Datinvest International Ltd.

July 18, 2007 11:01 ET

Datinvest International Ltd. Announces Project Updates

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 18, 2007) -


DATINVEST INTERNATIONAL LTD. (NEX:DAI.H) (the "Company") is pleased to announce project updates in connection with its pending acquisition of 0770728 BC Ltd. The La Rosa Field and the North Dakota Lodgepole projects are proceeding as planned and the following outlines the framework of activity in the weeks and months ahead.

The La Rosa Field

Repair of the salt water disposal well has been completed, having received approval by the Texas Railroad Commission. An overhauled compressor has also been installed in the field and placed on line. This could allow the gradual increase of daily production as field wells and surface flow lines are repaired, enabling the Company to increase daily production from approximately 700 mcfpd and 70 bopd to 1,000 mcfpd and 100 bopd. Efforts to ready the Company's first scheduled re-completion project are underway. Engineering efforts to optimize the field's existing producing and idle well bores and surface facilities will be a major emphasis for the remainder of the year.

Drilling is expected to commence shortly on two development wells at an anticipated gross drilling and completion cost of slightly over US$1 million as set out in the NI 51-101 report filed on SEDAR.

The Company has identified six (6) Proved Undeveloped (PUD) prospects that are anticipated to develop additional gross reserves. In addition, 24 probable and possible drilling locations (unrisked) have recently been identified that could yield gross reserves of 1,947,000 BO and 36 BCF of gas. Prospective deep prospects have also recently been identified and these projects have potential to reveal gross reserves of 50 BCF. Exploration and exploitation of geophysical and geological work on the Company's 3-D survey are aggressively underway in a bid to further verify and strengthen existing prospects and delineate new prospects at all objective levels.

The Company is acquiring (by way of the previously announced acquisition of 0770728 B.C. Ltd.) an 81.25% working interest and a 75% net revenue interest in 3800 acres of the La Rosa Field located in Refugio County, Texas. Value of the land alone is estimated to be US$1,500,000 and value of 23 square miles of 3-D seismic is estimated to be US$800,000.

North Dakota Lodgepole Project

A completion rig is being moved on the location of the Wanner 27-1 where a completion attempt in the upper Lodgepole will be made. Estimates suggest the potential for 2000 BOPD with 562 MBO and 225 MMCF recoverable. The Company will (following the closing of the acquisition of 0770728 B.C. Ltd.) hold a 33.33% working interest in the well and a 24.99% net revenue interest in the project located several miles south east of significant Lodgepole production in Stark County, North Dakota.

The foregoing is subject to compliance with all applicable securities laws and receipt of all necessary regulatory approvals.

On Behalf of the Board of Directors

Datinvest International Ltd.

Jason Birmingham, President & Secretary

The TSX Venture Exchange and NEX have not reviewed and do not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Datinvest International Ltd.
    Jason Birmingham
    (604) 761-3203
    (604) 683-5317 (FAX)