RedWater Energy Corp.
TSX VENTURE : RED

RedWater Energy Corp.

November 08, 2010 09:35 ET

RedWater Energy Corp. Lists on the TSX.V

OKOTOKS, ALBERTA--(Marketwire - Nov. 8, 2010) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Gary Waters, President of RedWater Energy Corp. (TSX VENTURE:RED) ("RedWater") announces that it will commence trading on the Toronto Venture Exchange under the symbol RED on Monday, November 8, 2010 at 9:30 am Eastern Standard Time.

RedWater is a junior oil and gas company with operations focused in Central and Northern Alberta. Current production is 50 BOEPD in summer and 100 BOEPD in winter. RedWater's objective is to develop its current inventory of low risk conventional drilling and re-completion projects on its existing land base. RedWater also has a number of horizontal drilling opportunities targeting Viking, Slave Point and Wabamun formations. RedWater's core areas include Redwater, Red Earth/Loon, Fairydell-Bon Accord and Westlock.

KEY PERSONNEL

  • Gary Waters, President & CEO/Director, former President of Sawtooth International Resources Inc. with 19 years experience
  • Kyle Francis, CFO/Director, former Director of Investment Banking at CIBC World Markets with 11 years experience
  • Kevin Dickson, Production Engineer Consultant/Director, former President of Dagur Resources Inc. with 31 years experience
  • James D. Ross, Chief Geologist, former Chief Geologist at Sawtooth International Resources Inc. with 35 years experience
  • Richard Cohen, Director & Consultant, Chairman and Vice President of Mooncor Oil & Gas and Director and Vice President of Solid Gold Resources Corp.
  • Ron Wanner, Director, President and CEO of Viking Surplus Oilfield Equipment Ltd.

COMPANY SNAPSHOT

  • Initial drilling inventory of 15 conventional and horizontal oil wells
  • Re-completions of 16 light oil wells
  • 20,032,478 shares outstanding
  • 4,274,279 warrants outstanding
    • 648,929 @ $0.30
    • 604,225 @ $0.40
    • 3,021,125 @ $0.50
  • Undeveloped land 21,639 net acres, 95% average working interest

AREAS OF OPERATION:

Redwater

  • 100% working interest and 100 % operated
  • Bruderheim light oil conventional drilling
  • Viking horizontal, multi-frac light oil drilling
  • 10 initial drill locations and 7 wells to be re-completed
  • 19 sections of mineral holdings

Red Earth/Loon

  • Slave Point/Granite Wash light oil multi-frac resource play
  • 95% working interest and 100% operated
  • 2 initial drill locations and 5 wells to be re-completed
  • 2.5 sections mineral holdings (1,600 acres)
  • 5-15 meters of pay thickness

Westlock

  • Wabamun medium gravity oil drilling
  • 100% working interest and 100% operated
  • 2 initial drill locations and 3 wells to be re-completed
  • 6 Sections of mineral holdings
  • Licensed battery

Fairydell-Bon Accord

  • Leduc oil pinnacle reef
  • 100% working interest and 100% operated
  • 1 initial horizontal drill location and 1 well to be re-completed
  • 2.75 sections of mineral holdings
  • 14 meters of pay thickness

RedWater has begun its re-completion program at Redwater and Westlock. Drilling at Redwater is expected to commence in the next 60 days. A Leduc oil well is also currently being licensed as a re-entry at Fairydell-Bon Accord.

The conventional drilling and re-completion programs will be ongoing. Higher impact horizontal drilling will be concurrently developed in the core areas of Redwater, Red Earth/Loon, Fairydell-Bon Accord and Westlock.

For more information please refer to RedWater's Prospectus dated August 5, 2010 available on SEDAR at www.sedar.com.

Neither 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.

Contact Information