Primera Energy Resources Ltd.
TSX VENTURE : PTT

August 25, 2010 17:00 ET

Primera Energy Resources Ltd. (TSX-V:PTT) Provides Operational Update

PORT OF SPAIN, TRINIDAD & TOBAGO AND CALGARY, ALBERTA--(Marketwire - Aug. 25, 2010) - Primera Energy Resources Ltd. ("Primera" or the "Corporation") (TSX VENTURE:PTT) is pleased to provide an operational update.

Trinidad Exploration Update

Snowcap-1, the second of two Trinidad exploration wells planned in 2010, reached a total measured depth of 8,600 feet on August 15, 2010 and has tested a 3D defined structure in the Herrera formation. The well penetrated both the primary and secondary objectives in the Herrera and the Eocene respectively.

Based on open hole wireline, mud logs and cutting samples, the well encountered potential hydrocarbon bearing sandstones with oil and gas shows over an approximate aggregate 300 ft gross interval. The potential hydrocarbon bearing sandstones occurred in several secondary Eocene zones from a gross measured depth of approximately 7,940 ft to 8,035 ft, 8,090 ft to 8,135 ft, and 8,340 ft to 8,445 ft, respectively. In the primary Herrera zone, the well encountered several potential hydrocarbon bearing sandstones from a measured depth of approximately 4,580 ft to 4,610 ft, 4,650 ft to 4,660 ft and 4,680 ft to 4,700 ft, respectively.

Primera and its partners elected to case the well to a total measured depth of 8,600 ft to enable testing of the prospective zones.

Parex as operator expects to have a service rig move onto the Snowcap-1 location to conduct a multi-zone testing program, subject to regulatory approval.

The drilling rig was released on August 22, 2010.

Firecrown-1, the multi-zone testing equipment is presently on the Firecrown location awaiting regulatory approvals prior to commencement of the testing exercise.

As reported earlier, the Firecrown-1 well was the first of two Trinidad exploration wells planned in 2010, reached a total measured depth of 8,701 feet on June 14, 2010 and penetrated both the primary and secondary objectives in the Herrera formation.

Based on wireline, mud logs and cutting samples, the well encountered hydrocarbon bearing sandstones with oil shows in the secondary Herrera zone from a measured depth of approximately 6,600 ft to a measured depth of approximately 7,220 ft. In the primary Herrera zone, the well encountered hydrocarbon bearing sandstones from a measured depth of approximately 8,150 ft to a measured depth of approximately 8,275 ft.

The C1 to C5 gas detector readings at both Firecrown-1 and Snowcap-1 are indicative of gas wetness and were present in both Herrera zones. The wet gas readings are an indication of potential oil. While gas readings are one indicator of hydrocarbons this does not indicate commercial net pay. An estimate of net pay is expected to be published once all testing is completed in a satisfactory manner. The test results program will be a determinant of commercial quantities of hydrocarbons.

Statements in this press release may contain forward-looking information including expectations of future operations, testing and plans. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the issuer. These risks include, but are not limited to, the risks associated with the oil and gas industry and well completion and testing, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in testing, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, or reservoir performance, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.

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

Contact Information

  • Primera Energy Resources Ltd.
    Geoffrey Leid
    C.E.O.
    (868) 378-5343