Primera Energy Resources Ltd.
TSX VENTURE : PTT

November 07, 2011 09:00 ET

Primera Energy Resources Ltd. (TSXV:PTT) Announces Corporate Update on Block WD-4 Drilling Program

PORT OF SPAIN, TRINIDAD & TOBAGO and CALGARY, ALBERTA--(Marketwire - Nov. 7, 2011) - Primera Energy Resources Ltd. (PERL or the "Corporation") (TSX VENTURE:PTT) is pleased to provide the following corporate update.

Optimal Block WD-4

The Corporation is pleased to announce that drilling has been completed on the first two (2) wells in this phase of the drilling campaign. As announced earlier, PS 266RD, was drilled to a total depth of 5,450' and encountered 270' of net pay in the Upper and Lower Forest Formations. A service rig is currently on site completing the well, initially in 131' of net sand pay in the Lower Forest Formation.

PS 111RD, the second well on the program, was drilled to a total depth of 6,900' and encountered 295' of net pay in the Forest and Cruse formations. Production casing was set at 6,853' and the well will be completed, initially in 45' of net sand pay in the Upper Cruse Formation. Following the completion of PS 266RD, the service rig will move on location to complete PS 111RD.

Production results will be provided as soon as they become available.

Work is continuing on location preparation for PS 174RD which shall target the under-exploited Cruse formation, and an infill/replacement well to PS 125 and will be drilled.

About PERL

PERL is a TSX Venture Exchange listed issuer which currently produces approximately 400 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.

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.

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Contact Information

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

    Primera Energy Resources Ltd.
    Dan Patience
    Investor Relations
    (403) 262-7111