Sahara Energy Ltd.
TSX VENTURE : SAH
PINK SHEETS : SAHRF

Sahara Energy Ltd.

December 18, 2007 12:22 ET

Sahara Energy-Announces Sale of Simonette Gas Property

CALGARY, ALBERTA--(Marketwire - Dec. 18, 2007) - Sahara Energy Ltd. (TSX VENTURE:SAH) (PINK SHEETS:SAHRF) ("Sahara" or the "Company") announces that it has sold it's working interest in a shut-in gas well in the Simonette area of Alberta to an arms length party for $400,000. Proceeds of the sale will be used to pay down the Company's bank facilities.

At the Company's properties in Hayter, Alberta, two wells have been drilled and cased under the terms of a previously announced farmout agreement on November 14, 2007. One well is currently on production, and the second well will be placed on production, in the near future. Two additional option wells may be drilled, based on the success of these wells.

READER ADVISORY

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.

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

Contact Information

  • Sahara Energy Ltd.
    Peter J. Boswell
    President
    (403) 232-1359
    Email: pete@saharaenergy.ca
    or
    Sahara Energy Ltd.
    Quentin Enns
    Vice-President, Exploration
    (403) 232-1359
    Email: quentin@saharaenergy.ca
    or
    Sahara Energy Ltd.
    800, 510 - 5th Street S.W.
    Calgary, Alberta T2P 3S2