Glamis Resources Ltd.
TSX VENTURE : GLM.A
TSX VENTURE : GLM.B

Glamis Resources Ltd.

November 08, 2007 12:19 ET

Glamis Provides Operations Update for Queensdale, Saskatchewan

CALGARY, ALBERTA--(Marketwire - Nov. 8, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS GLAMIS RESOURCES LTD.

Glamis Resources Ltd. ("Glamis" or the "Company") (TSX VENTURE:GLM.A) (TSX VENTURE:GLM.B) is pleased to provide an operations update on its Queensdale project in SE Saskatchewan. Glamis is focused on developing this light oil project and has been devoting the majority of its resources toward building a meaningful position in this area.

During the third quarter, Glamis increased its 100% working interest land position at Queensdale to 1,440 acres. Glamis has completed 5.9 square miles (9.5 square kilometers) of 3D seismic and, through its interpretation, has identified a number of horizontal development locations on Company lands. The first location has been surveyed and Glamis expects to spud this well within the next two weeks. A second horizontal well is expected to be drilled early in 2008. These wells are targeting high netback, light oil from the Alida formation. In addition, Glamis' technical team has identified two stand alone exploratory anomalies on Company lands.

As well, Glamis has a 70% working interest in 320 acres of land in the Griffin/Innes area of SE Saskatchewan. These lands are offsetting recently drilled Bakken horizontal wells and can be developed with upwards of 4 Bakken horizontal drilling locations.

Glamis' focus on southeast Saskatchewan is expected to comprise a large portion of the Company's 2008 capital expenditure budget which will be presented to Glamis' board in the coming months.

Glamis Resources Ltd. is a junior oil and gas company formed to generate and develop its own prospects, acquire oil and gas properties and participate with joint venture partners in oil and gas exploration and development in the Western Canadian Sedimentary Basin. The Company's Class A shares and Class B shares trade on the TSX Venture exchange under the symbols GLM.A and GLM.B. The Company currently has 14,771,655 Class A shares and 922,500 Class B shares outstanding.

FORWARD LOOKING STATEMENTS: Certain information regarding Glamis in this news release including management's assessment of future plans and operations, timing of drilling and tie-in of wells, productive capacity of the new wells and productive capacity from different wells, expected production rates, drilling success rates, dates of commencement of production, may constitute forward looking statements under applicable securities laws and necessarily involve risks including, 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, unexpected decline rates in wells, wells not performing as expected, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhausted. Additional information on these and other factors that could effect Glamis' operations and financial results are included in Glamis Resources Ltd. reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Furthermore, the forward looking statements contained in this news release are made as at the date of this news release and Glamis 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 has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Glamis Resources Ltd.
    Mr. Brent McKercher
    President & Chief Executive Officer
    (403) 265-7200 ext. 222
    (403) 265-7150 (FAX)
    or
    Glamis Resources Ltd.
    Mr. Darwin Little
    Vice President, Finance & Chief Financial Officer
    (403) 265-7200 ext. 225
    (403) 265-7150 (FAX)