NuLoch Resources Inc.

NuLoch Resources Inc.

November 15, 2010 06:55 ET

NuLoch Resources Announces Well Results and Increases Business Profile in USA

CALGARY, ALBERTA--(Marketwire - Nov. 15, 2010) - NuLoch Resources Inc. ("NuLoch") ( (TSX VENTURE:NLR) (OTCQX:NULCF) reports on two recently completed wells that affirm the Company's strategy and tactics in the Williston Basin.

The Gustafson 29-32-161-92 is NuLoch's first well in Burke County, North Dakota. It has been placed on-stream from the Middle Bakken formation with an initial fourteen day average production rate (IP14) of 528 bopd plus 350 mcf/d of natural gas (586 boe/d). Its peak 24 hour period produced 642 bopd plus 312 mcf/d of natural gas (694 boe/d). The well (0.2 net) was drilled on a 1,280 acre production spacing unit (PSU) and fracture stimulated in 30 stages.

At Tableland, Saskatchewan, NuLoch's most recently completed well (0.7 net) has been placed on production. 91/04-10-001-10W2 averaged 207 bopd over a seven day IP period. Early production information appears analogous to NuLoch's best Tableland wells that had 200 bopd IP30's.

Glenn Dawson, President and CEO of NuLoch said, "The Gustafson well validates the Company's property acquisition made in Burke County in January 2010. We acquired 8,500 net acres with working interests of up to 30% and an overall average of 23%. The Tableland well is notable because the horizontal lateral was limited to 600 metres due to mechanical issues. However, as planned, it was completed using twice the fluid and proppant in each of its 14 stages compared to NuLoch's other recent Tableland completions and we have a positive result."

The Company has drilled three more wells (2.5 net) at Tableland that are awaiting multi-stage fracture completions and plans to continue with the higher-effort stimulation program.

United States Business Profile

NuLoch has working interests in over 30,000 net acres in Divide and Burke Counties in North Dakota. This acreage position comprises several thousand mineral leases and, currently, five rigs are drilling on these lands. The opportunities to enhance the value of this land base are many, varied and complex. They are best managed and developed from our existing office in the United States.

Gary Browne, NuLoch's Vice-President, Land has relocated to Denver. He will apply his 30 years experience as an executive in the oil and gas industry to take full advantage of NuLoch's investment in the Bakken and Three Forks Sanish play in North Dakota. Mr. Browne will continue to have oversight of all of the Company's land functions. He reports to Glenn Dawson, President and CEO.

Mr. Browne is assisted by Christina Hunt. Ms. Hunt has joined the NuLoch team as Senior Landman and is based in Denver. She has over 25 years experience in all aspects of US land management.

Nathan Laviolette has been promoted to the position of Land Manager effective November 1, 2010 and oversees NuLoch's Canadian land functions. Mr. Laviolette is based in Calgary and will continue to report to Mr. Browne.

Class A common shares outstanding: 122,332,907

Disclosure provided herein in respect of boe units may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf of natural gas to 1 bbl of crude oil is based on an energy equivalency conversion method primarily applicable at the burner tip and may not represent a value equivalency at the wellhead.

Initial production rates of oil and natural gas from a well, calculated as averages such as for 30 days (IP30) and 60 days (IP60), can provide indications of future well performance and is an important diagnostic tool when making business and capital allocation decisions. However, such IP's are only limited predictors of ultimate recoveries of hydrocarbons and early stage or longer term decline rates from a well.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • NuLoch Resources Inc.
    R. Glenn Dawson
    President and CEO
    (403) 920-0455
    (403) 920-0457 (FAX)
    NuLoch Resources Inc.
    2200, 444 - 5th Avenue SW
    Calgary, Alberta T2P 2T8