Rage Energy Ltd.

March 16, 2007 17:21 ET

Rage Energy Announces Drilling and Completion Results

CALGARY, ALBERTA--(CCNMatthews - March 16, 2007) - Rage Energy Ltd. ("Rage" or the "Company") (TSX VENTURE:RAG) announces that the Company and its partners have drilled the final three wells of Rage's eight well drilling program in northeast Alberta. The operator of the program has concluded testing the wells and will be tying in one well before break-up at an anticipated rate of approximately 200 thousand cubic feet/day (Rage 40 % before payout). The operator is also conducting nodal analysis on six wells that exhibited pressures in excess of 1,000 kpa of bottom hole pressure. This analysis is being undertaken to determine which of the six wells will be viable candidates for plunger lift application and have sufficient deliverability to warrant being tied in. The Company and its partners will continue to evaluate the remaining 16 sections of land (Rage 12.5 % working interest) to determine a drilling program for the fourth quarter of 2007 and the first quarter of 2008.

Rage is a public oil and gas company engaged in oil and gas exploration, development and production in the western Canadian sedimentary basin and internationally.

This press release contains forward-looking statements. These forward-looking statements can generally be identified as such because of the context of the statements including words such as the Company "believes", "anticipates", "expects", "plans", "may", "estimates" or words of a similar nature. These statements are based on current expectations and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Accordingly, readers are cautioned and no assurances can be given that any of the events anticipated by the forward-looking statements will occur, or if any of them do so, what benefits that we will derive there from. The Company does not undertake any obligation to publicly update or revise any forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Rage Energy Ltd.
    Nick Topolnyski
    President & CEO
    (403) 690-7244