Boulder Mining Corporation
TSX VENTURE : BDR

Boulder Mining Corporation

October 10, 2006 20:08 ET

Boulder Mining Corporation: Opal Reports Sue-Ann Tacquard #1 Spudded

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 10, 2006) - John H. McAdam, President of Boulder Mining Corporation (TSX VENTURE:BDR) and Ron Oligney, President of Opal Energy Inc. ("Opal"), of Katy, Texas are pleased to announce that the Tacquard #1 Well located in Galveston Co., Texas has been spudded and is progressing quickly. The well should be logged this week.

The Sue-Ann Tacquard #1 Well, operated by the Sue Ann Operating Company LLC is a low risk development well that will be drilled to a depth of approximately 9,800 feet. The prospect is hosted in the Total Eclipse oil field which was discovered in 1984 and was developed with five wells which produced a total of 400,000 barrels of oil and 3.4 billion cubic feet of gas during their productive lives. Recent engineering and geological field studies have concluded that there is substantial potential remaining in the field, a conclusion supported by Opal's internal technical review.

The current Sue-Ann Tacquard #1 Well will target these historically productive Frio sands in the field at a location which is structurally higher within the proven productive limits of the Total Eclipse Field. The cost of drilling the Sue-Ann Tacquard #1 is US$963,000 and the completion costs are estimated at US$438,000.

Opal has advanced funds for 50% of the working interest in the Sue-Ann Tacquard #1 with the view of including this interest as part of the South Texas Exploration Proposal as reported on October 2, 2006. Opal is in advanced discussions with three parties to fund 75% of the South Texas Exploration Proposal with Opal funding the remaining 25%.

Opal Energy Inc. has a talented and energetic management team focused on a disciplined natural gas growth strategy in south Texas. The Company will also be updating its website at www.bouldermining.com over the next few weeks.

On behalf of the Board of Directors

Boulder Mining Corporation

John H. McAdam, President and Director


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

Contact Information

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