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

Solara Exploration Ltd.

January 10, 2011 09:00 ET

Solara Exploration Tests New Cardium Well

CALGARY, ALBERTA--(Marketwire - Jan. 10, 2011) - Solara Exploration Ltd. ("Solara" or the "Company") (TSX VENTURE:SAA.A)(TSX VENTURE:SAA.B) announces that it has recently completed the drilling, fracing and completion of its previously announced horizontal well in Section 17-45-5-W5M located in the Pembina (Buck Lake) area of Alberta. The Company undertook testing operations from December 19, 2010 to January 6, 2011, during which time it recovered all of the load fluid and subsequently achieved testing rates of approximately 1,497 barrels of oil per day and 1.9 million cubic feet of natural gas per day for an aggregate rate of 1,816 BOE/d of field production, ending on January 6, 2011 with a flowing pressure of 3700 kpa. Solara's partner in the well has taken over facility tie in operations and is currently in the process of equipping the well for production and anticipates that these activities will be completed within 30 days. Management's estimate of Solara's share of initial production from the well is estimated to be approximately 484 BOE/D. The Company has additional horizontal drilling opportunities on its lands in the Pembina Buck Lake area which compliment its recent drilling success.

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.

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