Ryland Oil Corporation

Ryland Oil Corporation

March 03, 2008 08:00 ET

Ryland Provides Update on Drilling Program and Corporate Activities

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2008) - Ryland Oil Corporation (TSX VENTURE:RYD) (the "Company") is pleased to provide an update respecting its exploration drilling program on its 300,000 plus acres of Crown leases and licenses in southeast Saskatchewan. Late in 2007 the Company commenced drilling of both a vertical well in the southeast region of its property and a more centrally located horizontal well. Both of these wells have been cased and are currently being completed and tested in multiple horizons. The Company is also continuing testing of its three initial wells completed on the northern half of the acreage holding. In addition, it is reworking the wellbore acquired from Jadex Energy Ltd. in an attempt to establish commercial production from its current productive zone as well as evaluating further upside potential from other prospective zones. Two additional wells are in the planning and permitting stage with an expected spud date in May, 2008. These wells are expected to further define the potential in the central area of the acreage position.

The Company also announces the following:

- all 33,300,000 share purchase warrants issued in connection with private placements completed in November, 2006 and February, 2007 were exercised, resulting in the addition of $6,205,000 to the Company's treasury;

- subject to applicable regulatory and shareholder approval, it has repriced 885,000 incentive stock options previously granted on June 27, 2007 and July 18, 2007 to directors, officers, employees and consultants of the Company. The stock options have been repriced at CDN$1.54 per share for a period of 5 years from the original grant date; and

- it has granted options to acquire a total of 300,000 common shares of the Company to directors, officers, employees and consultants of the Company at the exercise price of CDN$1.54 per share of a period of 5 years.

Shares Issued and Outstanding: 142,254,259

The TSX Venture Exchange has not reviewed and does not accept any responsibility for the adequacy or accuracy of this news release, and no regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • Ryland Oil Corporation
    Gerald J. Shields
    (604) 742-2528
    (604) 736-5004 (FAX)