Unbridled Energy Corporation

Unbridled Energy Corporation

October 04, 2007 09:01 ET

Unbridled Energy Provides an Update on Canadian Operations and Appalachian Basin

CALGARY, ALBERTA and PITTSBURGH, PENNSYLVANIA--(Marketwire - Oct. 4, 2007) - Unbridled Energy Corporation (TSX VENTURE:UNE)(FRANKFURT:O4U) (the "Company") is pleased to provide a drilling update on its Option Well, located at 16-21-41-11 W5M ("16-21") in the gas and condensate Chambers/Ferrier area, northwest of Calgary. The well was spudded August 26, 2007 by Unbridled as operator, and its joint venture partner in the well, and reached its intended total vertical depth of 3,290 meters. Openhole logging was performed, a production liner run, and cemented. The well was drilled in 34 days instead of the estimated 40 days, which resulted in a cost saving of 19% below the program budget. This excellent performance can be attributed to a well designed and executed drilling program. The well cost also included building a 6 kilometer road, which is a one-time expense and will provide access to additional future wells currently contemplated. The 16-21 encountered numerous gas shows and formations to test in this basin-centered gas resource play. The Company and its joint venture partner plan to conduct completion operations and testing in early November.

As announced previously, the Company holds an average of 35% working interest ("WI") in 12,160 acres (19 sections) with an option on an additional 1,920 acres (three sections) on contiguous lands in the Chambers/Ferrier area.

Ohio River Play, Ohio

The Company is in negotiations with an Appalachian Basin operator to partner on drilling multiple test wells before calendar year-end, on Unbridled's approximate 23,000 acres. It is contemplated that Unbridled will be the designated operator and will jointly design the drilling, completion and testing program in the Devonian shales with its new partner.

Separately, the Company has signed a Letter of Intent with another operator in this area to purchase existing wells, acreage and pipeline access to sell gas. One of the existing wells on these lands is considered a reentry candidate for the first horizontal well, testing these Devonian shales.

Southern Appalachian Basin

The Company is in negotiations with several operators on joint venture opportunities in the Appalachian Basin for the purpose of drilling horizontal and infill wells. Two operators have expressed serious interest to team with Unbridled to utilize their technical expertise. The Company will keep shareholders apprised as discussions progress.

By Order of the Board of Directors

Unbridled Energy Corporation

Joseph H. Frantz Jr., President & CEO

Forward-looking Statements

This press release contains certain "forward-looking statements", as defined in the United States Private Securities Litigation Reform Act of 1995, and within the meaning of Canadian securities legislation, relating to contemplated and proposed petroleum and natural gas land acquisitions and related agreements and future drilling programs. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include: the possibility that ongoing negotiations will not result in definitive agreements, the volatility of natural gas prices, the possibility that exploration efforts will not yield economically recoverable quantities of gas, accidents and other risks associated with gas exploration and development operations, the risk that the Company will encounter unanticipated geological factors, the Company's need for and ability to obtain additional financing, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration and development plans, and the other risk factors discussed in greater detail in the Company's various filings on SEDAR (www.sedar.com) with Canadian securities regulators and its filings with the U.S. Securities and Exchange Commission, including the Company's Form 20-F (Amended) dated January 9, 2007.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Unbridled Energy Corporation
    Mark Mastilliak
    Investor Relations Consultant
    Website: www.unbridledenergy.com