Sierra Vista Energy Ltd.
TSX VENTURE : SVR.A
TSX VENTURE : SVR.B

Sierra Vista Energy Ltd.

October 02, 2007 15:36 ET

Sierra Vista Announces Granting of Extension of Spud Date Under Farm-In Agreement

CALGARY, ALBERTA--(Marketwire - Oct. 2, 2007) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Sierra Vista Energy Ltd., (TSX VENTURE:SVR.A) (TSX VENTURE:SVR.B) ("Sierra Vista" or the "Company") announces that the Company has been granted a 15-day extension from October 1, 2007 to October 15, 2007, for which to spud the next well under the current farm-in agreement in the Ante Creek area. All remaining obligations, earning provisions and penalty provisions within the agreement remain the same. The Company has already earned a 65% working interest in 3.25 sections in the Ante Creek area pursuant to this farm-in agreement. The farm-in agreement provides that should the Company fail to meet any of the spud date obligations or any other obligations thereunder, the farmor is entitled, on notice to the Company, to terminate the agreement with respect to further earnings, and in such event, 50% of any interest already earned by the Company under the agreement shall be forfeited back to the farmor.

Sierra Vista is a junior oil and gas company engaged in the exploration for, and development and production of, crude oil and natural gas focusing in the Peace River Arch region of central Alberta. The Corporation's shares trade on the TSX Venture Exchange under the symbols "SVR.A" and "SVR.B".

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this statement.

Contact Information

  • Sierra Vista Energy Ltd.
    Mr. Morley Mychaluk
    Interim President & CEO
    (403) 265-9393 ext 202
    (403) 265-9224 (FAX)
    or
    Sierra Vista Energy Ltd.
    Mr. Bruce Stewart
    Chief Financial Officer
    (403) 265-9393 ext 205
    (403) 265-9224 (FAX)
    or
    Sierra Vista Energy Ltd.
    Suite 850, 101 - 6th Avenue S.W.
    Calgary, Alberta T2P 3P4