VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 11, 2014) - CaiTerra International Energy Corporation ("CaiTerra" or the "Company") (TSX VENTURE:CTI) is pleased to announce an update on its planned three well program on its property in the Faust area of north central Alberta (the "Faust Property"). The Faust Property is located just north of the prolific Swan Hills oil field and west of Black Pearl Resources Inc.'s Mooney producing oil field and south of the Town of Slave Lake. CaiTerra currently holds a 50% working interest in the Faust Property.
The Company drilled its first well vertically through the Bluesky formation to test the presence of the Bluesky sand oil zone and logged the well to determine reservoir characteristics. The Bluesky zone has been identified as an economic oil producing zone in the Mooney oil field located to the east of the Faust Property. The well was then drilled horizontally. The first well was drilled at 5-28-72-10-W5M, with a bottom-hole target of 5-29-72-10-W5M and reached a total depth of 1,986 metres. Completion of the well has commenced.
The Company is currently drilling a second well, located at 5-29-71-10-W5M, and has reached a depth of 1,055 metres. This well was also drilled vertically through the Bluesky formation and proved the presence of the Bluesky sand oil zone. Procedures have now begun to prepare the second well for horizontal drilling.
The third well is planned for 1-33-72-10-W5M however timing will be dependent on weather conditions and accessibility prior to spring breakup.
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 release.
A Note Regarding Forward-Looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "will", "expects", "believe", "plans", "potential" and similar expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this press release contains forward looking statements and information concerning the plans and timing for the Company's drilling program. The Company cautions that there are no assurances or guarantees that the transaction will be completed as proposed or at all.
Although the Company believes that the expectations and assumptions on which such forward looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve and resource estimates; the uncertainty of estimates and projections relating to reserves, resources, production, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; changes in legislation, including but not limited to tax laws, royalties and environmental regulations, actual production from the acquired assets may be greater or less than estimates; failure to obtain the necessary regulatory approval, stock exchange and other regulatory approvals on the timelines planned. Management has included the above summary of assumptions and risks related to forward looking information provided in this press release in order to provide security holders with a more complete perspective on the Company's future operations and such information may not be appropriate for other purposes.
The forward-looking statements and information contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.