Primera Energy Resources Ltd.

September 19, 2011 09:51 ET

Primera Energy Resources Ltd.: Press Release

PORT OF SPAIN, TRINIDAD & TOBAGO and CALGARY, ALBERTA--(Marketwire - Sept. 19, 2011) -

Primera Energy Resources Ltd. (TSX VENTURE:PTT) ("PERL") is pleased to announce the continuation of its 2011 drilling campaign with the commencement of a four-well drilling program in Block WD-4.

PS 266RD, the first of three wells targeting Upper and Lower Forest Formations, has been spud and will be drilled to a total depth of 5,450 feet to recover reserves lost in the original legacy wells. This will be followed by PS174RD which will be drilled to a total depth of 5,100 feet and PS 111RD which will be targeting the under-exploited Cruse Formation and will be drilled to a total depth of 6,900 feet.

The fourth well in the program, will be an infill/replacement well to PS 125, designed to further exploit reserves in the Upper and Lower Forest Formations in the area. All necessary regulatory and other approvals for these wells have been obtained.

About PERL

PERL is a TSX Venture Exchange listed issuer which currently produces approximately 350 barrels of oil per day pursuant to a lease operatorship agreement in South Central Trinidad and has a 16.2% entitlement to the Cory Moruga 'E' Block.

PERL has an approximate working capital surplus of $2.8 million as at August 31, 2011 and approximately 57,120,000 common shares outstanding.

Statements in this press release may contain forward-looking information including expectations of future operations, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income and oil taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the issuer. These risks include, but are not limited to, the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, or reservoir performance, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.

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

Contact Information

  • Primera Energy Resources Ltd.
    Geoffrey Leid
    Chief Executive Officer
    (868) 378-5343

    Primera Energy Resources Ltd.
    Patrick Acham
    (868) 678-4229