EXALTA ENERGY INC.
TSX : EXA

EXALTA ENERGY INC.

March 27, 2007 08:18 ET

ExAlta Energy Inc. Announces Eaglesham Oil Discovery Test Results

CALGARY, ALBERTA--(CCNMatthews - March 27, 2007) -

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

ExAlta Energy (TSX:EXA) today announced production test results for the Culp 07-22-79-24 W5 well in which the Corporation has a 50% interest. The well flowed 600 barrels per day of light clean oil and 280 thousand cubic feet per day of natural gas from the Wabamun formation at 5,200 kPa flowing pressure restricted by a 16/64 inch choke. This well is the second drilled by ExAlta in the Eaglesham area this year. The first well tested 900 barrels of light clean oil per day and 700 thousand cubic feet per day of natural gas at 6,900 kPa flowing pressure restricted by a 20/64 inch choke. Both wells are expected to be classified as new pools which will initially be subject to a Maximum Rate Limitation of approximately 250 barrels per day of oil when they are brought onstream after breakup.

These wells are the first two of a ten well ExAlta-operated program budgeted for 2007 at Eaglesham. ExAlta's technical team has identified a substantial prospect inventory on the Corporation's 19,000 net acres of undeveloped lands at Eaglesham using an extensive 3D seismic database. Drilling in the area will recommence after break-up.

Contact Information

  • ExAlta Energy Inc.
    James S. Blair
    Chairman & Chief Executive Officer
    (403) 206-2404
    or
    ExAlta Energy Inc.
    Ian R. Robinson
    Vice President & Chief Financial Officer
    (403) 206-2410