ITL Capital Corporation

ITL Capital Corporation

March 15, 2005 08:30 ET

ITL Capital Corporation: Drilling Begins On JB Henry #1 Gas Well, Texas


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ITL CAPITAL CORPORATION

TSX VENTURE SYMBOL: ICL

MARCH 15, 2005 - 08:30 ET

ITL Capital Corporation: Drilling Begins On JB Henry
#1 Gas Well, Texas

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 15, 2005) - ITL
Capital Corporation (TSX VENTURE:ICL) has received an update from
Dolphin Petroleum L.P. (Dolphin), operator of the Henry Dome natural gas
project located in McMullen County, Texas. After a several week delay
due to weather in the surrounding areas, the drilling rig arrived at the
JB Henry #1 well location on March 4th. Once on site the crew was faced
with several more rain related delays during rig up. At this time, the
drilling rig has rigged up, and drilling has now commenced. Drilling
operations should take about 10 - 12 days to complete.

ITL Capital Corporation has the opportunity to participate, on the same
basis as the JB Henry #1 well (3.8% working, 2.8% net revenue), in a
total of 4 wells in the Henry Dome Field. The JB Henry #1 and the EM
Henry #2 are proposed for re-entry as horizontal well completions in the
Edwards formation. The 2 wells are currently producing in the Edwards
formation as vertical wells. In addition, there are two potential
drilling locations that are also proposed as horizontal wells. The first
of these proposed wells will offset a vertical well that has produced
over 4.3 BCF and the second well will offset on the other side of the
same vertical well.

The application of current technological advances in horizontal drilling
techniques has led to the successful drilling of many regions of Texas
that were once thought to be marginal. The recognition of the role of
faulting and fracturing in the Henry Dome Prospect of the Edwards
Formation production has led to the realization that horizontal drilling
may reduce the chances of drilling marginal wells. In fact, horizontal
drilling throughout Texas has been shown to be effective in increasing
average reserve recovery, increasing initial production rates, and
accelerating reserve recovery.

ITL Capital Corporation is a natural resource exploration company
actively involved with the development of a gold property in the Red
Lake Mining District of Northwestern Ontario, Canada, and a natural gas
project in McMullen County, Texas.



ON BEHALF OF THE BOARD OF DIRECTORS

"Jim Pettit"

JAMES PETTIT
President


This news release contains certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act
of 1934, as amended. All statements, other than statements of historical
fact, included herein are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the
Company's documents filed from time to time with the British Columbia
Securities Commission and the United States Securities & Exchange
Commission.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    ITL Capital Corporation
    Jim Pettit
    President
    604-687-3376 or Toll Free: 800-567-8181
    604-687-3119 (FAX)
    or
    ITL Capital Corporation
    Don Myers
    Corporate Communications
    604-687-3376 or Toll Free: 800-567-8181
    604-687-3119 (FAX)
    info@itlcapitalcorp.com
    www.itlcapitalcorp.com
    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS
    RELEASE.