Sharon Energy Ltd.
TSX VENTURE : SHY

Sharon Energy Ltd.

October 19, 2005 13:22 ET

Sharon Announces Spudding 16,800 Foot Allen Ranch, Hancock #2 Well Colorado County, Texas

CALGARY, ALBERTA--(CCNMatthews - Oct. 19, 2005) - Sharon Energy Ltd. (TSX VENTURE:SHY) announces that the Allen Ranch Hancock #2 well commenced drilling on October 18, 2005.

The well is being drilled to 16,800 feet and is estimated to take 65-75 days to drill. The well is a development well for the four Wilcox gas zones, currently being completed in the Allen Ranch Hancock #1 well, and will also penetrate a deep Wilcox gas structure identified by 3D seismic.

Production from the third Wilcox zone in the Allen Ranch Hancock #1 well has been increased to 7.0 MMcfd, flowing at 5,700 psi, on a 16/64 inch choke. The Allen Ranch Hancock #1 well has yet to be completed in the fourth Wilcox gas zone. After production testing, the four productive Wilcox gas zones in this well will be commingled.

Sharon has a 14% working interest in both the Allen Ranch Hancock wells.

Sharon Energy Ltd. is a junior oil and gas company currently conducting active natural gas exploration programs in Texas and Alberta.

Forward-looking statements - statements included in this press release that are not historical facts may be considered "forward-looking statements." All estimates and statements that describe the Company's objectives, goals or future plans are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties where actual results could differ materially from those currently anticipated.

The TSX Venture Exchange has not reviewed and 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)
    Website: www.sharonenergy.com