BEN - TSX
CALGARY, June 6 /CNW/ - Berens Energy Ltd. ("Berens" or the "Company") is
pleased to announce that it has received an increase to its operating bank
facility to $57.0 million from its former level of $45 million. The increase
was based on a review reserves added from the Company's winter drilling and
tie-in activity. The bank facility combined with cash flow is expected to fund
the remaining 2006 capital program.
The second quarter drilling program is well under way with four of seven
Lanfine wells drilled and cased as potential gas wells. Upon successful
completion, these wells can be tied in quickly. In Pembina two wells (1 net)
have been drilled and cased as potential gas wells and a third well is
currently drilling. For the remainder of 2006 Berens plans to drill an
additional 11 (5.5 net) Pembina wells, seven Lanfine wells at 100% in
October/November and one (0.25 net) Deep Basin well.
Forward-looking statements: This press release may contain
forward-looking statements including expectations of future production, cash
flow and earnings. These statements are based on current expectations that
involve a number of risks and uncertainties, which could cause actual results
to differ materially from those anticipated. These risks include, but are not
limited to: the risks associated with the oil and gas industry (e.g.
operational risks in development, exploration and production; delays or
changes in plans with respect to exploration or development projects or
capital expenditures; the uncertainty of reserve estimates; the uncertainty of
estimates and projections relating to production, costs and expenses and
health, safety and environmental risks), commodity price and exchange rate
fluctuation.
%SEDAR: 00020114E
