Enterprise Energy Resources Ltd.
TSX VENTURE : EER

Enterprise Energy Resources Ltd.

December 05, 2011 08:00 ET

Enterprise Spuds Montana Bakken/Three Forks Well

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 2, 2011) - Enterprise Energy Resources Ltd. ("Enterprise" or the "Company") (TSX VENTURE:EER) is pleased to announce that it has spudded its first well, Archer #1, in Sheridan County, Montana. Enterprise holds a 100% working interest in approximately 30,000 net acres (47 net sections), subject to a 10% back-in right.

The Archer #1 well is located on the northern edge of Enterprise's land package and lies about 40km (25 miles) south west of several successful Bakken wells drilled recently in Montana by one of the area's major operators. The well will evaluate the oil potential of the underlying formations, including the thick Bakken and Three Forks formations within the Williston Basin in North Eastern Montana.

The Archer #1 well, with a TVD of 2,470 m (8,100 ft), is anticipated to take about 14 days to drill, evaluate and case at an estimated cost of approximately US$1.1MM.

"With the rapid north western migration of the productive Bakken and Three Forks play, we anticipate that this well will demonstrate similar positive prospectivity over Enterprise's land holdings. Historical wells in this area have encountered both horizons and there is current local production from deeper zones. Core taken from the well will be evaluated for potential future well stimulation," commented Geoff Carrington, President & CEO of Enterprise. "A successful well would have a significant impact on the Company."

ENTERPRISE ENERGY RESOURCES LTD.

Geoffrey A. Carrington, President & CEO

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release constitute "forward-looking statements". Such forward-looking statements include, without limitation, statements relating to the extent and timing of its drilling programs and the prospectivity of the Archer #1 well. While the Company has based these forward-looking statements on its current expectations about future events, the statements are not guarantees of the Company's future performance and are subject to risks, uncertainties, assumptions and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the Company's expectations include operational risks, the effects of general economic conditions, and actions by government authorities. Further, although the Company has attempted to identify factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. The Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change, except as required by law.

Shares Outstanding: 47,726,795

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Contact Information