Exall Energy Corporation

Exall Energy Corporation

June 30, 2009 09:00 ET

Exall Energy Corporation Announces Approval of Enhanced Oil Recovery Scheme and Granting of Good Production Practice at Marten Mountain

CALGARY, ALBERTA--(Marketwire - June 30, 2009) - Exall Energy Corporation (TSX:EE) ("Exall" or the "Company") is pleased to announce the approval of an application to the ERCB (Alberta Energy Resources Control Board) to implement an enhanced oil recovery scheme by water injection at Exall's Marten Mountain property, in the Mitsue Gilwood A Pool. As a result of the approval, the Marten Mountain 102/14-1-75-6W5 well has been granted Good Production Practice (GPP) status effective immediately.

The Company expects to have final approvals for the planned pipeline and battery facilities to proceed with construction in the third quarter of 2009. Completion of the pipeline and facilities will allow unrestricted production from the 102/14-1 well. An application is being made to amend the waterflood approval area to include the 7-12 well which would result in that well being granted GPP.

About Exall

Exall Energy Corporation is a junior oil and gas company active in its business of oil and gas exploration, development and production from its properties in Alberta, British Columbia and Texas. Exall is currently developing a new oil discovery in north-central Alberta.

The Company currently has 45,921,277 common shares outstanding. The Company's common shares are listed on the Toronto Stock Exchange under the trading symbol EE.

Reader Advisory

This news release contains forward-looking statements, which are subject to certain risks, uncertainties and assumptions, including those relating to results of operations and financial condition, capital spending, financing sources, commodity prices and costs of production. By their nature, forward-looking statements are subject to numerous risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, actual results may differ materially from those predicted. A number of factors could cause actual results to differ materially from the results discussed in such statements, and there is no assurance that actual results will be consistent with them. Such factors include fluctuating commodity prices, capital spending and costs of production, and other factors described in the Company's most recent Annual Information Form under the heading "Risk Factors" which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com. Such forward-looking statements are made as at the date of this news release, and the Company assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances, except as may be required under applicable securities law.

Please visit Exall Energy's website at: www.exall.com.

Contact Information

  • Exall Energy Corporation
    Frank S. Rebeyka
    Vice Chairman & CEO
    Exall Energy Corporation
    Roger N. Dueck
    President & COO
    403-237-7820 x 223