Open Range Energy Corp.

Open Range Energy Corp.

April 30, 2007 08:30 ET

Open Range Energy Corp. (TSX:ONR) Provides Drilling Update

CALGARY, ALBERTA--(CCNMatthews - April 30, 2007) -


Open Range Energy Corp. ("Open Range" or the "Company") (TSX:ONR) is pleased to announce details of its continued drilling success at its core Ansell/Sundance property and provide a production update.

During the first quarter of 2007, Open Range has continued its 100 percent drilling success with four (1.8 net) new wells at Ansell/Sundance. Two of these wells encountered four productive pay zones each, resulting in a combined average of three productive pay zones per well drilled in the quarter. Subsequent to the end of the first quarter, Open Range has finished drilling one (100 percent working interest) well at Ansell/Sundance which encountered four potential productive pay zones. The Company anticipates that all 2007 wells drilled to date will be brought on-production by August.

As of the date of this release, Open Range is 16-for-16 in drilling at Ansell/Sundance, achieving 100 percent success over almost 17 months of exploration and development drilling. These results continue to validate the Ansell/Sundance property as an excellent multi-zone Deep Basin gas complex.

Following spring break-up, Open Range will continue its drilling program for the balance of 2007 which currently targets an additional five gross wells at Ansell/Sundance. The Company has current production of approximately 1,150 - 1,200 boe/day based on field estimates. At this time, the Company continues to forecast average production for 2007 of approximately 1,450 boe/day with an exit rate of approximately 1,650 boe/day.

Open Range Energy Corp. is a publicly traded Canadian energy company with focused operations in the deep basin region of Alberta.

Open Range has approximately 19.8 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) production; (ii) future capital expenditures; (iii) funds from operations; (iv) cash flow; and (v) debt levels. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Open Range's control. Such risks and uncertainties include, without limitation, risks associated with oil and 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, 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 so, what benefits, including the amount of proceeds, that 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. 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.

The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

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