Verona Development Corp.

Verona Development Corp.

November 17, 2008 13:36 ET

Verona Provides Gainsborough South Production Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2008) - Verona Development Corp. (TSX VENTURE:VDC)(FRANKFURT:V5D) ("Verona" or "the Company") is pleased to provide further details on the two Gainsborough South wells currently in production.

For the three-month period ended of May 1, 2008 to July 30, 2008 the Company received a total of $422,435.17 in net revenues from the two wells in production with an operating cost of $12.50 per barrel. Total net production to Verona is 42 BOPD. The property, which is comprised of 320 acres of mineral interest, contains several additional drilling locations as defined by 3D seismic. Verona maintains a 60 percent net working interest on the property. The operator has done now work on its Gainsborough holdings since acquiring them in March 2008, including the Gainsborough South project area. Verona is exploring the option of drilling new wells jointly with the operator or independently in the first quarter of 2009.

"With the current market conditions being what they are the Company is pleased being able to generate cash flow on a consistent basis, and is focused on growing that cash flow with additional drilling and property acquisitions," stated Rod Husband, Director and Chief Financial Officer of Verona.

On Behalf of the Board of Directors


Rod Husband

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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

Contact Information

  • Verona Development Corp.
    Investor Relations
    (604) 688-2008 or 1-866-282-8398
    (604) 683-6557 (FAX)