Drako Capital Corp.

August 01, 2012 19:36 ET

Drako Capital Corp.: Update on Stolberg Well

CALGARY, ALBERTA--(Marketwire - Aug. 1, 2012) - Drako Capital Corp. ("Drako" or the Corporation") (TSX VENTURE:DKC) has been advised by the operator that the 15-19-42-15 W5M horizontal Cardium well located in the Stolberg area of Alberta, in which Drako holds an 8% working interest, which has a 700 meter horizontal leg and was not fracture stimulated, is expected to be on production in the first week of August 2012. Drako has also been advised by the operator that approximately 300 cubic meters of drilling fluids were lost to the reservoir during drilling and completion operations, that it anticipates an initial production rate of between 80 and 150 bbls/d (6 bbls/d and 12 bbls/d, respectively, net to Drako) of light sweet oil, and that it believes that once the drilling fluids have been recovered to a greater degree, production rates should improve.

Drako is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas.

Advisory Regarding Forward-Looking Statements

Certain statements contained in this release constitute forward-looking information. These statements relate to future events or the Corporation's future performance. The use of any of the words "could", "should", "expect", "believe", "anticipate", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially, In particular, the Corporation's stated expectation as to the anticipated production rate from the 15-19-42-15 W5M well is a statement contemplated by this forward-looking information. The Corporation disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as may be expressly required by applicable securities laws.

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.

Contact Information

  • Drako Capital Corp.
    Robert J. Dales
    President & Chief Executive Officer
    (403) 690-3884