Texalta Petroleum Ltd.

Texalta Petroleum Ltd.

November 09, 2009 14:10 ET

Texalta to Spud 4th Horizontal Well at Wordsworth, SK

CALGARY, ALBERTA--(Marketwire - Nov. 9, 2009) - Texalta Petroleum Ltd. ("Texalta") (TSX VENTURE:TEX.A) is pleased to announce that drilling operations will commence on Wednesday November 11, 2009 on the Texalta et al Wordsworth E. HZ1B4-24-4B5-13-7-3 W2, the fourth horizontal well at Wordsworth, Saskatchewan. 

This well is designed to evaluate the eastern end of the Alida oil deposit located near the Texalta et al Wordsworth E. HZ2A2-23-3A11-14-7-3 W2 discovery well drilled in 2006, which has produced 73,690 barrels of oil as of September this year.

The projected depth of the new well is 2254 meters, which means that this well will have an open hole interval of about 930 meters. In plan view, the horizontal well will traverse a distance of about 1145 meters across the west half of Section 13-7-3W2.

The well should be completed and tested by the first week of December 2009.

The Company would like to remind shareholders and interested parties that the annual audited financial statements and MD&A were filed on SEDAR on October 28, 2009. These filings are available for review at www.sedar.com and on the Company website at www.texalta.com.

Texalta remains debt free and well funded to carry out its current drilling program.

TEX.A is a Calgary based company engaged in the exploration, acquisition and development of prospective oil & gas properties in Saskatchewan and Alberta, Canada. The company's wholly owned subsidiary, Texalta Australia Pty. Ltd. holds 82 percent working interest in two exploration permits covering in excess of 5.5 million acres of prospective land in the Georgina Basin, Northern Territory, Australia.

Note: BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Production volumes will fluctuate from month to month. Any production volume given is as of the date of this release only.

Neither 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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