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Value Assigned to Western Canada's Elmworth Gas Cap Interests
Value Assigned to Western Canada's Elmworth Gas Cap Interests
About this update from Wescan Energy Corp.
[{"type":"text","content":"Value Assigned to Western Canada's Elmworth Gas Cap Interests\n\n\n\nValue Assigned to Western Canada's Elmworth Gas Cap Interests\n\nCalgary, Alberta CANADA, November 05, 2008 /FSC/ - Western Canada Energy Inc. (WCE - TSX Venture), recently announced the acquisition of a 100% working interest in 1,980 acres of P&NG rights covering the gas cap to the Elmworth Doe Creek \"B\" Oil Pool. WCE's third party engineering evaluator, Fekete and Associates, has assigned proven plus probable gas reserves of 450 million cubic feet with a 10% net present value of $1.311 million to 640 acres of these lands. WCE is currently working with other operators in the gas cap to update a recovery optimization simulation study in advance of exploitation operations. WCE has plans to drill up to three test wells on its lands upon receipt of an ERCB order rescinding restrictions on the concurrent production of oil and natural gas. With a successful application, this order could be issued in the 1st quarter of 2009. \n\nFor further information please contact: Daniel P. O'Neill, Chief Executive Officer, or R. W. Shepherd, President, Chief Financial Officer and Corporate Secretary, Western Canada Energy Ltd., Telephone (403) 266-0955, email: [email protected]. \n\n*BOE's may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.\n\nCertain statements contained herein constitute forward-looking statements. The use of any of the words \"anticipate\", \"continue\", \"estimate\", \"expect\", \"may\", \"will\", \"project\", \"should\", \"believe\", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. These statements speak only as of the date of this presentation. The C...