Standard Exploration Ltd
TSX VENTURE : SDE

Standard Exploration Ltd

February 24, 2012 09:00 ET

Standard Exploration Ltd. Provides Montney Well Update

CALGARY, ALBERTA--(Marketwire - Feb. 24, 2012) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Standard Exploration Ltd. (the "Corporation") (TSX VENTURE:SDE) is pleased to announce it has completed the drilling of the Test Well as previously announced in the Corporation's press releases dated October 27, 2011 and February 16, 2012. The horizontal Montney oil well was rig released on February 22, 2012.

The well did not encounter any mechanical difficulties during drilling and finished on time and on budget. The horizontal portion of the well encountered the anticipated sandstone formation throughout the majority of the length of the 900 metre horizontal leg and has been cased and lined for completion and testing operations. It is the Corporation's intent, subject to equipment availability, to commence completion and testing operations mid-next week.

The Corporation intends to complete its current non-brokered private placement on February 28, 2012 in advance of this completion operation.

The Corporation is a Canadian based oil and gas corporation with operations in Alberta, Canada and is traded on TSX Venture Exchange. The Corporation's public filings may be found at www.sedar.com.

Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"), including details about the well. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Corporation's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although the Corporation believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our Annual Information Form and other documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Corporation does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

This news release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act")), absent registration or an exemption from registration. The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not be offered for sale in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that terms is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Standard Exploration Ltd.
    Ronald P. Wiebe
    President & CEO
    403-262-4450