Guardian Exploration Inc.

Guardian Exploration Inc.

March 25, 2008 09:20 ET

Guardian Exploration Inc. (TSXV:GX) Announces New Pool Light Oil Discovery in the Girouxville Area

CALGARY, ALBERTA--(Marketwire - March 25, 2008) - Guardian Exploration Inc. ("Guardian" or the "Company") (TSX VENTURE:GX), is pleased to report that its partner has flow tested a new pool light oil discovery in the Girouxville area of Alberta. The well swab tested at rates in excess of 250 B.O.P.D, light sweet oil with no water within a 12 hour test period.

The well has been brought on production at Energy Resources Conservation Board (ERCB) - restricted rates of approximately 150 barrels per day. Under the terms of the agreement Guardian has paid 80% to earn a 55% working interest in the well. This is the second well drilled in a 14 well rolling option program.

The first well in the program was put on production in January and continues to produce at (ERCB-restricted rates) of approximately 125 bopd. The well is now pipelined into the area battery.

Production will be increased upon the approval of Good Production Practice by the ERCB. It is anticipated that this approval will be received in the near future.

Graydon Kowal, President and Chief Executive Officer of Guardian, commented, "We have been exceedingly pleased with the operational efficiency of our partner and it's very satisfying to have drilled such a great well ahead of schedule and cost effectively. Our goal is to keep moving forward and to drill more of the locations that are in the agreement with our partner. The success of this new well accelerates the Company's exploration program targeting new pool light oil discoveries."

Guardian is a Calgary-based corporation engaged in the acquisition, exploration and development of resource properties. Common shares of the company trade on the TSX Venture Exchange under the trading symbol "GX".

The term barrels of oil equivalent ("BOE") may be misleading, particularly if used in isolation. In accordance with NI 51-101, a BOE conversion ratio of six thousand cubic feet per barrel (6mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All BOE conversions herein are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.

Investors are cautioned that the preceding statements of the Corporation may include certain estimates, assumptions and other forward-looking information. The actual future performance, developments and/or results of the Corporation may differ materially from any or all of the forward-looking statements, which include current expectations, estimates and projections, in all or part attributable to general economic conditions and other risks, uncertainties and circumstances partly or totally outside the control of the Corporation, including natural gas/oil prices, reserve estimates, drilling risks, future production of gas and oil, rates of inflation, changes in future costs and expenses related to the activities involving the exploration, development and production of gas and oil hedging, financing availability and other risks related to financial activities. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

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

Contact Information

  • Guardian Exploration Inc.
    Graydon Kowal
    President and CEO
    (403) 232-1748