Sahara Energy Ltd.

Sahara Energy Ltd.

October 19, 2010 17:46 ET

Sahara Energy Ltd.: Successful Well Drilled on Blackfoot Lands

CALGARY, ALBERTA--(Marketwire - Oct. 19, 2010) - Sahara Energy Ltd. ("Sahara") (TSX VENTURE:SAH) (PINK SHEETS:SAHRF) announces that Forent Energy Ltd. ("Forent") has successfully drilled and completed the first farm-in well on Sahara's Blackfoot lands. The well is currently producing at a rate of 50 barrels of oil per day. Sahara owns a 15% royalty on the well convertible to a 50% working interest after payout. Under the farmout agreement, Forent has earned an additional 50% working interest in an offsetting 40 acres. Forent also has the option to earn an additional 80 acres by drilling an option well, under the same terms, within 60 days of rig release of the first farmin well. Forent has indicated that it will drill at least one more well on Sahara's lands. Sahara owns 160 acres at Blackfoot that has been downspaced to 20 acre Drilling Spacing Units.

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements such as reference to Forent's indication that it intends to drill at least one more well on Sahara's lands is based on the understanding of Sahara at the date hereof, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond Sahara's control, and no assurance can be given that anticipated events will occur. Sahara undertakes no obligation to update forward-looking information if circumstances should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements.

Neither the 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

  • Sahara Energy Ltd.
    Peter J. Boswell
    (403) 232-1359
    (403) 232-1307 (FAX)