Castle Rock Petroleum Ltd.

Castle Rock Petroleum Ltd.

September 23, 2005 09:00 ET

Castle Rock Petroleum Ltd.: Operations Update

CALGARY, ALBERTA--(CCNMatthews - Sept. 23, 2005) - Castle Rock Petroleum Ltd. (TSX VENTURE:RCK.A) (TSX VENTURE:RCK.B) ("Castle Rock") is pleased to announce preliminary completion results from the first well on its Pearce property in southern Alberta. The well was drilled to a depth of 8,000 feet and encountered 40 degree API oil in a 14 foot porous, Nisku interval, at a reservoir pressure of 2,900 psi. Flowing and swabbing tests indicate the well to be capable of producing at rates of up to 100 barrels of oil per day. Further testing and stimulation work is ongoing. Castle Rock is the operator of the property with a 50% working interest.

Castle Rock has completed a 10 square mile 3D seismic survey over the Pearce prospect to set up a development drilling program that is anticipated to commence in the fourth quarter.

In the Morse area of central Alberta, Castle Rock drilled and abandoned a well offsetting a standing gas well that was successfully re-completed earlier this summer. Castle Rock holds a 100% working interest in this project and plans to continue exploration activities in the area.

In addition to the Pearce development, upcoming drilling plans include an exploration well at Pembina targeting oil and a development gas well at Valhalla.

Castle Rock is pleased with the early results of the acquisition of the private company completed on September 9, 2005. Production rates are meeting or exceeding expectations. Having taken over operations, Castle Rock is reviewing alternative tie-in plans for the incremental production that was disclosed when the acquisition was announced. The tie-in will be delayed until later in the fourth quarter after the most advantageous route has been determined. This well is expected to produce 375 mcf of natural gas per day (62 barrels of oil equivalent per day).

Castle Rock's current production is approximately 75 barrels of oil equivalent per day, consisting entirely of natural gas and associated natural gas liquids.

Castle Rock Petroleum Ltd. is an emerging company engaged in the acquisition, exploration, development and production of oil and natural gas reserves in western Canada. Castle Rock has 9,075,000 Class A shares and 900,000 Class B shares outstanding.

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

Contact Information

  • Castle Rock Petroleum Ltd.
    Roger Hume
    Chairman and CEO
    (403) 290-3262 or Toll free 1-888-290-3255
    Castle Rock Petroleum Ltd.
    Michael Makinson
    VP Finance and CFO
    (403) 290-3261 or Toll free 1-888-290-3255