PRZOOM - /newswire/ -
Los Angeles, CA, United States, 2005/06/20 - Silver Star Energy, Inc. (OTCBB: SVSE) today announces that the Company is preparing to spud the "Archer-Wildlands #1" well at the North Franklin Project in the Sacramento Basin of California.
Silver Star Energy, Inc. (OTCBB: SVSE) today announces that the Company is preparing to spud the "Archer-Wildlands #1" well at the North Franklin Project in the Sacramento Basin of California. This is the next gas well to be drilled under the overall development plan for the North Franklin Project. The well location is an offset to the "Archer-Whitney #1" well that has been in production since March 2005.
The drilling rig is currently being mobilized to the North Franklin site. After rig up, it is anticipated that drilling to the 8,000 foot depth should take 8-10 days following which, the well will be completed and tied in to the pipeline. Silver Star anticipates a spud date of the well to be on June 21 or 22.
Silver Star receives PGE-Citygate gas pricing from North Franklin production, which today is in the $6.30 per Mcf range. NYMEX natural gas futures have risen to between $7.00 and $8.88 for 2005-2006, giving Silver Star an indication of what future gas production revenue may be during the upcoming months. The Sacramento Basin is a major gas producing area located in northern California. In 2002, the region produced 81 billion cubic feet of gas from 83 fields and more than 1,000 producing wells. The North Franklin gas discovery and reservoir is a new gas field that Silver Star and partners are developing under the 2005 plan. Ultimately, 6 gas wells are to be drilled in the Winters formation plus the planned Deep F Zone (Forbes) test planned for Q4.
ABOUT SILVER STAR ENERGY, INC.
The Company is committed to the exploration and extensive development of oil and natural gas reserves throughout western North America. Company management is focused on an acquisition program targeting high-quality, low-risk prospects provided via key strategic alliance partnerships.
Safe harbor for Forward-Looking Statements:
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Silver Star Energy, Inc. has little or no control.
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Silver Star Energy, Inc.
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