Exceed Energy Inc.

Exceed Energy Inc.

February 27, 2008 11:31 ET

Exceed Energy Inc.: Operations Update

CALGARY, ALBERTA--(Marketwire - Feb. 27, 2008) - Exceed Energy Inc. (TSX VENTURE:EX.A) (TSX VENTURE:EX.B) ("Exceed" or the "Company") is pleased to provide the following update on operations.

In Bashaw, the previously completed and tested 3-12-42-21W4M well was placed on production on January 16, 2008. The well is currently producing from the Sparky formation at a gross rate of 920 mcf/d. The Viking zone that was drill stem tested at rates from 1.7 to 2.0 million cubic feet per day is not yet completed. Exceed has a 12 percent working interest in the well.

The Company has a five well shallow gas drilling program in Northern Alberta this winter. It has drilled three of the five wells to date. The first well was drilled in December 2007 and was completed on January 3, 2008. Two zones were completed and tested in the well. The Glauconite zone tested 800 mcf/d through a 6.35 mm choke and the McMurray zone tested 600 mcf/d, also through a 6.35 mm choke. Exceed and its partners have arranged to purchase a nearby suspended pipeline to tie-in the well. The second well in the program was drilled and cased on February 14, 2008. The well drill stem tested the Wabamun zone at a rate of 175 mcf/d. The zone showed damage and may require stimulation. Two other potential gas zones are present in the wellbore but were not tested. The well is awaiting completion and tie-in. The third well was drilled and abandoned on February 20, 2008. The fourth well in the program spudded on February 25, 2008. The fifth well will be drilled immediately thereafter. In all the wells Exceed has a 20 percent working interest before payout and 12 percent after payout.

The Company spudded its 4-17-47-10W5M well on February 14, 2008. The well is targeting the Nisku zone. Exceed is the operator and will pay 25 percent to earn 15 percent of the production.

Exceed's Class A and Class B shares trade on the TSX Venture Exchange under the symbols "EX.A" and "EX.B" respectively.

This release may contains forward-looking statements including expectations of future production, cash flow and earnings. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ. Additional information on these and other factors that could affect Exceed's operations or financial results are included in Exceed's reports on file with Canadian securities regulatory authorities that may be accessed at www.sedar.com.

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) 508-1852
    (403) 508-1781 (FAX)