Solara Exploration Ltd.
TSX VENTURE : SAA.A

Solara Exploration Ltd.

November 01, 2011 09:30 ET

Solara Exploration Announces Update on Leduc D3 and Cardium Wells

CALGARY, ALBERTA--(Marketwire - Nov. 1, 2011) - Solara Exploration Ltd. (TSX VENTURE:SAA.A) ("Solara" or the "Company") announces that based on the assessment of the samples and well logs for the Leduc D3 well located at 12-22-38-4 W5M in the Sylvan Lake area of Alberta, the Company and its partners have cased the well and will undertake completion operations on the Leduc D3 formation commencing next week. Solara is participating for a 75% working interest in the drilling, casing and completion of the well to earn a 48.75% working interest pursuant to a farmout agreement among the parties.

Solara also advises that it is currently engaged in equipping and tie-in operations on its previously announced well which was recently drilled and completed in the Leduc D3 formation at 14-7-38-3 W5M in the Sylvan lake area. The Company expects that the well will be on production by November 15, 2011.

The Company also announces that the equipping and tie-in of the horizontal well located at 16-9- 45-5W5M for oil and gas production from the Cardium formation at Buck Lake (Pembina) has experienced delays due to service availability problems which should be resolved in the next several days.

Solara plans to provide updated production information after these new wells are placed on production and produce for a reasonable period of time.

About Solara Exploration

Solara Exploration focuses on the exploration, development and production of oil and gas properties within its core areas in the Buck Lake (Pembina) and Sylvan Lake areas and a heavy oil project in the Dewberry area of eastern Alberta. Solara is a publicly traded junior oil and gas company listed on the TSXV under the trading symbol SAA.A. More information is available on the Company's website at www.solaraexploration.com.

READER ADVISORY

This news release may contain certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, 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, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward- looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. 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.

77,900,732 Class A 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