Exceed Energy Inc.

Exceed Energy Inc.

December 07, 2007 02:21 ET

Exceed Completes Bashaw Well

CALGARY, ALBERTA--(Marketwire - Dec. 7, 2007) - Exceed Energy Inc. ("Exceed" or the "Company") (TSX VENTURE:EX.A)(TSX VENTURE:EX.B) has completed two zones in its recently drilled and cased well (12% net working interest) at 3-12-42-21W4M in Bashaw, Alberta. The Company perforated and temporarily suspended the Ostracod zone which swab tested unsatisfactory amounts of oil and water. The Company then completed the Sparky zone and performed a two day production test. The Sparky zone produced at a stabilized rate of 970 mcf/d through a 6.35 mm choke. The Viking zone that was drill stem tested at rates from 1.7 to 2.0 million cubic feet per day through a 12.5 mm choke was not completed at this time. Pipeline operations are expected to commence soon and the well is anticipated to be on production in the first quarter of 2008.

Exceed's Class A and Class B shares trade on the TSX Venture Exchange under the symbols "EX.A" and "EX.B" respectively.

Forward Looking Statements

This press release may contain forward-looking statements including expectations of future production, cash flow and earnings. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projects relating to production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional information on these and other factors that could affect Exceed's operations or financial results are included in Exceed's reports on file with Canadian securities regulatory authorities that may be accessed at www.sedar.com.

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

Contact Information

  • Exceed Energy Inc.
    Richard Wolfli
    President and CEO
    (403) 508-1852
    (403) 508-1781 (FAX)