CALGARY, ALBERTA--(Marketwire - July 27, 2012) - Sunridge Energy Corp. ("SRG" or the "Company") (TSX VENTURE:SRG) is pleased to announce the drilling of our second well in North Central Alberta. Drilling operations have commenced, the zone of interest will be cored and analyzed. The well is forecast to be equipped for production in the third quarter.
Results of the second core analysis, combined with our planned 3-D seismic program, will determine the areal extent of the target Formation. Currently, SRG controls 4,000 acres of land associated with this prospect.
In addition, Sunridge has closed on a further placement of 300,000 common shares in conjunction with it's previously announced financing, for gross proceeds of $60,000. A 7% commission was paid to a registered advisor firm.
Sunridge Energy is an exploration and production company focused on highly economic, low-cost sustainable oil development in Western Canada.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Sunridge cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Sunridge's control. Such factors include, among other things: risks and uncertainties relating to Sunridge's ability to complete the drilling of its second well, or that there will be production from any wells drilled. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Sunridge undertakes no obligation to publicly update or revise forward-looking information.
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