Press Release Source: PanTerra Resource Corp.
PanTerra Doubles Potential Recoverable Gas Reserves
Tuesday September 26, 8:00 am ET
PAN - TSXV
CALGARY, Sept. 26 /CNW/ - PanTerra Resource Corp. (the "Company") reports that recently acquired gas analyses from the Foam Lake cores more than doubles the potential recoverable gas from 0.74 Bcf per section (gross) (as previously reported on Sedar October 2005) to 1.53 Bcf per section, should other reservoir parameters remain the same. Initial results indicate that gas derived from the cores is composed of 95% methane, 2% ethane / propane and 3% CO2, with heating values ranging from 978 to 1006 Btu's per standard cubic foot. This yields in excess of 320 Bcf (risked) of potential recoverable gas (net) to PanTerra's Saskatchewan lands.
The Company has successfully drilled and cased all 16 potential gas wells on the Foam Lake Exploratory Permit. Further analyses of the nine cores are presently being conducted at a specialty lab in the USA. Upon completion of the analyses, which will take a few months, the Company will have a greater understanding of the lithology and rock mechanics of the formations and will then be in a much better position to design proper completion and stimulation programs allowing it to maximize potential production rates and recoveries, creating additional shareholder value.
At Moose Jaw, the Company has drilled and cased 10 wells of its 16 well program and is currently drilling well number 11. Numerous gas bearing zones were encountered and recorded on gas detector logs while drilling. Cores will be cut on wells number 13 and 14 and will also be sent to the lab in the USA for analyses. The drilling phase of the Moose Jaw project should be completed by early to mid October.
The TSX Venture Exchange has not reviewed nor accepts responsibility for
the adequacy or accuracy of the contents of this news release.
For further information
Fred P. Rumak, P.Geol., President and C.E.O. at (403) 261-5900, Email to: fred@panterraresource.com
