Waldron Energy Corporation

Waldron Energy Corporation

March 08, 2011 06:00 ET

Waldron Energy Announces Successful Well Results

CALGARY, ALBERTA--(Marketwire - March 8, 2011) - Waldron Energy Corporation (TSX:WDN) ("Waldron" or the "Corporation") is pleased to announce that its 100% working interest Ricinus 12-11-36-9W5 well has been completed and tested at 10.2 MMcf per day on a 35% drawdown plus expected liquids of 40 bbls/mmcf out of the Ellerslie Formation. Additionally, the Corporation has successfully deepened, logged and cased its Strachan 14- 30 -37-8W5 well (the "14-30 well") as a high perm Ellerslie well. The 14-30 well is expected to finish completion operations within the next two weeks. These two successful wells follow the February 17, 2011 announcement of the successful Strachan 7-29-37-8W5 well which tested at 6.2 MMcf per day plus expected liquids of 40 bbls/mmcf out of the Ellerslie and Glauconite Formations. All three vertical wells are expected to be placed on production within thirty days.

Additionally, Waldron today spud the Strachan 16-29-37-8W5 well (the "16-29 well") targeting the Ellerslie and Glauconite Formations. The 16-29 well is anticipated to be a twenty-five day drill. The Corporation also plans to deepen an existing wellbore at Strachan 16- 30 -37-8W5 (the "16-30 well") targeting the Ellerslie. The fifty meter deepening and completion operations at the 16-30 well are expected to be finished by mid April 2011. 

Waldron currently has identified an inventory of 36+ high perm Ellerslie drilling locations in the Ricinus/Strachan area on the Corporation's lands. 

Investor Information

Waldron is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas. The Corporation's common shares are currently listed on the Toronto Stock Exchange under the trading symbol "WDN." Additional information regarding Waldron is available under the Corporation's profile at www.sedar.com or at the Corporation's website, www.waldronenergy.ca.

Forward Looking and Cautionary Statements

This news release contains forward-looking statements relating to the Corporation's plans and other aspects of the Corporation's anticipated future operations, strategies, financial and operating results and business opportunities. These forward-looking statements may include opinions, assumptions, estimates, management's assessment of value, reserves, future plans and operations. 

Forward-looking statements typically use words such as "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," "plan," "intend," and similar expressions suggesting future outcomes, and statements that actions, events or conditions "may," "would," "could," or "will" be taken or occur in the future. Specifically, this press release contains forward-looking statements relating to the liquids content and production from wells; expected completion date; expected of placing wells on production; estimated number of days to drill the 16-29 well; the estimated timing of the deepening and completion of the 16-30 well; and identified drilling locations. The forward-looking statements are based on various assumptions including expectations regarding the success of current or future drill wells; the outlook for petroleum and natural gas prices; estimated amounts and timing of capital expenditures; estimates of future production; assumptions concerning the timing of regulatory approvals; the state of the economy and the exploration and production business; results of operations; performance; business prospects and opportunities; future exchange and interest rates; the Corporation's ability to obtain equipment in a timely manner to carry out development activities; and the ability of the Corporation to access capital and credit. While the Corporation considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking statements are subject to a wide range of assumptions, known and unknown risks and uncertainties, and other factors that contribute to the possibility that the predicted outcome will not occur, including, without limitation: risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation; loss of markets; volatility of commodities prices; currency fluctuations; imprecision of reserves estimates; environmental risks; competition from other producers; inability to retain drilling rigs and other services; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; general economic conditions; delays resulting from or inability to obtain required regulatory approvals and to satisfy various closing conditions; and ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive.

Although Waldron believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and you should not rely unduly on forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by applicable law, Waldron does not undertake any obligation to publicly update or revise any forward-looking statements.

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