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Share Name | Share Symbol | Market | Type |
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Glamis Res Ltd | TSXV:GLM.B | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS Glamis Resources Ltd. ("Glamis" or the "Company") (TSX VENTURE:GLM.A) (TSX VENTURE:GLM.B) is pleased to provide an operations update on the Company's drilling and operating activities in southeast Saskatchewan. Glamis is currently producing approximately 400 boe/d (99% oil) which includes 230 bopd of light oil from the three identified pools in the Queensdale area. The Company's fifth 100% working interest horizontal well (Queensdale 191/1-2-7-1W2M) is now on production at approximately 35 bopd. As anticipated, this well is capable of producing high fluid volumes and, upon completion of Glamis' new oil battery expected to be operational in August, the Company will be equipping the well with a high volume lift. This is expected to allow Glamis to produce the well at high fluid volumes which will proportionately increase oil volumes from the well. Furthermore, with the completion of the battery, Glamis anticipates operating costs in this area to be reduced below the current $10.00 per barrel. Glamis has also completed drilling its first development well offsetting its Manor, Tilston oil discovery made in the first quarter of 2008. This 100% working interest horizontal well (Manor 191/7-11-7-1W2M) encountered approximately 460m of oil and gas shows throughout the horizontal section. Glamis expects to place this well on production in early August. Glamis anticipates drilling seven more wells in southeast Saskatchewan prior to year end and has submitted well licenses for three horizontal development wells which are expected to be drilled in August and September 2008. During the first quarter of this year Glamis shot and interpreted an 18.3 square kilometer 3D seismic program which identified an extension to the Wauchope pool. Glamis recently successfully acquired the prospective additional acreage at a Crown land sale. Three additional locations have been identified on these lands. Glamis has also tied up an additional 1120 acres in the area through a combination of farm-ins, Crown land sales and freehold leases. Glamis is also in the process of shooting three more 3D seismic programs which are expected to be completed by the end of August. Glamis Resources Ltd. is a junior oil and gas company formed to generate and develop its own prospects, acquire oil and gas properties and participate with joint venture partners in oil and gas exploration and development in the Western Canadian Sedimentary Basin. The Company's Class A shares and Class B shares trade on the TSX Venture exchange under the symbols GLM.A and GLM.B. The Company currently has 19,744,988 Class A shares and 922,500 Class B shares outstanding. FORWARD LOOKING STATEMENTS: Certain information regarding Glamis in this news release including management's assessment of future plans and operations, timing of drilling and tie-in of wells, productive capacity of the new wells and productive capacity from different wells, expected production rates, drilling success rates, dates of commencement of production, may constitute forward looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing 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, unexpected decline rates in wells, wells not performing as expected, delays resulting from or inability to obtain required regulatory approvals 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. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could effect Glamis' operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Furthermore, the forward looking statements contained in this news release are made as at the date of this news release and Glamis 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. The term "boe" may be misleading, particularly if used in isolation. A boe conversion 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.
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