Canoro Resources Ltd.

Canoro Resources Ltd.

April 30, 2008 08:37 ET

Canoro Successful at Amguri 13B

CALGARY, ALBERTA--(Marketwire - April 30, 2008) - Canoro Resources Ltd. (TSX VENTURE:CNS) has encountered two hydrocarbon bearing zones in the Barail formation at Amguri 13B, based on log and drilling results. This well came in approximately 10 meters structurally higher than the original Amguri 1 discovery well.

The information gathered indicates the following:

- Approximately 10 meters of net oil pay and 24 meters of potential net gas pay in the Barail formation. The oil pay correlates to the Main Barail sand in Amguri 1, while the gas pay correlates to the upper gas zone previously tested in Amguri 1

- Confirmation and enlargement of a separate hydrocarbon pool from the main gas condensate pool

- Proved reserves should increase as there are no booked proved reserves currently for this pool

Amguri 13 achieved its objectives to evaluate the eastern part of the block and identify the Barail formation oil/water contact in the Amguri 1 discovery well. The Amguri 1 well had previously produced approximately 225,000 barrels of light oil prior to Canoro assuming operatorship of the field.

Further pool delineation is being planned using one of Canoro's two contracted rigs. Fast-track development options are being initiated with the evaluation of offset drilling locations.

Canoro is a Canadian-based international oil and gas company operating in the Assam/Arakan basin of northeast India. Canoro is the operator of Amguri field with a 60% working interest. Canoro is the operator with a 65% working interest in the AA-ON/7 exploration block. Canoro also has a 15% non-operated working interest in the AA-ONN 2003/2 exploration block.

Common shares of Canoro trade on the TSX Venture Exchange under the symbol 'CNS'.

This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond Canoro's control. Such risks and uncertainties include, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Canoro's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that Canoro will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to Canoro or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Canoro 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 may be required by applicable securities laws.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.

Contact Information

  • Canoro Resources Ltd.
    Rob McInnis
    VP, Business Development and Corporate Affairs
    (403) 543-5748
    (403) 543-5740 (FAX)