Glamis Resources Ltd.
TSX VENTURE : GLM.A
TSX VENTURE : GLM.B

Glamis Resources Ltd.

November 28, 2006 00:01 ET

Glamis Resources Ltd.: 3rd Quarter Results and Operations Update

CALGARY, ALBERTA--(CCNMatthews - Nov. 28, 2006) -

Not for dissemination in the United States or to U.S. persons

Glamis Resources Ltd. ("Glamis") (TSX VENTURE:GLM.A) (TSX VENTURE:GLM.B) is pleased to announce its unaudited 3rd quarter financial statements and related Management Discussion and Analysis for the period ended September 30, 2006 as required under National Instrument 51-102. These filings are available for review at www.glamisresources.ca or www.sedar.com.

Third quarter highlights are as follows:

- Glamis closed its previously announced acquisition of Breakside Energy Ltd. Since closing on August 10, 2006 production has averaged 176 bopd. Field operating netbacks for this period were $248,673, with funds from operations of $115,803.

- Glamis drilled 1.0 (0.6 net) well at Hanna. The well flowed for 24 hours at 80 bopd and 750 mcf/d. Glamis is currently proceeding with the tie-in. Contingent on satisfactory production rates the company may shoot a 3D seismic survey to delineate this new pool discovery.

- Glamis completed and tested a Viking gas well (0.5 net) in the Whitecourt area at rates of 40 barrels of oil equivalent per day. The Company is currently evaluating tie-in options and potential follow up drilling locations on the earned lands.

During the fourth quarter Glamis has to date drilled and cased two 100% working interest Sawtooth development oil wells in its Conrad area. The first well has been perforated and swabbed 48 barrels of oil over a 10 hour period. A second step out well was then drilled and cased proving up additional development drilling locations.

Glamis has drilled an exploratory test well in the Griffin area of S.E. Saskatchewan (1.0 net BPO, 0.7 net APO). The primary zone came in lower than anticipated and the well has been abandoned.

Glamis Resources Ltd. is a junior oil and gas company formed to generate and develop its own prospects, acquire oil and gas properties and participate with joint venture partners in oil and gas exploration and development in the Western Canadian Sedimentary Basin. The company's Class A Shares and Class B Shares trade on the TSX Venture exchange under the symbols GLM.A and GLM.B. The company currently has 12,200,000 Class A shares and 922,500 Class B shares outstanding.

FORWARD LOOKING STATEMENTS: Certain information regarding Glamis in this news release including management's assessment of future plans and operations, timing of drilling and tie-in of wells, productive capacity of the new wells and productive capacity from different wells, expected production rates, drilling success rates, dates of commencement of production, 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, unexpected decline rates in wells, wells not performing as expected, 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 exhausted. Additional information on these and other factors that could effect Glamis' 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 Glamis 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

  • Glamis Resources Ltd.
    Mr. Brent McKercher
    President & Chief Executive Officer
    (403) 265-7200 ext. 222
    (403) 265-7150 (FAX)
    or
    Glamis Resources Ltd.
    Mr. Darwin Little
    Vice President, Finance & Chief Financial Officer
    (403) 265-7200 ext. 223
    (403) 265-7150 (FAX)