Primera Energy Resources Ltd.
TSX VENTURE : PTT

Primera Energy Resources Ltd.

April 03, 2012 12:57 ET

Primera Energy Resources Ltd. (TSX VENTURE:PTT) Announces Corporate Update on Block WD-4 Drilling Program - Recompletion Program Increases PERL's Production Rate by 35%

PORT OF SPAIN, TRINIDAD & TOBAGO AND CALGARY, ALBERTA--(Marketwire - April 3, 2012) - Primera Energy Resources Ltd. (TSX VENTURE:PTT) ("PERL" or the "Corporation") is pleased to provide the following corporate update.

Optimal Block WD-4

PS 111RD, originally drilled and completed on December 1, 2011 has been recompleted on March 27, 2012 in the Upper Cruse formation. The well came in flowing with an initial production of 202 barrels of clean oil per day, on a 4/32" Choke with Casing Pressure of 1200 pounds per square inch (psi). As of April 2, 2012, the well continues to flow on 4/32" Choke with Casing Pressure of 1000 pounds per square inch (psi). The cumulative production to date is 1,079 barrels of oil, averaging 180 bopd. Approximately 236 feet of net pay in the Upper Cruse and Forest formations remain to be exploited.

This recompletion has increased PERL's current production rate by 35% to 610 bopd.

As reported earlier, work is continuing on location preparation for redrill, PS 174RD and PS 125.

About PERL

PERL is a TSX Venture Exchange listed issuer which currently produces approximately 600 bopd pursuant to a lease operatorship agreement in South Central Trinidad and has a 16.2% entitlement to the Cory Moruga 'E' Block.

READER ADVISORY

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.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Primera Energy Resources Ltd.
    Geoffrey Leid
    Chief Executive Officer
    (868) 628-1128