DeeThree Exploration Ltd.
TSX : DTX

DeeThree Exploration Ltd.

May 11, 2011 09:00 ET

DeeThree Provides Bakken Operational Update

CALGARY, ALBERTA--(Marketwire - May 11, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

DeeThree Exploration Ltd. ("DeeThree" or the "Company") (TSX:DTX) is pleased to provide the following operational update.

The Company has successfully completed the fracture stimulation of its first horizontal Bakken well (100% working interest) which was drilled to a total measured depth of approximately 2,960 metres (including a1,300 metre horizontal section). The well was successfully completed with a 15 stage fracture stimulation program using an oil based fluid.

After a 7 day clean-up the well was flowing up a 4 ½" frac string with rates of approximately 250 bbls/d of oil and 250 mcf/d of natural gas. Approximately 60% of the load fluid from the frac has been recovered and due to the solution gas component and the change in API of the oil, DeeThree believes the majority of the volumes at the end of the clean-up to be formation fluid. No measurable amounts of water have been recovered and all oil and natural gas samples have been sweet to date.

The well is currently shut-in with operations being conducted to remove the frac string and install a smaller diameter production string. The well is expected to be back on-stream in the next few days following which the Company will continue with further testing and evaluation of the well. DeeThree has commenced the process for the tie-in of the well into its extensive gas processing infrastructure to conserve the natural gas and recover associated natural gas liquids.

DeeThree is very pleased with the results from its first Bakken well on its Lethbridge Property, which proves the presence of light sweet oil and associated natural gas at potentially commercial rates. As a result, DeeThree will increase the pace of its evaluation and development of the Alberta Bakken on its extensive Lethbridge Property. The Company is preparing to perform an 18 stage fracture stimulation on its second horizontal well and is currently drilling its third Bakken vertical stratigraphic test well. DeeThree has also entered into long term contracts for two drilling rigs capable of drilling Bakken wells on its Lethbridge Property.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

Reader Advisory

Certain statements contained in this press release may constitute forward-looking statements. These statements relate to future events or DeeThree's future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. DeeThree believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon by investors. These statements speak only as of the date of this press release and are expressly qualified, in their entirety, by this cautionary statement.

DeeThree's actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors that may include, but are not limited to: geological, technical, drilling, completion and processing problems; liabilities and risks, including environmental liabilities and risks, inherent in oil and natural gas operations.

This forward-looking information represents DeeThree's views as of the date of this release and such information should not be relied upon as representing its views as of any date subsequent to the date of this release. DeeThree has attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

Contact Information

  • DeeThree Exploration Ltd.
    Martin Cheyne
    President and Chief Executive Officer
    (403) 263-9130