Solara Exploration Ltd.

Solara Exploration Ltd.

March 28, 2011 09:00 ET

Solara Exploration Announces Drilling and Operations Update

CALGARY, ALBERTA--(Marketwire - March 28, 2011) - Solara Exploration Ltd. (TSX VENTURE:SAA.A) ("Solara" or the "Company") is pleased to announce that it has recently participated in the drilling and casing of a horizontal Cardium oil well located at Lsd. 8-17-45-5 W5M in the Pembina (Buck Lake) area of Alberta. The new well will be completed and fraced within the next several weeks. Solara controls a 26.67% working interest in the horizontal well which is located adjacent to an existing producing Cardium oil and gas horizontal well located in Lsd. 1-17-45-5 W5M. The operator of the project has plans to drill two additional wells in the same section by the third quarter of 2011.

The Company is also pleased to report that it has drilled and cased a potential new oil pool discovery well in the Borradaile area of east central Alberta. Solara owns a 100% working interest in the well and is currently engaged in completion operations. The Company will provide additional information on the potential oil well once current operations have been completed. If the completion operations on the new well are successful, Solara has additional drilling locations on its lands.

Solara also reports that it has completed the sale of its interests in a non-core oil property located in east central Alberta to an undisclosed purchaser for gross consideration of $4.1 million. This transaction is part of the Company's ongoing program to divest of non-strategic assets to increase its overall focus on core operations in Alberta.

About Solara Exploration

Solara Exploration is a publicly traded junior oil and gas company focused on the exploration, development and acquisition of oil and natural gas in Western Canada.

76,031,702 Class A Shares

READER ADVISORY 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

  • Solara Exploration Ltd.
    Donald R. Holding
    President and Chief Executive Officer
    (403) 537-0458
    (403) 537-0462 (FAX)
    Solara Exploration Ltd.
    1800, 444 - 5th Avenue S.W.
    Calgary, Alberta, Canada T2P 2T8