Sahara Energy Ltd.

Sahara Energy Ltd.

July 11, 2008 13:39 ET

Sahara Energy Announces Sale of Gold Creek Gas Well

CALGARY, ALBERTA--(Marketwire - July 11, 2008) - Sahara Energy Ltd. (TSX VENTURE:SAH) (PINK SHEETS:SAHRF) ("Sahara"), announces that it has closed the sale of its 30% operated working interest in one gas well located at Gold Creek, Alberta for proceeds of approximately $180,035. Proceeds of the sale will be used to pay down Sahara's existing bank debt. Subsequent to the application of the proceeds from the sale, Sahara's current bank indebtedness will be approximately $20,000. Sahara will continue to focus on developing its lands in its core area of Lloydminster, Alberta.


Statements in this press release may contain forward-looking statements including expectations with respect to future events and the actions of third parties. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the underlying risks of the oil and gas industry (i.e. operational risks in development, exploration and production; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserves estimates; the uncertainty of estimates and projections relating to production, costs and expenses, adequate available financing and health, safety and environmental factors), commodity price and exchange rate fluctuation and uncertainties.

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Contact Information

  • Sahara Energy Ltd.
    Peter J. Boswell
    (403) 232-1359
    Sahara Energy Ltd.
    800, 510 - 5th Street S.W.
    Calgary, Alberta T2P 3S2