Goldnev Resources Inc.

Goldnev Resources Inc.

November 20, 2007 10:53 ET

Goldnev Announces Provost and Noel Operations Update

CALGARY, ALBERTA--(Marketwire - Nov. 20, 2007) - Mr. Marc Dame, President and CEO of Goldnev Resources Inc. ("Goldnev" or the "Corporation") (TSX VENTURE:GNZ), is pleased announce that the Corporation has commenced preparations and operations to for its well workover and re-completion exploitation program for both its Noel and Provost properties.

Goldnev has previously announced of it's acquisition of two oil and gas properties from Devon Canada Corporation located in the Noel area of Northeastern B.C. and Acquire Energy Inc. located in the Provost area in Northeastern Alberta. The Company owns a 70% interest in the two properties which include four sections of land consisting of three existing wells from which an estimated gross daily production of 200 boe/d is anticipated with the implementation of the company's short-term exploitation program from these three wells.

Operations Update:

The Provost property consists of one section of land and two oil/gas wells both of which were drilled, tested and completed in the Viking zones. The Corporation will be conducting a workover on both wells including the installation of liquid lifting equipment and the construction of an oil and gas battery to handle fluids and associated gas. The total cost for the workovers on both wells and the installation of the battery is expected to be approximately $200,000. The well workovers and battery installation are expected to be completed and the wells on stream by December 30th, 2007 with the expectation that the production from both wells will be approximately 35 boe/d.

The Noel property in Northeastern British Columbia, consists of 3 sections of land and one gas well that was completed in the Fahler zone and is currently producing approximately 125 mcf/d (20 boe/d). The Corporation will conduct a well re-completion on the well which will involve perforating and the fracture stimulating to test two up-hole shallow identified gas zones. The expected cost to complete the re-completion operation at Noel is $250,000 and is expected to be completed in January of 2008 with the expectation that the well re-completion will produce on a gross basis, approximately 1,000 mcf/d (or 166 boe/d) and if successful contain a minimum of 2.2 bcf of gas reserves.

The Corporation also plans on drilling a minimum of 2 wells on its Noel property in early 2008 to continue to exploit the potential of the prolific Fahler and Cadotte formations and the identified shallow gas zones upon the successful outcome of the re-completion program.

In relation to the commencement of the workover and re-completion activity at Provost and Noel, Mr. Marc Dame, President, commented " The Corporation is now poised to grow production and cash flow significantly over the next three months, the outcome of a successful exploitation program at both Provost and Noel would have a significant impact on the company's forth quarter results in terms of revenues of approximately $150,000 per month and associated reserves allowing for an aggressive exploration and drilling program at Noel in 2008.

About Goldnev

Goldnev Resources Inc. is a public energy company focused on conventional and unconventional oil & gas production with assets in northeastern British Columbia, north central Alberta and an oil shale development project in east central Saskatchewan. Goldnev shares trade on the TSX Venture Exchange under the symbol "GNZ".

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Contact Information

  • Goldnev Resources Inc.
    Mr. Marc Dame
    President and Chief Executive Officer
    (403) 237-5711
    (403) 718-0163 (FAX)