Golden Cariboo Resources Ltd.
TSX VENTURE : GCC

April 05, 2006 13:20 ET

Golden Cariboo Resources Ltd.: Oil and Gas Exploration Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 5, 2006) - The Board of Directors of Golden Cariboo Resources Ltd. (the "Company") (TSX VENTURE:GCC) is pleased to announce an update on the Company's oil and gas interests in Alberta, Canada. The Company's joint venture drilling partner and project operator is a public oil and gas company based in Calgary, Alberta (see News Release 05-20, October 24, 2005).

The Company has participated in the drilling of one well at its Lochend project and three wells at its Bottrel project. All four wells have been cased. Two wells have been completed, one of which (Lochend 16-08) has been on production as of December 16, 2005, production results will be released upon well stabilization, while the other is shut-in pending evaluation of production test results. The other two cased wells are awaiting completion operations; each of these wells has encountered multiple potentially productive formations.

In three of the wells at Bottrel, the Company paid 30% of the costs of the wells to earn a 15% working interest. In the Lochend well, the Company paid 25% to earn a 15.625% working interest. The four wells were drilled to depths ranging from 2300 to 3000 meters.

The operator plans to drill, and the Company will participate in the drilling of an additional 8 wells on its Lochend and Bottrel projects during the remainder of 2006. Two wells have been licensed and are ready to drill following spring breakup and preparations are underway to license the remaining 6 wells.

On Behalf of the Board of Directors

J. Frank Callaghan, President and CEO

This news release contains forward-looking statements regarding the timing and content of upcoming programs. Actual results may differ materially from those currently anticipated in such statements.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Golden Cariboo Resources Ltd.
    J. Frank Callaghan
    President and CEO
    (604) 669-6463 or Toll Free: 1-800-663-9688
    (604) 669-3041 (FAX)
    info@theresourcegroup.ca