Tyner Resources Ltd.
TSX VENTURE : TIP

Tyner Resources Ltd.

September 30, 2005 19:14 ET

Tyner Announces Drilling of Broseh #1 Well

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 30, 2005) - Tyner Resources Ltd. (TSX VENTURE:TIP) announced today, that Tyner, through its wholly owned subsidiary Tyner Texas Operating Company ("Tyner Texas"), as operator, has initiated drilling activity on Tyner's second Lower Bend Shale well in the Palo Duro Basin area of the Texas Panhandle. The second well, the Broseh #1 well, is located 15 miles Northeast of Floydada in Floyd County adjacent to the Mary Hall well. This well was drilled in 1964 to a depth of 9,460 feet and penetrated a gas generating window in the Lower Bend shale. The Broseh well has been permitted to a total depth of 9,500 feet. Tyner has a 93.75% working interest in the well, with overriding royalties of 24%. Patterson-UTC Drilling Company is planning to mobilize a triple rig to the site on October 4th and all work in respect of road, pit and pad construction are nearing completion. The well is expected to take approximately 28 days to drill and an additional 20 to 45 days to attempt completion and production tests as required. This well drilling program, in conjunction with the results of the Stephens #1 well, is designed to evaluate the Lower Bend Shale and the Granite Wash (Atoka Sands).

Tyner's first well, the Stephens #1, reached a total vertical depth of 9,500 feet. This well is approximately one mile east of the Echols 2 #1 well, which was recently completed by Vintage Petroleum Inc. The Stephens well penetrated the entire Lower Bend shale and the Granite Wash (Atoka) sands with total depth (TD) being 70 feet below the Granite Wash in the Mississippi Lime. Based on a review of the well logs, Tyner Texas set 5.5 inch production casing through the Granite Wash. J. Robby Robson, President and CEO of Tyner Texas, reports that log analysis confirms penetration of approximately 1,000 feet of Lower Bend shale containing gas and 24 net feet of potentially hydrocarbon bearing Granite Wash sands. Schlumberger Limited, a leading oil field services company is providing assistance to Tyner Texas in the interpretation of the well logs. It is the intention of Tyner, upon procurement of a completion rig, to initially perforate and subsequently to frac targeted portions of the Lower Bend shale. Sidewall cores and drill cutting samples have been sent for independent analysis, the results of which are expected in October. The completion of the Stephens #1 well and the drilling of the Broseh #1 well should provide critical data to enhance the understanding of the Lower Bend Shale structure and to develop an understanding of the recoverable reserve potential of the basin. Tyner has acquired leases on 6,400 acres in the basin and has exercised an option to acquire an additional 6,400 acres, which based on 80 acre spacing would allow for a maximum of a 160 well program.

Tyner is a well-financed oil and gas exploration company focused on evaluating the potential of its projects in North America and Europe. Tyner has attracted an experienced and focused management team and is currently targeting its primary effort in the Palo Duro basin. The Board of Directors has authorised the granting of an additional 1,500,000 stock options to Directors, officers and employees at exercise prices of $1.21 and $1.42 per share for a period of five years, subject to TSX Venture Exchange acceptance. Of these options 1,350,000 will have additional vesting restrictions tied to the success of the drilling program in the Palo Duro Basin.

ON BEHALF OF THE BOARD

Paul Larkin, President

Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed and elsewhere in the company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The company does not assume the obligation to update any forward-looking statement.


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Tyner Resources Ltd.
    Paul Larkin
    President
    (604) 687-7767
    (604) 688-9895 (FAX)