Bowood Energy Inc.

Bowood Energy Inc.

July 22, 2011 09:00 ET

Bowood Announces Commencement of a Second Alberta Bakken Well and Armada Success

CALGARY, ALBERTA--(Marketwire - July 22, 2011) -


Bowood Energy Inc. (TSX VENTURE:BWD) ("Bowood" or the "Company") is pleased to announce that the drilling rig has now moved on to its second well in the southern Alberta Bakken fairway. Bowood anticipates that the well will spud on July 22, 2011. The Kipp 8-30 horizontal well, licensed as LGY KAINAI BOWOOD HZ KIPP 8- 30 -8-23W4, is being drilled by Legacy Oil + Gas Inc. from a surface location in 15-20-8-23W4 with the horizontal portion of the well expected to terminate in 8- 30 -8-23 W4. The well's primary targets are the Big Valley, Exshaw and Banff Formations, which collectively form the Bakken petroleum system in the southern Alberta Basin. Drilling is expected to take six to eight weeks.

Completion operations and evaluation of the Spring Coulee 3-36-3-23W4 horizontal well, also in the Alberta Bakken fairway, which were delayed due to weather and equipment delays are expected to resume shortly, with the second phase of fracture stimulation.

Armada Update

The Company recently drilled two (net 1.25) wells at Armada, Alberta which have both been cased. The first well has been fracture stimulated and has tested natural gas on cleanup at rates in excess of 1.5 MMCF/d. The well is anticipated to be tied in during the third quarter of 2011. Due to third party gathering system constraints, the well will be brought on production at a curtailed rate of approximately 1 MMCF/d (150 boe/d net). The second well has been cased and is awaiting completion.

About Bowood Energy Inc.

With operations based in Calgary, Alberta, Bowood Energy Inc. is a TSX-V Tier 2 corporation. Through its wholly owned subsidiary, Bowood Energy Ltd., the Company is engaged in the acquisition, exploration, development, and production of oil and gas resources. Current projects are in the Province of Alberta.

Reader Advisories

Forward-Looking Statements: Certain information in this press release is forward-looking within the meaning of Canadian securities laws as it relates to anticipated financial performance, events or strategies. All statements other than statements of historical fact contained in this news release are forward-looking statements. Readers can identify many of these statements by looking for words such as will, anticipate, believe, plan, intend, target, and expect or similar words that suggest future outcomes. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.

Forward-looking information in this press release includes, among other things, information relating to: (i) expectations regarding the Company's production results in its Bakken properties; (ii) expectations regarding the Company's production rates, including production rates of the Armarda wells; (iv) expectations regarding the completion and evaluation of the Company's wells; and (v) expectations regarding the spudding, drilling and completion of new wells, including the timing of such activities.

The forward-looking statements included in this press release involve substantial known and unknown risks, uncertainties and assumptions, certain of which are beyond the Company's control. Such risks, uncertainties and assumptions include, without limitation, those associated with oil and gas exploration, development, exploitation, production, marketing, processing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances 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 that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports, including the Company's annual information form for the financial year ended December 31, 2010, on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website ( All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

BOE may be misleading, particularly if used in isolation. A BOE conversion of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Bowood Energy Inc. was recognized as a TSX Venture 50® company in 2011. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.

For more information on Bowood Energy Inc. (TSX VENTURE:BWD) and to see the updated corporate presentation please visit our website at:

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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