Sunridge Increases Land Position at North Central Alberta Oil Prospect
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/18/11 -- Sunridge Energy Corp. (TSX VENTURE: SRG) ('Sunridge' or the 'Company') is pleased to announce that it has successfully acquired an additional 640 acres at its oil prospect located in North Central, Alberta (the 'Property') which increases Sunridge's land position in the area from 800 acres to 1,440 acres. The Company is planning an exploration program this fall on the original 640 acre crown lease which will include drilling a 1600 metre short radius horizontal well and a 3D seismic program.
About the Property
The Property consists of two 640 acre crown leases, of which the Company holds a 100% working interest, and five freehold leases totaling 160 acres, of which the Company's working interest is 100%, subject to a 16% freehold royalty. The Property is in close proximity to good pipeline and processing infrastructure with good paved and high grade gravel road access allowing for further drilling developments on adjacent lands.
Based on the results of the fall exploration program and the areal extent of the reservoir, the Company will proceed with up to a maximum of 8 additional short radius horizontal wells to the target formation in the Upper Mannville sandstone. Total drilling distance per well is anticipated to be 1,600 metres (measured depth). Three original vertical well signatures from past drilling efforts by other companies (decades ago) indicate a 3 to 4 mile long trend for this prospective bypassed reservoir. The well drilled on Sunridge's initial 800 acres recovered free oil from the target formation 9 years ago but was not developed by the original operator because their focus was on a deeper horizon. Laboratory oil analysis from this well indicates a gravity of 18.3 degrees API and displays a favorable viscosity profile for cold-flow production. The horizontal application is intended to recover the maximum amount of oil at a higher daily rate than a vertical wellbore.
About Sunridge
Sunridge is a junior oil and gas exploration and development company of oil and gas properties. Sunridge currently owns a 100% working interest in the Lavoy Property producing from the McMurray formation, a 32% working interest in the Leduc South Property producing from the Basal Ellerslie formation, and 100% working interests in the Wizard Lake property producing from the Edmonton Sand formation all in the Province of Alberta. In addition the Company owns a 100% working interest in two crown leases and five freehold leases totaling 1,440 acres at an oil prospect in North Central, Alberta.
On behalf of the board,
Dwayne Tyrkalo, CEO
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Sunridge cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Sunridge's control. Such factors include, among other things: risks and uncertainties relating to Sun ridge's ability to complete the drilling of the Test Well; earn a working interest in the Property and that there will be production from any wells drilled. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Sunridge undertakes no obligation to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Sunridge Energy Corp.
Dwayne Tyrkalo
CEO
(604) 681-0221 or 1-800-667-4470
(604) 687-4670 (FAX)
info@sunridge-energy.com
www.sunridge-energy.com
