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

Glamis Resources Ltd.

February 20, 2008 08:30 ET

Glamis Resources Ltd.: Queensdale Operations Update

CALGARY, ALBERTA--(Marketwire - Feb. 20, 2008) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS

Glamis Resources Ltd. ("Glamis" or "the Company") (TSX VENTURE:GLM.A)(TSX VENTURE:GLM.B) is pleased to provide an update on its second horizontal well and operations at Queensdale in southeast Saskatchewan.

The Company's latest 100% working interest well (191/5-1-7-1) was drilled to a total measured depth of 1,680 meters. The well encountered oil and gas shows throughout the horizontal section similar to the first well drilled by Glamis at Queensdale in December of 2007. Based on rate of penetration, hydrocarbon shows, favorable geological samples and geologic structure Glamis has proceeded directly to placing the well on production. Pump and rods have been run in the hole, a pump jack is scheduled to be installed in the next few days and the well is expected to be on-stream by next week.

Glamis' first 100% working interest well drilled at Queensdale in December 2007 (192/12-1-7-1W2) is currently producing approximately 125 bbls/d of 36 degrees API oil. Glamis has now begun construction of a temporary battery to handle production volumes from both of these Queensdale wells.

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 14,771,655 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 exhaustive. 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 term BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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. 225
    (403) 265-7150 (FAX)