Business
CORRECTION AND RETRACTION - STORM CAT ENERGY CORP.
CORRECTION AND RETRACTION - STORM CAT ENERGY CORP..
About this update from Sama Resources Inc.
[{"type":"text","content":"\n\n\n\n\nAt the request of the TSXV Market Regulation Services, the following\nlanguage has been deleted from this news release: \"Internal, un-audited\nreserve projections for the 40 locations are 4 billion cubic feet.\" As per\nTSE Venture guidelines: \"Reserve estimates for disclosure must be made by an\nindependent qualified evaluator.\" The company hereby retracts this statement\nregarding reserve estimates from the 40 Powder River locations. The corrected\nrelease follows in its entirety.\n\n\n Storm Cat Energy Corporation Provides Operational Update;\n Completes Powder River and Fayetteville Shale Acquisitions\n\nCALGARY, Alberta and DENVER, May 16 /CNW/ -- Storm Cat\nEnergy Corp. (TSX.V: SME) today provided an update on the Company's U.S. and\nCanadian operations. It also announced the closing of two mineral leasehold\nacquisitions. The highlights of the Company's operations and details of the\ntransactions are included below.\n\nPowder River Basin\n\n Storm Cat's current production is approximately 4.2 million cubic feet\n per day (MMcfd) from 140 wells on its Powder River Basin properties.\n\n Activity in the Powder continues at a brisk pace. Drilling with three\n rigs will continue and a fourth rig will be added in as needed. The\n Company currently is experiencing an average cycle time from spud to\n first production of 15 days. This is a strong cycle time by industry\n standards.\n\n In early May, Storm Cat closed a mineral leasehold transaction in the\n Powder River Basin, Campbell County, Wyoming, with two private\n companies. The acquisition includes a 90% working interest in\n 3,942 gross / 3,548 net undeveloped acres. As consideration, Storm Cat\n paid 50% in cash at closing and the private companies retain a carried\n interest as to capital costs covering their 10% working interest to be\n paid over a period of 18 months after closing. The acquisition expands\n Storm Cat's core Powder River operating area by providing up to an\n additional 40 gross multi-seam locations prospective for CBM\n development drilling based on 80-acre spacing. The leasehold consists\n of primarily federal lands.\n\nElk Valley, British Columbia\n\n The Company finished completing the a-84-L and the d-85-L wells drilled\n in December 2005. The a-84-L well, completed in the \"F,\" \"G\" and \"H\"\n coal seams by fracture stimulating do...