Solara Exploration Ltd.

Solara Exploration Ltd.

October 13, 2010 12:28 ET

Solara Exploration Updates Recent Drilling Activities and Plans

CALGARY, ALBERTA--(Marketwire - Oct. 13, 2010) - Solara Exploration Ltd. ("Solara" or the "Company") (TSX VENTURE:SAA.A) (TSX VENTURE:SAA.B) is pleased to update its recent drilling activities in the Dewberry area of Alberta. The Company has recently operated the drilling and completion of four (4) new oil wells at Dewberry with combined initial gross oil production of 125 bbls/d or 52 bbls/d net to Solara's interest. The Company owns a 42% working interest in the four wells. Solara has drilled ten (10) oil wells and one potential oil well on the Dewberry project since August, 2009. These wells are currently producing an estimated 316 bbls/d of gross production or 205 bbls/d net to Solara's interest in the project. The Company is currently licensing two horizontal wells on its 100% interest lands which will be drilled into the Dina formation to follow up on its conventional (vertical well) drilling results obtained to date. The Company has identified at least 25 potential additional drilling locations on its lands at the Dewberry project. Solara operates wells which are currently producing oil from one of four separate formations comprising the Sparky, Rex, Cummings and Dina zones.

The Company also reports that it anticipates commencing the first of two horizontal wells at Pembina (Buck Lake) by the first week in November with the second well to follow immediately upon rig release of the first well. Both wells are being drilled within a half of a mile of Solara's recent Cardium oil horizontal discovery well.

Solara is also pleased to report that its recently announced private placement to raise $3 million is fully subscribed and is expected to close on or before October 22, 2010. The proceeds of the financing will be used to fund its share of the fourth quarter drilling program.

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.


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.

54,383,309 Class A Shares

986,700 Class B Shares

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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