Exceed Energy Inc.

Exceed Energy Inc.

June 06, 2007 13:28 ET

Exceed Energy Inc.: Coyote Gas Well Completed

CALGARY, ALBERTA--(Marketwire - June 6, 2007) - Exceed Energy Inc. (TSX VENTURE:EX.A) (TSX VENTURE:EX.B), "Exceed" or the "Company") herein provides an operations update on certain developments since its last news release dated May 30th, 2007, regarding two significant projects: Coyote and Roxana. Information regarding developments at Culp, Cereal, and Grande Prairie will be forthcoming.


In Q1 Exceed drilled a 100% working interest Edmonton Sand well at Coyote. The well was successfully completed in late May 2007. The well's initial response exceeded expectations and thus pipelining operations were immediately commenced. The well should be on production by the end of June and is expected to have a significant impact on the Company's production. After an evaluation period of the first well's performance, Exceed plans to drill up to two additional wells on its 100% working interest lands in the Coyote area.

Roxanna (Normandville)

Exceed has contracted a rig to begin drilling its second Roxana well on or about June 10, 2007. The well is expected to take 14 days to drill. Similar to the first Roxana well, the primary target zone of the second well is the Beaverhill Lake sand with secondary zones comprising of the Slave Point and Granite Wash.

The first Roxana well began production in January 2007 flowing to surface at a rate of 120 bbls/day of oil through a 4/64th inch choke. It is currently flowing to surface, without the aid of a pump, at 68 bbls per day of oil through an 8/64th inch coke and is rate limited by EUB MRL regulations until gas conservation measures are put in place.

Exceed holds a 50% working interest in the first well with the remainder held by Galleon Energy Inc. Exceed has a 30% working interest in the second well. A third well has been proposed based on 3D seismic that the Company has shot in the area. Exceed's interest in this third location would be 50%.

Forward Looking Statements

ADVISORY: Certain information regarding Exceed Energy Inc. in this news release including management's assessment of future plans and operations, and capital expenditures and the timing thereof, may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Exceed's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Exceed does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Exceed Energy Inc.
    Richard Wolfli
    President and CEO
    (403) 508-1853
    (403) 508-1781 (FAX)