CALGARY, ALBERTA--(Marketwire - Nov. 8, 2012) - Sunridge Energy Corp. ("Sunridge" or the "Company") (TSX VENTURE:SRG) is pleased to announce that it has now established an initial stabilized daily production rate at the North Central oil prospect. The discovery well and the step out well were placed on production in July and October, respectively, and currently yield a combined rate averaging approximately 100 BOPD, 80 BOPD net to Sunridge. Further optimization to increase production is planned for the near future.
"We are encouraged with existing production rates but believe we can increase production by a meaningful amount using one or more optimization techniques. We are currently evaluating our alternatives," states Dwayne Tyrkalo, CEO of Sunridge.
Additionally, Sunridge reports that it is pursuing other corporate, financial and acquisition initiatives and is optimistic that it will have further developments to report in the near future.
Sunridge Energy Ltd. is an Alberta-based exploration and production company focused on cost effective, sustainable oil development projects.
On behalf of the board,
Dwayne Tyrkalo, Chief Executive Officer
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. 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.
Neither 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.