Sharon Energy Ltd.

Sharon Energy Ltd.

July 18, 2007 09:00 ET

Sharon Announces Signing Drilling Rig Contract for N.W. Speaks Robertson #1 Well, Lavaca County, Texas

CALGARY, ALBERTA--(Marketwire - July 18, 2007) - Sharon Energy Ltd. (TSX VENTURE:SHY) announces that it has signed a contract with Pioneer Drilling Company to drill the N. W. Speaks Robertson #1 well, located in Lavaca County, Texas, starting on or about August 18, 2007.

The projected total depth for the Roberson #1 well is 13,600 feet and is located 250 feet from a well which has over 200 feet of potential Wilcox gas pay, based on the Company's log interpretation.

Sharon developed the N. W. Speaks project and will be the operator. Sharon will pay 31.125 % of the drilling costs and have a 35.844 % working interest at casing point.

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 ( and at the Company's website ( 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.
    Houston, Texas
    H.C. (Kip) Ferguson, III, President
    (713) 789-5395
    (713) 789-8454 (FAX)
    Sharon Energy Ltd.
    Calgary, Alberta
    Robert W. Lamond, Chairman
    (403) 269-9889
    (403) 269-9890 (FAX)