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CLN Culane Energy Corp Com

0.05
0.00 (0.00%)
13 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Culane Energy Corp Com TSXV:CLN TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.05 0.04 0.07 0 01:00:00

Culane Provides Operational Update

21/05/2010 2:01pm

Marketwired Canada


THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.

Culane Energy Corp. ("Culane") (TSX VENTURE:CLN) is pleased to provide an
operational update:


As was previously announced, pressure work carried out on Culane's Notukeu Upper
Shaunavon well indicated that the well was not in direct pressure communication
with the main reservoir. Culane has established a pre-stimulation production
capability for this well. On April 19, 2010 Culane began completion operations
on its Notukeu well HZ 1D1-1C2-6-11-17W3M. After two days of swabbing operations
the well was swabbing at rates of 310 BOPD with a 92% oil cut. The well was
placed back on production but stabilized oil production rates were not
established. Culane has now shut-in the Notukeu well while it conducts an
additional pressure evaluation.


The Notukeu horizontal well location is scheduled for additional completion
operations on the 25th of May. At this time Culane is making preparations to
perform a 10 stage sand frac utilizing Packers Plus technology. This is the same
completion technique used successfully in the area on Lower Shaunavon Formation
wells. The use of this completion technique on Lower Shaunavon has shown a 10
fold increase in stabilized initial oil production rates from 10 barrels of oil
per day (pre-frac) to 125 barrels of oil per day after the sand frac operation.
An example of this is horizontal well Clintonville 5A1-7-3A1-6-9-19 W3M. This
completion technique has proved effective on low permeability reservoirs such as
the Bakken in S.E. Saskatchewan, Lower Shaunavon and recently on the Upper
Shaunavon Formations both in S.W. Saskatchewan.


Culane has a drilling inventory of up to 45 additional horizontal wells pending
the results of the completion on this well. Gravity of the oil is 22.4 Degrees
API. Culane will pay a 2.5% Royalty on the first 38,000 barrels (6000 m3) of oil
produced from horizontal wells drilled in the Upper Shaunavon Formation on
Saskatchewan Crown lands. Culane owns a 100% working interest in 13 sections
(8300 acres) of land on this play and is the operator. Culane is currently
licensing additional locations and is expected to commence the second phase of
drilling operations in the third quarter of 2010 pending the results of the
completion operation.


About Culane Energy Corp.

Culane Energy is a junior oil and gas company engaged in the exploration,
development and production of oil and natural gas in Alberta.


Reader Advisories

Forward-Looking Statements: This news release contains certain forward-looking
statements, including management's assessment of future plans and operations and
the expected timing and results from operations, that involve substantial known
and unknown risks, uncertainties and assumptions, certain of which are beyond
Culane's control. Such risks, uncertainties and assumptions include, without
limitation, those associated with oil and gas exploration, development,
exploitation, production, marketing, processing and transportation, loss of
markets, volatility of commodity prices, currency fluctuations, imprecision of
reserve estimates, environmental risks, competition from other producers,
inability to retain drilling rigs and other services, delays resulting from or
inability to obtain required regulatory approvals and ability to access
sufficient capital from internal and external sources, the impact of general
economic conditions in Canada, the United States and overseas, industry
conditions, changes in laws and regulations (including the adoption of new
environmental laws and regulations) and changes in how they are interpreted and
enforced, increased competition, the lack of availability of qualified personnel
or management, fluctuations in foreign exchange or interest rates, stock market
volatility and market valuations of companies with respect to announced
transactions and the final valuations thereof, and obtaining required approvals
of regulatory authorities. Culane's actual results, performance or achievements
could differ materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurances can be given that any
of the events anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what benefits that Culane will derive there
from. Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information on these and other factors that could affect
Culane's operations and financial results are included in reports, including
Culane's annual information form for the financial year ended December 31, 2009,
on file with Canadian securities regulatory authorities and may be accessed
through the SEDAR website (www.sedar.com). All subsequent forward-looking
statements, whether written or oral, attributable to Culane or persons acting on
its behalf are expressly qualified in their entirety by these cautionary
statements. Furthermore, the forward-looking statements contained in this news
release are made as at the date of this news release and Culane does not
undertake any obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information, future
events or otherwise, except as may be required by applicable securities laws. 


24,519,754 Common Shares

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