Aspire Capital Inc.

June 06, 2006 16:31 ET

Aspire Capital Inc. Announces Joint Venture Project in Louisiana


(Not for dissemination in the United States of America)

Theodore K. Cantlon, the President & Chief Executive Officer of Aspire, is pleased to announce that it and its 100% wholly owned U.S. subsidiary, CalStar Oil & Gas Inc. (CalStar), have entered into a Letter of Intent to participate for a 10% gross working interest in a well to be drilled by year end to test sands at the 10,000-11,000 ft level in a prospect in St. Landry Parish, Louisiana. The target location is defined by geology and 3-D seismic to be at the crest of a prolific, unexploited formation in a Unitized Field of over 4500 acres. The Unit has produced over 1TCFE of natural gas and natural gas liquids to date. Upon signature of final contracts, which is expected to take place before June 30, 2006, Aspire and CalStar will be part of a Joint Venture Group that will drill the target location at the earliest, practical opportunity. The Joint Venture Partners have the right to farm in to the entire Unit and will evaluate other potential uphole and downhole drilling opportunities after evaluation of the results of the first well.

Aspire and CalStar are also continuing evaluation of other opportunities to acquire and/or drill new gas and NGL Prospects in onshore Louisiana.

Additionally, pending Regulatory approval, Mr. Norman Johnson, CMA, has been appointed as Chief Financial Officer of Aspire. Mr. Johnson has over 30 years of experience in the energy sector and has held senior Management positions in both financial and administrative roles with a number of public Companies.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

Contact Information

  • Aspire Capital Inc.
    Ted K. Cantlon
    (403) 390-4911