VANCOUVER, BC, Feb. 7 /CNW Telbec/ - Exxel Energy Corp. ("Exxel") today
provided an update for its drilling activities underway in the Piceance Basin
natural gas development project. Exxel, through its wholly owned subsidiary,
Exxel Energy (USA) Inc. in partnership with Dolphin Energy Corporation, a
wholly owned subsidiary of Galaxy Energy Corporation, controls approximately
6,000 net undeveloped acres in the Piceance Basin. Exxel's ownership interest
in the development project is 75% or approximately 4,500 net undeveloped
acres.
In addition to the previously announced Clough RWF 14-13, a well drilled
and operated by Williams Production RMT Company in which Exxel acquired a
16.5% working interest, the Exxel/Dolphin joint venture has commenced drilling
the first two wells of a planned continuous drilling program in the area.
Exxel owns a 75% working interest in each of these two new wells. The Company
also owns a 25% interest in a well which was recently drilled within the
development project area by Antero Resources. The Antero well is now in the
completion process and results of a potential test for this well will be
announced when available.
Exxel is pleased to announce the appointment of Dr. Ben Law to its
Advisory Board. Dr. Law, B.Sc. Geol., M.Sc. Geol., PhD. Hon. is a nationally
and internationally recognized and published expert in Basin Centered Gas
Accumulations ("BCGA's"). Dr. Law's experience includes 27 years with the U.S.
Geological Survey where he received numerous honors and awards and produced
over 170 publications. His primary focus will be the Company's Columbia River
Basin project, an emerging BCGA which he has researched and written about
extensively.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
