Grand Banks Energy Corporation
TSX VENTURE : GBE

Grand Banks Energy Corporation

June 01, 2006 17:11 ET

Grand Banks Energy Announces that the Harley Deep Leduc Reef Test Well Has Reached Total Depth

CALGARY, ALBERTA--(CCNMatthews - June 1, 2006) -

NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION TO THE UNITED STATES.

Grand Banks Energy Corporation is pleased to announce that the Grand Banks et al Tower Creek 2-21-55-27 W5M exploration well ("Harley" prospect) has reached a final drilling depth of 4,895 meters, substantially ahead of schedule and under budget. The well bore has encountered a Leduc carbonate reef buildup approximately 190 meters above the Lower Leduc platform identified in an offset dry hole one mile to the south. An open hole section of 95 meters of reef exhibiting hydrocarbon shows and reservoir quality porosity has been exposed below a liner set into the top of the reef at 4,800 meters. Production testing of this section will commence within the next few weeks once production tubing is run, the drilling rig is released and completion equipment is in place. Further information regarding production capacity and potential gas reserves based upon an independent engineering evaluation will be announced as data becomes available. Grand Banks operated the drilling of this well and participated with a 16.67% (non-reverting) working interest.

Grand Banks is listed on the TSX-Venture Exchange under the symbol GBE.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Grand Banks Energy Corporation
    E.C. (Ted) McFeely
    Chairman, President and Chief Executive Officer
    (403) 262-8666
    (403) 262-8796 (FAX)
    or
    Grand Banks Energy Corporation
    1600, 444 - 5th Avenue S.W.
    Calgary, Alberta T2P 2T8