Rockyview Energy Inc.
TSX : RVE

Rockyview Energy Inc.

March 22, 2007 15:24 ET

Rockyview Energy Provides Operations Update and Posts Revised Corporate Presentation on Its Website

CALGARY, ALBERTA--(CCNMatthews - March 22, 2007) - Rockyview Energy Inc. ("Rockyview" or the "Company")(TSX:RVE) is pleased to provide an operational update.

2007 Winter Drilling Program

The Company has drilled 28 (20 net) wells year-to-date, resulting in 18 (14 net) gas wells, 8 (5 net) wells cased for gas and awaiting completion and 2 (1 net) abandoned wells. The Company has also re-completed 5 (3 net) other shallow gas wells and is in the process of drilling one (0.5 net) well at Wood River, targeting the Mannville formation. All the successful wells are expected to be tied-in following spring break-up. The activity is summarized below:

Central Alberta

- Drilled 16 (12 net) Horseshoe Canyon gas wells (cased and/or completed).

- Drilled 7 (5 net) Horseshoe Canyon/Belly River (dual producing) gas wells (cased and/or completed).

- Re-completed 5 (3 net) gas wells in the Horseshoe Canyon.

- Drilling one (0.5 net) Mannville gas well.

Western Alberta

- Drilled 2 (2 net) Mannville/Nordegg/Banff wells, cased for gas.

Peace River Arch

- Drilled 1 (0.5 net) Triassic wells, cased for oil/gas.

- Drilled 2 (0.7 net) abandoned wells.

Total expenditures on drilling, completions and re-completions for the first quarter are expected to be approximately $8.0 million. Management estimates that total tie-in costs will amount to approximately $3.0 million. A further update on production additions from these activities will be provided once rates have stabilized.

In addition, Rockyview invested $500,000 on land and seismic acquisitions. A total of 1,500 net acres was acquired during the quarter, predominantly in the Peace River Arch.

"We're very pleased with the results of our winter drilling program", noted Rockyview President & C.E.O. Steve Cloutier. "In addition to continuing the operational successes we had in 2006, our drill and case costs on the shallow gas program have come in below estimates. Together with the infrastructure investments we made last year, this results in very attractive go-forward economics".

Rockyview also entered into a multi-section farm-in agreement in its Central Alberta core area. The Company has recompleted two wells in the Horseshoe Canyon formation, to earn four sections of land. Rockyview estimates that an additional 10 Horseshoe Canyon wells might be drilled on these lands, none of which has been assigned reserves.

Updated Corporate Presentation

Rockyview has updated the corporate presentation on its website to take into account the Company's recently released 2006 operating and financial results. The presentation may be viewed at www.rockyviewenergy.com.

Reader Advisory - Statements in this news release contain forward-looking information including expectations of future production, expectations of future expenditures and capital costs, plans for exploration, development and drilling activities and other operational developments. Readers are 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 include, but are not limited to; operational risks in exploration, development and production, delays or changes in plans, risks associated with the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The risks outlined above should not be construed as exhaustive. The reader is cautioned not to place undue reliance on this forward-looking information. The Company undertakes no obligation to update or revise any forward-looking statements except as required by applicable securities laws.

The Toronto Stock Exchange has neither approved nor disapproved of the contents of this news release.

Contact Information

  • Rockyview Energy
    Steve Cloutier
    President & C.E.O.
    (403) 538-5000
    (403) 538-5050 (FAX)
    or
    Rockyview Energy
    Alan MacDonald
    Vice President, Finance, C.F.O. & Corporate Secretary
    (403) 538-5000
    (403) 538-5050 (FAX)
    Website: www.rockyviewenergy.com