Berens Energy Ltd.

October 22, 2009 16:51 ET

Berens Energy Provides Results of Its First Pembina Cardium Horizontal Oil Well

CALGARY, ALBERTA--(Marketwire - Oct. 22, 2009) - Berens Energy Ltd. ("Berens") (TSX:BEN) is pleased to announce initial results from our 01-14-48-11 W5M Pembina Cardium horizontal oil well. Berens operated the well and has a 50 percent working interest. The well was drilled to a horizontal length of 600 metres. Drilling was terminated short of our original design length of 1,000 metres as a result of isolated drilling and reservoir conditions on this well. The well was subsequently completed with a five stage frac treatment and tested the equivalent of 270 bbl/day of oil at the end of a 48 hour test period. The well will be placed on production by early November, 2009.

A second horizontal oil well (Berens' 60% working interest) is currently drilling at 15-21-50-12 W5M with initial test results expected mid-November. Four additional Pembina Cardium horizontal oil wells are planned for the first quarter of 2010 to assess the extent of this resource play across the Berens' lands. A successful first quarter 2010 program has the potential to establish a significant inventory of horizontal Cardium oil wells on existing lands to add to our already strong inventory of natural gas wells in the Pembina region. Berens has a total of 68 sections (38 net) of Pembina Cardium rights on the west flank of the existing Pembina Cardium oil field, much of which is expected to be prospective for this emerging oil resource play. 

Berens Energy Ltd is a junior oil and gas company currently trading on the Toronto Stock Exchange. The company currently produces and explores for oil and gas in the Western Canadian Basin with its primary growth areas focused in the Pembina region. The company's strategy is to focus on profitable growth through a strategic combination of investments in exploration, development and acquisitions in western Canada.

All calculations converting natural gas to crude oil equivalent have been made using a ratio of six thousand cubic feet (six "mcf") of natural gas to one barrel of crude equivalent. Barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six mcf of natural gas to one barrel of crude oil equivalent is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Caution Regarding Forward Looking Information

This press release contains forward looking information within the meaning of applicable securities laws. Forward looking statements may include estimates, plans, expectations, forecasts, guidance or other statements that are not statements of fact. Forward looking information in this Press Release includes, but is not limited to, statements with respect to capital expenditures and related allocations, production volumes, production mix and commodity prices. 

Forward-looking statements and information are based on current beliefs as well as assumptions made by and information currently available to Berens concerning anticipated financial performance, business prospects, strategies and regulatory developments. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to: crude oil and natural gas price volatility, exchange rate and interest rate fluctuations, availability of services and supplies, market competition, uncertainties in the estimates of reserves, the timing of development expenditures, production levels and the timing of achieving such levels, the Company's ability to replace and increase oil and gas reserves, the sources and adequacy of funding for capital investments, future growth prospects and current and expected financial requirements of the Company, the cost of future abandonment and site restoration, the Company's ability to enter into or renew leases, the Company's ability to secure adequate product transportation, changes in environmental and other regulations and general economic conditions. 

The forward-looking statements contained in this press release are made as of the date of this press release, and Berens does not undertake any obligation to up-date publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. This cautionary statement expressly qualifies the forward-looking statements contained in this press release.

Contact Information

  • Berens Energy Ltd.
    Dan Botterill
    Chief Executive Officer
    (403) 303-3262
    Berens Energy Ltd.
    Dell P. Chapman
    Chief Financial Officer
    (403) 303-3267