Sharon Energy Ltd.
TSX VENTURE : SHY

Sharon Energy Ltd.

July 10, 2007 09:01 ET

Sharon Announces Casing the Cheney #1 Well Colorado County, Texas

CALGARY, ALBERTA--(Marketwire - July 10, 2007) - Sharon Energy Ltd. (TSX VENTURE:SHY) announces that the Cheney #1 well located in Colorado County, Texas has reached a total depth of 18,400 ft and is currently being cased. Sharon has a 14% working interest in the well.

Based on the Company's log analysis, the well has encountered 40 ft of gross pay and 30 feet of potential net gas pay, in the Wilcox #18 zone, which was the primary target horizon in the well.

Completion operations are anticipated to commence within 45 days. Sharon plans to construct production facilities prior to performing a fracture stimulation and production testing of the zone.

Sharon is an oil and gas exploration and production company based in Calgary, Alberta. Sharon's current focus is on deep gas exploration in Texas.

ADVISORY: Certain information regarding the Company in this News Release including management's assessment of future plans and operations, drilling and completion plans and the timing thereof, may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, unexpected decline rates in wells, wells not performing as expected, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhausted. Additional information on these and other factors that could effect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) and at the Company's website (www.sharonenergy.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Sharon Energy Ltd.
    H.C. (Kip) Ferguson, III
    President
    (713) 789-5395
    (713) 789-8454 (FAX)
    or
    Sharon Energy Ltd.
    Robert W. Lamond
    Chairman
    (403) 269-9889
    (403) 269-9890 (FAX)