Probe Resources Ltd.

Probe Resources Ltd.

February 04, 2010 09:38 ET

Probe Commences Production at East Cameron 36/37

THE WOODLANDS, TEXAS--(Marketwire - Feb. 4, 2010) - Probe Resources Ltd. (the "Company" or "Probe") (TSX VENTURE:PBR), along with its partners, including Petrodome Energy, LLC, are pleased to announce that production has commenced from the East Cameron Block 36 A-1 (formerly #1) and East Cameron Block 37 A-2 (formerly #1) wells located in the U.S. Gulf of Mexico. Production rates for the wells are expected to increase over the next few weeks until each realizes its sustainable production rate. Probe is operator and holds a 52% working interest ("WI") and a 35.4% net revenue interest ("NRI") in the wells prior to project payout. Petrodome owns a 44% WI and 32.1% NRI in the wells prior to project payout.

CEO and Chairman, Scott Broussard added: "We are pleased to announce the start up of production of both wells for the East Cameron Project. Drill-out, completion, and construction activities were successful, on time, and within the capital budget for the project. Upon the sustainable production rate being achieved over the next several weeks, we will look forward to providing updated production flow information at that time."

About Probe Resources Ltd.

The Company, along with its wholly-owned subsidiary Probe Resources US Ltd. located in The Woodlands, Texas, is an oil and natural gas exploration and production company focused on generating, acquiring, developing, and operating drilling prospects within the Texas and Louisiana Outer Continental Shelf of the Gulf of Mexico.


Scott Broussard, Chief Executive Officer and Chairman of the Board

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities in the United States. The Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Statements in this press release may contain forward-looking information including expectations of future operations (including drill rig commitments and use of proceeds), commerciality of any gas discovered, production rates, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income and oil taxes, regulatory changes, and other components of cash flow and earnings. 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 Company. These risks include, but are not limited to, the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, 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 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.

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