Welton Energy Corporation

Welton Energy Corporation

November 22, 2007 09:15 ET

Welton Energy Corporation Advises of Drilling Success at Trutch

CALGARY, ALBERTA--(Marketwire - Nov. 22, 2007) -


Welton Energy Corporation ("Welton") (TSX:WLT) (TSX:WLT.DB) wishes to advise that at Trutch, in northeast British Columbia, the first two wells of its three well commitment have been drilled and cased. The third well is currently underway. Completions will commence after drilling this well.

Based on the degree of success of the completion work, it is anticipated that, after further seismic evaluation, a multi well drilling program will be undertaken in 2008. An existing pipeline on Company acreage provides access efficiencies to third party facilities.

Welton is paying 75% of costs to drill and case the first three wells on this project and the first $550,000 of seismic work to be done, to earn a 45% working interest in 9 sections, with options to drill 3 additional earning wells, to earn a 45% working interest in the balance of 19.5 sections of land.

Welton is operator of drilling and completion activities on the earning wells.

Welton is a Calgary, Alberta based company engaged in the exploration for, and development and production of conventional crude oil and natural gas reserves in western Canada. Welton's strategy is to build shareholder value through internally generated exploration and development drilling, and through selective acquisitions. Welton's areas of operational focus include the Mantario area of Saskatchewan, Trutch area in British Columbia and several areas of Alberta.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the common shares in any jurisdiction. Such securities have not been registered under the United States Securities Act of 1933, as amended or the securities laws of any state, and may not be offered or sold in the United States, or to a U.S. person, unless an exemption from the registration requirement is available.

Cautionary Statements

Certain information set forth in this document contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Corporation's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of the preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Welton's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance 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 Welton will derive therefrom. Welton disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. A barrel of oil equivalent (boe) is derived by converting natural gas to oil in the ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent. A boe conversion may be misleading, particularly if used in isolation, as it is based on an energy equivalency conversion method primarily applicable at the burner tip and may not represent a value equivalency at the wellhead.

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

Contact Information

  • Welton Energy Corporation
    Donald A. Engle
    President & Chief Executive Officer
    (403) 215-4747
    Welton Energy Corporation
    Giles Twogood
    Acting Vice President, Finance
    (403) 215-4750
    Website: www.weltonenergy.com