Business
Kroes Energy completes first well in its central Alberta prospect
Kroes Energy completes first well in its central Alberta prospect.
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\n\nCALGARY, July 12 /CNW/ - Kroes Energy Inc. (TSX Venture: KRS) announced\ntoday that the first prospect in its central Alberta joint venture has\nresulted in a shallow gas completion.\nA shut-in well was re-entered and fractured in two zones. On short tests\nafter clean-up, the well produced 600 mcf/day from the two zones. A 100-metre\ntie-in to the existing area's gathering system is under construction. Kroes\nhas a 25% working interest in this prospect and its net share of production at\nthese rates is 150 mcf/day or 25 barrels of oil equivalent per day.\nKroes also participated in the drilling of a second well in the same\nregion, where it has a 12.5% working interest. The technical data from this\nwell is now being evaluated to determine whether it is capable of production.\nBy participating in this well, Kroes earned the right to participate in a\nprospect on an adjoining section that it is now evaluating.\nKroes has also paid certain seismic fees to participate in a well with a\n25% working interest. Drilling is expected to take place in September.\nFred Callaway, President of Kroes, said \"We are pleased that this program\nis now underway with encouraging initial results. We expect to participate in\na number of similar prospects over the remainder of 2006 and we look forward\nto announcing those results as they become available.\"\n\nKroes Energy is a junior oil and gas producer and explorer participating\nin the Lelyaki Oilfield redevelopment project in Ukraine, one of Eastern\nEurope's fastest growing economies. It also has a Joint Venture agreement in\ncentral Alberta. Kroes has a strong management team, with extensive\ninternational experience. Shares trade on the TSX Venture Exchange under the\nsymbol KRS.\n\nFORWARD-LOOKING STATEMENTS\n--------------------------\nThis disclosure contains certain forward-looking estimates that involve\nsubstantial known and unknown risks and uncertainties, certain of which are\nbeyond Kroes' control, including: the impact of general economic conditions in\nthe areas in which the Company operates, industry conditions, changes in laws\nand regulations including the adoption of new environmental laws and\nregulations and changes in how they are interpreted and enforced, increased\ncompetition, the lack of availability of qualified personnel or management,\nfluctuations in comm...