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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cobalt Energy Ltd B | TSXV:CB.B | TSX Venture | Ordinary Share |
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% | 0.00 | - |
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES. Cobalt Energy Ltd. ("Cobalt" or the "Company") (TSX VENTURE:CB.A) (TSX VENTURE:CB.B) is pleased to update recent drilling activity. Cobalt participated in the drilling of two exploration wells in December, 2008. The Company participated in the successful drilling and completion of one natural gas well (18% working interest) located at Hines in the Peace River Arch area of Alberta. This well has been tied-in and is currently producing at a restricted rate of approximately 350 mcf/d (63 mcf/d net). The operator is evaluating compression options which are expected to increase this well's production rate. Cobalt also participated in the drilling of one light crude oil horizontal well (43% working interest) in December, 2008 located in west central Alberta. The well has recently commenced testing operations and the Company has agreed with its partners to hold information on this well confidential until after the testing is completed. Cobalt also announces that Paul McMillan, Vice President Exploration and Randy Doetzel, Vice President Operations have resigned from the Company. The directors and management wish both gentlemen well in their future endeavors. Reader Advisory - This news release contains certain forward-looking statements, which include assumptions with respect to availability of funds, use of capital, results of operations and production levels. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, 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, tax treatment (including royalties), 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. The Company'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, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company 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 the Company 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. BOE or boe/d may be misleading particularly if used in isolation. A BOE conversion of 6mcf:1bbl is based as an energy equivalency conversion method primarily applicable at the burner tip and does not necessarily represent a value equivalency at the well head.
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