Peerless Energy Inc.

Peerless Energy Inc.

March 19, 2007 16:13 ET

Peerless Energy Inc. Announces Significant Exploration Discovery

CALGARY, ALBERTA--(CCNMatthews - March 19, 2007) - Peerless Energy Inc. (TSX:PRY.A) (TSX:PRY.B) ("Peerless" or the "Company") is pleased to announce a significant new exploration discovery in its Peace River Arch, Alberta core area.

Peerless has a net 20% working interest in a new exploration discovery well. The well tested at a stable rate of over 20 million cubic feet per day at a flowing pressure of 1,500 pounds per square inch. The Company expects the well will be placed on production in early April. Initial production rates may be constrained by gathering system capacity, and an update to this will be provided in a future operational update.

Peerless would also like to confirm that the date for the release of its 2006 fourth quarter and year end will be March 26, 2007.

Peerless Energy Inc. is a junior oil and gas company engaged in the exploration for, and development and production of, natural gas and light oil reserves primarily in the provinces of Alberta, Saskatchewan, and British Columbia.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The Class 'A' shares have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act.

Peerless' Class A shares and Class B shares trade on the Toronto Stock Exchange under the symbols PRY.A and PRY.B respectively.


This press release may contain forward-looking statements including management's assessment of future plans and operations, expectations of future production, cash flow and earnings. 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 risks associated with the oil and gas industry (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), acquisitions, commodity price and exchange rate fluctuation and uncertainties resulting from competition from other producers and ability to access sufficient capital from internal and external sources. Additional information on these and other factors that could affect Peerless' operations and/or financial results are included in Peerless' reports on file with Canadian securities regulatory authorities.

Contact Information

  • Peerless Energy Inc.
    Wade Becker
    President and Chief Executive Officer
    (403) 263-1590
    (403) 263-1591 (FAX)
    Peerless Energy Inc.
    Dan Toews
    Vice President, Finance and Chief Financial Officer
    (403) 263-1590
    (403) 263-1591 (FAX)