Solara Exploration Ltd.
TSX VENTURE : SAA.A
TSX VENTURE : SAA.B

Solara Exploration Ltd.

December 09, 2010 12:12 ET

Solara Exploration Announces Second Cardium Horizontal Drilling Success

CALGARY, ALBERTA--(Marketwire - Dec. 9, 2010) - Solara Exploration Ltd. ("Solara" or the "Company") (TSX VENTURE:SAA.A)(TSX VENTURE:SAA.B) announces that it has recently completed the drilling and casing of its second Cardium horizontal well located in section 17-45-5 W5M of the Pembina (Buck Lake) area of Alberta. The Company will undertake the completion and stimulation (fracing) of the well over the next several days and anticipates that the well will be on production prior to year end. This new well has been drilled within one-half of a mile of its initial producing Cardium oil and gas well. Solara anticipates commencing the drilling of a third operated Cardium horizontal well within the next few days in the east-half of section 9-45-5 W5M. The initial Cardium horizontal well, which is located in 13-9-45-5 W5M, has averaged approximately 750 BOE/d over the past 20 days comprised of 570 bbls/d of oil and 1.1 MMcf/d or 180 BOE/d of natural gas. The well has continued to flow without the assistance of artificial lift equipment during this period.

Solara also advises that it has recently drilled and cased a horizontal well in the Dina formation on its 100% working interest lands in section 21-53-4 W4M at Dewberry in eastern Alberta. The Company is proceeding with completion operations on the potential oil well and expects to have the well on full production within the next several days. Solara will also be commencing drilling operations on a second Dina horizontal well on its lands within the next few days.

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.

READER ADVISORY

BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

63,260,283 Class A Shares   

986,700 Class B Shares

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)
    don_solaraexploration@shaw.ca
    or
    Solara Exploration Ltd.
    1800, 444 - 5th Avenue S.W.
    Calgary, Alberta, Canada T2P 2T8