CALGARY, ALBERTA--(Marketwire - Sept. 25,
2009) - Enterra Energy Trust ("Enterra" or the
"Trust") will participate in and operate an oil play in
Oklahoma outside of the seven counties where it currently has land
holdings. Enterra Energy Trust has accumulated a 40% interest in
approximately 9,000 acres and has an initial four well commitment with
drilling expected to begin in the fourth quarter of 2009. Participation
in this prospect provides the Trust with a second area of interest in
its Oklahoma operational area. The Trust will also be working with two
new partners to develop this play.
"This potential resource oil play opportunity complements the
Trust's liquids-rich Hunton natural gas resource play and it has a lot
of potential running room", commented Don Klapko, Chief Executive
Officer of Enterra, "Over the last several quarters we have been
actively pursuing opportunities to grow and enhance the company's value
and we are excited to be able to announce yet another step in this
direction which will expand our operations in Oklahoma. We have
intentionally focused on oil to further balance our production between
natural gas and oil. This
prospect potentially adds another 25 drilling locations to the more
than 100 drilling locations that we already have identified in our
Oklahoma operational area."
Enterra has signed a commitment agreement with its primary partner
regarding this drilling opportunity, with fully binding definitive
agreements to be executed in the near future.
About Enterra Energy Trust
Enterra is an exploration and production oil and gas trust based in
Calgary, Alberta, Canada with its United States operations office
located in Oklahoma City, Oklahoma. Enterra's trust units and
debentures are listed on the Toronto Stock Exchange under the symbols
(TSX:ENT.UN) (TSX:ENT.DB) (TSX:ENT.DB.A) and Enterra's trust units are
listed on the New York Stock Exchange under the symbol (NYSE:ENT). The
Trust's portfolio of oil and gas properties is geographically
diversified with producing properties located principally in Alberta,
British Columbia, Saskatchewan and Oklahoma. Production is comprised of
approximately 55 percent natural gas and 45 percent crude oil and
natural gas liquids. Enterra has compiled a multi-year drilling
inventory for its properties.
Forward-Looking Statements
Certain information in this press release constitutes forward-looking
statements under applicable securities law. Any statements that are contained
in this press release that are not statements of historical fact may be
deemed to be forward-looking statements. Forward-looking statements are
often identified by terms such as "may," "should,"
"anticipate," "expects," "seeks" and
similar expressions. Forward-looking statements necessarily involve
known and unknown risks, including, without limitation, risks
associated with oil and gas production; marketing and transportation;
loss of markets; volatility of commodity prices; currency and interest rate
fluctuations; imprecision of reserve estimates; environmental risks;
competition; incorrect assessment of the value of acquisitions; failure
to realize the anticipated benefits of acquisitions or dispositions;
inability to access sufficient capital from internal and external
sources; changes in legislation, including but not limited to income
tax, environmental laws and regulatory matters. Readers are cautioned
that the foregoing list of factors is not exhaustive.
Readers are cautioned not to place undue reliance on forward-looking
statements as there can be no assurance that the plans, intentions or
expectations upon which they are placed will occur. Such information,
although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may differ
materially from those anticipated. Forward-looking statements contained
in this press release are expressly qualified by this cautionary
statement.
Additional information on these and other factors that could affect
Enterra's operations or financial results are included in Enterra's
reports on file with Canadian and U.S. securities regulatory
authorities and may be accessed through the SEDAR website (www.sedar.com), the
SEC's website (www.sec.gov),
Enterra's website (www.enterraenergy.com) or by contacting Enterra.
Furthermore, the forward looking statements contained in this news
release are made as of the date of this news release, and Enterra does
not undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly required
by securities law.
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