Solara Exploration Ltd.

Solara Exploration Ltd.

November 08, 2007 14:32 ET

Solara Exploration Updates Recent Production Tie-Ins and Planned Activities

CALGARY, ALBERTA--(Marketwire - Nov. 8, 2007) - Solara Exploration Ltd. ("Solara" or the "Company")(TSX VENTURE:SAA.A)(TSX VENTURE:SAA.B) is pleased to announce that it has recently completed the tie-in of several wells on core projects increasing the Company's average daily production to in excess of 500 barrels of oil equivalent per day. Solara's production mix is comprised of approximately 40% oil and natural gas liquids and 60% natural gas. The Company has interests in two additional operated gas wells which it plans to tie-in for production prior to year end which wells will have a positive impact on daily production. The increased daily production combined with stronger commodity prices are expected to result in stronger operating and financial performance based on management's internal estimates.

Solara has plans to drill two high working interest wells on its operated oil project at Sounding Lake, Alberta and expects this activity to be completed before the end of December. The Company also will be participating in the drilling of two additional wells on gas prone projects prior to year end. The drilling program will be financed with internally generated cash flow.

The Company continues to evaluate potential corporate and asset acquisition opportunities with the objective of accelerating growth.

Solara Exploration is an emerging junior oil and gas company focused on the exploration, development and acquisition of oil and natural gas assets in western Canada.


This news release may contain certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, 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, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company 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.

BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

24,578,692 Class A Shares

1,044,000 Class B Shares

The TSXV has neither approved nor disapproved the contents of this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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