Probe Resources Ltd.

Probe Resources Ltd.

May 08, 2009 09:15 ET

Probe Commences East Cameron 37 Well in U.S. Gulf of Mexico

THE WOODLANDS, TEXAS--(Marketwire - May 8, 2009) - Probe Resources Ltd. (the "Company" or "Probe") (TSX VENTURE:PBR) is pleased to announce that it has commenced the drilling of its East Cameron 37 prospect in the U.S. Gulf of Mexico. The Probe East Cameron 37 #1 well will be directionally drilled under turnkey contract to approximately 12,700' and will test several Miocene objectives. Total prospective gross resource estimate is 35 billion cubic feet of gas equivalent (BCFE). Drilling results are expected in 20-25 days. The prospect is adjacent to and will be drilled from the same surface location as its previously announced East Cameron 36 discovery.

Probe holds a 52% working interest (WI) and 36.4% net revenue interest (NRI) prior to project payout (BPPO) and a 41.6% WI and 30.784% NRI after project payout (APPO) in the project area. The project area consists of East Cameron 36, East Cameron 37, and Vermilion 20. Probe will continue as operator of the project area.

About Probe Resources Ltd.

The Company, along with its wholly-owned subsidiary Probe Resources US Ltd. located in The Woodlands, Texas, is an oil and natural gas exploration and production company focused on generating, acquiring, developing, and operating drilling prospects within the Texas and Louisiana Outer Continental Shelf of the Gulf of Mexico.


Scott Broussard, Chief Executive Officer and Chairman of the Board

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities in the United States. The Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Statements in this press release may contain forward-looking information including expectations of future operations (including drill rig commitments and use of proceeds), commerciality of any gas discovered, production rates, 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 Company. 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 exploration, 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 Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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