SOURCE: Sunrise Energy Resources, Inc.

August 22, 2007 15:25 ET

Sunrise Energy Resources, Inc. Updates on the Status of Well #21 and Other Events

NEW YORK, NY--(Marketwire - August 22, 2007) - Sunrise Energy Resources, Inc. (OTCBB: SEYR) announces the completion of the gas treatment and separation facility at Karaikozovsk lease.

On August 17, 2007, Sunrise Energy Resources successfully perforated the producing horizon Visean-V15 in Well #21 of the Karaikozovsk property at the depth of 4,820 meters (approximately 15,814 ft). The flow tests conducted during the last several days at choke sizes of 8mm and 10mm resulted in average flow rates of approximately 7.0 million cubic feet of gas per day and 140 barrels of condensate per day with the statistical formation pressure of 50 MPa. The Company plans to continue testing the well to determine the most efficient commercial production scenario. The entire infrastructure including gas/condensate separation unit, storage bunkers and the pipeline connection has been completed and tested. The produced gas will be sold through Stepove-Bogodukhov pipeline belonging to the state-owned NAK Naftogaz of Ukraine.

The Company's CFO, Roman Livson, and CTO, Bobby Long, made a presentation today at the Enercom Oil&Gas Conference in Denver on August 22, 2007.

About Sunrise Energy Resources

Sunrise Energy Resources, Inc., through its wholly owned subsidiaries, Esko Pivnich and Pari, engages in the exploration and production of oil and gas in Ukraine. The Company produces from Karaikozovsk field in the Eastern Ukraine and develops Rakitnyansk, and Rogan properties in the Eastern Ukraine as well as Peremyshlyansk, Chukvinsk, Niklovitsk, Pilipivsk and Sheremetyevsk properties in the Western Ukraine.

Esko Pivnich has been conducting exploration and development activities at Karaikozovsk property since April 2000 under the joint activity agreements with the state owned Poltavaneftegazgeologiya and Okhtyrkaneftegaz. Since the beginning of the exploration and development activities a total of approximately 180 MBBLS of oil has been produced from Wells #2 and #3 of Karaikozovsk property. The Company plans to transfer Well #3 to produce natural gas from Visean V-14 producing horizon in 2007. In addition, the Company plans to continue producing oil from Well #2 of Karaikozovsk property. During 2007-2008, the Company plans to commence exploration of Pavalyukovsk block which is adjacent to Karaikozovsk block and was appended to the Company's license area in early 2007.

Please visit the Company's website for more information.

This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.

Contact Information

  • Contact:
    Sunrise Energy Resources, Inc., New York
    Investor Relations
    Konstantin Tsiryulnikov