Yangarra Resources Ltd.

Yangarra Resources Ltd.

November 08, 2006 14:18 ET

Yangarra Announces Update

CALGARY, ALBERTA--(CCNMatthews - Nov. 8, 2006) -

Not for distribution in the United States of America

Yangarra Resources Ltd. (TSX VENTURE:YAN) ("Yangarra" or "the Company") is pleased to announce that construction of the Jaslan area compressor station and gathering system (45% working interest) has been completed and is on stream. The project has added an additional 150 boe/d (6-1 conversion) net production to the Company.

Yangarra has cased one deep gas test well and two shallow gas wells in Medicine Hat. Two additional shallow wells will be drilled as soon as weather permits. Yangarra plans to complete and tie-in the five wells prior to year end.

In Ferrier two gas wells are in the process of being tied into compression and one new drill is planned prior to year end.

Yangarra's estimated current production is 700 boe/d with approximately 200 boe/d behind pipe.

Certain information regarding Yangarra set forth in this release, including management's assessment of the Company's future plans, operations and operational results may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas exploration, production, marketing, and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserves estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.

A boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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

Contact Information

  • Yangarra Resources Ltd.
    James G. Evaskevich
    (403) 262-9558
    Website: www.yangarra.ca