, abandon, cap or complete, equip\n and tie-in the first option well.  The working interest is subject to\n the same non-convertible overriding royalty calculated on 100% of\n production of 1/15 (min. 5/10% and max 15/20%) on crude and 15/20% on\n all other petroleum substances that Carmen is subject to and payable to\n the original party whose property Carmen's farmin is with (as\n previously disclosed in a press release of the Corporation dated\n December 9, 2011) and subject to Crown Royalties.\n\n\nThe Corporation's Sylvan Lake 102/14-7-38-3w5 Leduc well has been on\n production since November 7, 2011, without artificial lift. The first\n thirty days of production averaged 35 barrels of oil equivalent\n (\"BOE/d\") per day consisting of 5 barrels of oil per day, 12 barrels of\n natural gas liquids per day and 108 Mcf/day net to the Corporation.\n Plans are being initiated to put the well on artificial lift. Carmen\n has a 15% working interest in the well. Carmen will provide a\n production update upon receipt of stabilized rates subsequent to\n implementation of artificial lift.\n\n\nThe Sylvan Lake 12-22-38-4w5 Leduc well has been completed and tested at\n noncommercial rates and is standing awaiting further evaluation.\n\n\nProduction at the Jumpbush area of Alberta well which Carmen owns a\n 37.5% working interest has maintained stable production rates of 8\n BOE/d (net) comprised of 5 barrels of oil per day and 18 Mcf/day.\n\n\nThe Corporation is also pleased to announce the implementation of an\n Executive Committee comprised of three members of the Board of\n Directors being Randy Harrison, Archie Nesbitt and Gerald Facciani. The\n role of the Exec...