DeeThree Exploration Inc.
TSX VENTURE : DTX

DeeThree Exploration Inc.

October 09, 2009 09:00 ET

DeeThree Updates Lethbridge Operations

CALGARY, ALBERTA--(Marketwire - Oct. 9, 2009) –

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

DEETHREE EXPLORATION INC. ("DeeThree") (TSX VENTURE:DTX) is pleased to provide an update to its recent operations in the Lethbridge area.

As announced on September 22, 2009, the second well drilled in the third quarter of 2009 (100% working interest) was an exploratory well targeting deeper horizons. The well successfully encountered hydrocarbons in the target formation and was initially believed to be a new oil pool discovery. Upon completion of a recent hydraulic fracture stimulation, it is apparent that the pay zone is instead saturated with natural gas and has relatively high deliverability. During cleanup flow operations, the well produced at rates of approximately 1,000 Mcf/d for a period of 24 hours.

Martin Cheyne, DeeThree's President and Chief Executive Officer, commented, "Although somewhat unanticipated, these are positive results for DeeThree. Three of our first seven wells have encountered gas pools that are capable of high deliverability, which is a great indication of the exploration and production potential in the Lethbridge area. Furthermore, our proposed 18km pipeline extension is planned to pass directly by this latest discovery, which will minimize costs to tie this production into our 100% owned infrastructure."

Fieldwork on DeeThree's 36 square mile 3D seismic program is well underway, and the program is anticipated to be complete by mid-November. Additionally, the Company expects to commence a three well drilling program prior to the end of October in order to evaluate three new prospects.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release may constitute forward-looking statements. These statements relate to future events or the DeeThree's future performance and the potential increases in DeeThree's daily production rate. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. DeeThree believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon by investors. These statements speak only as of the date of this press release and are expressly qualified, in their entirety, by this cautionary statement.

In particular, this press release contains forward-looking statements pertaining to the following: the quantity of reserves, oil and natural gas production levels, capital expenditure programs, treatment under governmental regulatory and taxation regimes, expectations regarding DeeThree's ability to raise capital and to continually add to reserves through acquisitions and development, and projections of market prices and costs.

With respect to forward-looking statements contained in this press release, DeeThree has made assumptions regarding, among other things: the legislative and regulatory environments of the jurisdictions where DeeThree carries on business or has operations, the impact of increasing competition, and DeeThree's ability to obtain additional financing on satisfactory terms.

DeeThree's actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors that may include, but are not limited to: volatility in the market prices for oil and natural gas; uncertainties associated with estimating reserves; geological, technical, drilling and processing problems; liabilities and risks, including environmental liabilities and risks, inherent in oil and natural gas operations; incorrect assessments of the value of acquisitions; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel.

This forward-looking information represents DeeThree's views as of the date of this document and such information should not be relied upon as representing its views as of any date subsequent to the date of this document. DeeThree has attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as results and future events could differ materially from those expected or estimated in such statements. There is no guarantee made by DeeThree that the actual results achieved will be the same as those disclosed herein. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking statements included in this press release are made as of the date of this press release and DeeThree disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

BOE Presentation

References herein to "boe" mean barrels of oil equivalent derived by converting gas to oil in the ratio of six thousand cubic feet (Mcf) of gas to one barrel (bbl) of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Contact Information

  • DeeThree Exploration Inc.
    Martin Cheyne
    President and Chief Executive Officer
    (403) 263-9130