Business
Upper Lake Oil and Gas Ltd. provides operational update
CALGARY, Dec. 7 /CNW/ - Upper Lake Oil and Gas Ltd. (TSX:UP) ("Upper Lake" or the "Company") is p...
About this update from Mx Gold Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, Dec. 7 /CNW/ - Upper Lake Oil and Gas Ltd. (TSX:UP) ("Upper\nLake" or the "Company") is pleased to provide an update on its current\noperations. Since inception on October 15, 2007, Upper Lake has participated\nin the drilling of three wells, all of which are in various stages of\ncompletion, testing or being tied-in. Depending on weather and surface access,\nUpper Lake expects to participate in the drilling of up to three additional\nwells prior to year end, including one well currently being drilled in the\nTupper region of British Columbia.\n\n\nCertain information included in this News Release constitutes\nforward-looking information, including information concerning the number of\nwells in which the Company expects to participate prior to the end of 2007 and\nthe anticipated timing for tie-in of, and first production from, the\n15-04-43-28w4 well recently drilled by the Company at Ferrybank. Readers\nshould review the cautionary statement that appears at the end of this News\nRelease.\n\n\nUpper Lake is also pleased to announce that it has discovered a new gas\npool in its Ferrybank, Alberta core area. The 12-01-43-28 w4 well (48.15%\nworking interest), which was drilled as an extension to the Company's\nGlauconite gas pool, encountered an additional zone. The well has been\ncompleted as a dual zone gas well and both zones are now on production. Also\nat Ferrybank, Upper Lake has drilled and completed a pool extension oil well.\nThe 15-04-43-28 w4 well (100% working interest) initially tested light gravity\ncrude oil and associated solution gas at substantial rates. An extended test\nis underway and Upper Lake plans to have this well tied in and on production\nin mid January 2008. Upper Lake expects to provide 2008 guidance, including\nrates for these recently drilled Ferrybank wells, in late January 2008.\n\n\nUpper Lake remains debt free, has a revolving credit line of $8 million\nand a preliminary 2008 capital program of between $9 and $12 million.\n\n\nUpper Lake Oil and Gas is a Calgary-based company active in the\nexploration, development and production of oil and gas in Western Canada. The\nCompany was formed on October 12, 2007 when shareholders, optionholders and\nwarrantholders of Diamond Tree Energy Ltd. ("Diamond Tree") approved an\narrangement involving Upper Lake,...