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Re: News Releases - Monday, December 05, 2011
ENTERPRISE SPUDS MONTANA BAKKEN/THREE FORKS WELL
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Enterprise Energy Resources Ltd. ("Enterprise" or the "Company", TSX.V
- EER) is pleased to announce that it has spudded its first well,
Archer #1, in Sheridan County, Montana. Enterprise holds a 100%
working interest in approximately 30,000 net acres (47 net sections),
subject to a 10% back-in right.
The Archer #1 well is located on the northern edge of Enterprise's land
package and lies about 40km (25 miles) south west of several successful
Bakken wells drilled recently in Montana by one of the area's major
operators. The well will evaluate the oil potential of the underlying
formations, including the thick Bakken and Three Forks formations
within the Williston Basin in North Eastern Montana.
The Archer #1 well, with a TVD of 2,470 m (8,100 ft), is anticipated to
take about 14 days to drill, evaluate and case at an estimated cost of
approximately US$1.1MM.
"With the rapid north western migration of the productive Bakken and
Three Forks play, we anticipate that this well will demonstrate similar
positive prospectivity over Enterprise's land holdings. Historical
wells in this area have encountered both horizons and there is current
local production from deeper zones. Core taken from the well will be
evaluated for potential future well stimulation." commented Geoff
Carrington, President & CEO of Enterprise. "A successful well would
have a significant impact on the Company."
ENTERPRISE ENERGY RESOURCES LTD.
Per: "Geoffrey A. Carrington"
President & CEO
For further information please contact:
Investor Relations: 1-604-639-4672
Email: info@eerl.ca
Neither TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release constitute "forward-looking
statements". Such forward-looking statements include, without
limitation, statements relating to the extent and timing of its
drilling programs and the prospectivity of the Archer #1 well. While
the Company has based these forward-looking statements on its current
expectations about future events, the statements are not guarantees of
the Company's future performance and are subject to risks,
uncertainties, assumptions and other factors which could cause actual
results to differ materially from future results expressed or implied
by such forward-looking statements. Important factors that could cause
actual results to differ materially from the Company's expectations
include operational risks, the effects of general economic conditions,
and actions by government authorities. Further, although the Company
has attempted to identify factors that could cause actual actions,
events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. The Company's forward-looking statements reflect the
beliefs, opinions and projections on the date the statements are made.
The Company assumes no obligation to update forward-looking information
should circumstances or management's estimates or opinions change,
except as required by law.
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Copyright (c) 2011 ENTERPRISE OIL LTD (EON) All rights reserved. For
more information visit our website at http://www.enterpriseoil.ca/ or
send mailto:contact@enterpriseoil.ca
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Enterprise Oilfield Group, Inc.
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CODE : E.TO |
ISIN : CA29373A1057 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Enterprise Oilfield is based in Canada. Enterprise Oilfield is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 60.7 millions as of today (US$ 44.3 millions, € 41.4 millions). Its stock quote reached its highest recent level on April 01, 2011 at CA$ 3.89, and its lowest recent point on October 07, 2011 at CA$ 0.02. Enterprise Oilfield has 55 650 000 shares outstanding. |