Open Range Energy Corp.
TSX : ONR

Open Range Energy Corp.

April 27, 2011 08:30 ET

Open Range Energy Corp. Ties-In Additional Wilrich Horizontal Production

CALGARY, ALBERTA--(Marketwire - April 27, 2011) - Open Range Energy Corp. ("Open Range" or the "Company") (TSX:ONR) is pleased to announce the completion of its winter drilling program at its core Ansell/Sundance Deep Basin property with the successful testing and tie-in of its fifth Wilrich horizontal well.

This 60 percent working interest well was drilled in March to a total measured depth of 4,344 metres, including a 1,329-metre horizontal leg. It was completed in April using a multi-packer system and 15 fracture treatments. During clean-up the well flowed at rates up to 8.4 mmcf per day plus natural gas liquids with a flowing pressure of 958 psi up 4 ½" casing. On April 15 the well was tied-in and brought on-stream through Open Range's gathering system, and has averaged 4.0 mmcf per day plus liquids over its first 10 days on-production.

The Company now has five (4.6 net) Wilrich horizontal wells on-stream at Ansell/Sundance, and the tie-in of the fifth well substantially completes the Company's first-half 2011 capital program. Open Range's preliminary capital budget and planned field activities for the second half of 2011 will be released in May.

OPEN RANGE ENERGY CORP. IS A PUBLICLY TRADED CANADIAN ENERGY COMPANY WITH FOCUSED OPERATIONS IN THE DEEP BASIN REGION OF ALBERTA AND AN EXPANDING NORTH AMERICAN WELL COMPLETIONS EQUIPMENT AND SERVICE BUSINESS.

OPEN RANGE HAS APPROXIMATELY 68.0 MILLION COMMON SHARES ISSUED AND OUTSTANDING, WHICH TRADE ON THE TSX UNDER THE SYMBOL "ONR".

Reader Advisory

This news release contains certain forward-looking statements, which include assumptions with respect to (i) results from drilling and completion operations; (ii) production; (iii) future capital expenditures; (iv) funds from operations; (v) future capital expenditures and how they will be financed; and (vi) general oil and gas industry activity. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Such risks and uncertainties include, without limitation, risks associated with oil and natural gas exploration, development, exploitation, production, marketing and transportation; loss of markets; volatility of commodity prices; currency fluctuations; imprecision of reserve estimates; environmental risks; competition from other producers; inability to retain drilling rigs and other services; operating risk liability; delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources; the impact of general economic conditions in Canada and the United States; industry conditions; changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced; increased competition; the lack of availability of qualified personnel or management; fluctuations in foreign exchange or interest rates; stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof; and obtaining required approvals of regulatory authorities. Open Range's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, Open Range will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to Open Range or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Additional information on the foregoing risks and other factors that could affect Open Range's operations and financial results are included in the Company's annual information form and other reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Open Range does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Disclosure provided herein in respect of barrel(s) of oil equivalent (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Contact Information

  • Open Range Energy Corp.
    A. Scott Dawson, P.Eng.
    President and Chief Executive Officer
    403-205-3704

    Open Range Energy Corp.
    Lyle D. Michaluk, CA
    Vice President, Finance and Chief Financial Officer
    403-262-9280
    www.openrangeenergy.com