PRZOOM - /newswire/ -
Los Angeles, CA, United States, 2005/06/27 - Silver Star Energy, Inc. (OTCBB: SVSE) today announces that the "Archer-Wildlands #1" well is drilling ahead at the North Franklin Project, Sacramento Basin of California..
The well was spudded on June 25th and is a close offset to the "Archer-Whitney #1" well that has been in production since March 2005. This is the second gas well to be drilled in the North Franklin gas reservoir under the 2005 development plan.
The Company is optimistic that the Winters sand gas pay zone will be thicker at this location than the "Archer-Whitney #1" well, based on 2D seismic and geological mapping of the formation. Drilling to the 8,000 foot depth should take a total of 8-10 days following which the well will be completed and tied-in to the pipeline. Silver Star receives PG&E-Citygate gas prices for sales and was last quoted at $6.72 per mcf.
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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Source: Silver Star Energy, Inc.