PRZOOM - /newswire/ -
Los Angeles, CA, United States, 2005/05/05 - Silver Star Energy, Inc. announces that the drilling of the "13-22" oil well at the Joarcam Project, Alberta, Canada, will commence on May 7..
Silver Star Energy, Inc. (OTCBB: SVSE) today announces that the drilling of the "13-22" oil well at the Joarcam Project, Alberta, Canada, will commence on May 7. With the lifting of the government-imposed road bans, Silver Star is now moving the rig to the drilling site tomorrow and plans to spud the well the following day.
The objective is the Viking formation and the well is planned to a depth of 1,020 metres (3,347 feet). Drilling and well completion is anticipated to take 7-10 days. The "13-22" will offset the producing "4-22" well and along trend from the "13-27" well that has been in production since March 1, 2005.
Currently, the 38 degree API light oil at Joarcam has been priced at over $63.00 CDN ($51.00 US) per barrel. The project is a low-risk development property with oil at shallow depth, short payback period and long life reserves. The play is located in the "Viking C" pool adjacent to the established Joarcam Viking pool, the largest Viking hydrocarbon accumulation in Alberta, Canada.
The "13-22" well is the second well to be drilled by Silver Star under the Company's overall development strategy at Joarcam. This plan is to drill up to 10 wells during 2005. With success at Joarcam, it is anticipated that the field could produce 500 barrels of oil per day (bbls/d) if fully developed. Oil wells at Joarcam demonstrate very shallow decline curves. The prospect lands are located about 25 miles southeast of Edmonton, Alberta, and there is year-round access to the property.
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.
ON BEHALF OF THE BOARD
Silver Star Energy.
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Source: Silver Star Energy, Inc.
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