Boulder Mining Corporation

Boulder Mining Corporation

October 13, 2006 08:30 ET

Boulder Mining Corporation: Opal Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 13, 2006) - John H. McAdam, President of Boulder Mining Corporation ("Boulder") (TSX VENTURE:BDR) and Ron Oligney, President of Opal Energy Inc. ("Opal"), of Katy, Texas are pleased to provide an update on Opal's field activities.

Sue-Ann Tacquard # 1 Well - (50% working interest for South Texas Funding Partners)

Based on the results from Well Logging and Repeat Formation Testing, the decision has been made to complete, for production, the Sue-Ann Tacquard #1 Well located in Galveston Co., Texas. The schedule for completion of the well and initial production tests will be provided in due course.

Britanco Aunt Audrey # 1 Re-entry Well - (50% working interest)

The Aunt Audrey re-entry project located in Bee County, Texas, having cleared all obstructions, has encountered natural gas which is attributed to an old zone that was thought to be depleted. The well is in the process of being hooked into the pipeline system with the view of performing production testing on this unexpected zone of natural gas. The original targets of the re-entry project are still intact, will be tested and brought on stream as the overall production strategy for the well is formulated. An update will be issued once the well's production characteristics are established and stabilized.

It is further reported that stock options to purchase an aggregate of 8 million common shares (representing less than 10% of the issued and outstanding shares of Boulder) have been granted, subject to regulatory approval, to directors, management and consultants of Boulder. The holders of the options may purchase their allocated number of common shares of Boulder at a price of $0.25 per share on or before October 12, 2011. The options are subject to Boulder's two year vesting schedule and any shares acquired pursuant to the option agreements may not be sold within 4 months of granting.

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.

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

  • B & D Capital
    (604) 685-6465