Mirage Energy Ltd.
TSX VENTURE : MGE

Mirage Energy Ltd.

February 23, 2007 09:00 ET

Mirage Energy Drilling Update

CALGARY, ALBERTA--(CCNMatthews - Feb. 23, 2007) - Mirage Energy Ltd. ("Mirage" or the "Company") (TSX VENTURE:MGE) is pleased to announce the casing of a horizontal well at Macoun in South-East Saskatchewan.

The Macoun horizontal well (working interest 25%) was successfully drilled horizontally 400 meters in the Midale Vuggy formation for light oil production. The well is presently being equipped and will be production tested for the next 30 days to determine oil productivity.

At Simonette, Alberta, Mirage participated in a gas well that is currently producing at a rate of 1 mmscfd. The well's production is currently limited by pipeline restrictions and is expected to produce over 2 mmscfd once these restrictions are resolved in March of 2007.

At Gold Creek, Alberta, Mirage participated for a 17% working interest in a well that has been completed as a Halfway oil well. The well is presently awaiting surface facilities and is expected to be on production by March, 2007.

At the Gold Creek 4-26-66-6W6M Halfway gas well (working interest 10%), pipeline and surface facility construction has been initiated and the well is anticipated to be tied in and on production in March of 2007.

Mirage participated for a 20% working interest in an Ellerslie test in the Leduc-Woodbend area of central Alberta. The well has been drilled and abandoned.

Mirage is a junior oil and gas company focused on the exploration and development of oil and gas in western Canada.

READER ADVISORY

Statements in this press release may contain forward-looking statements including expectations with respect to future events and the actions of third parties. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the underlying risks of the oil and gas industry (i.e. operational risks in development, exploration and production; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserves estimates; the uncertainty of estimates and projections relating to production, costs and expenses, adequate available financing and health, safety and environmental factors), commodity price and exchange rate fluctuation and uncertainties.

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

Contact Information

  • Mirage Energy Ltd.
    Rene LaPrade
    President and CEO
    (403) 232-1359
    Email: rene@mirage-energy.ca
    or
    Mirage Energy Ltd.
    Peter J. Boswell
    Chairman
    (403) 232-1359
    Email: petebos@telusplanet.net
    or
    Mirage Energy Ltd.
    800, 510 - 5th Street S.W.
    Calgary, Alberta T2P 3S2