Choice Resources Provides Update on Recent Drilling Activities
Monday January 22, 8:00 am ET
CALGARY, ALBERTA--(CCNMatthews - Jan. 22, 2007) - Mr. Gordon Harris, President and CEO of Choice Resources Corp. (TSX VENTURE:CZE - News; "Choice" or the "Company") is pleased to report on recent drilling activity.
As previously announced, Choice completed drilling two multi-leg wells at Killam. The first well was evaluated this week and swab tested oil rates of over 500 boe/d (25 degree API). Choice, on Friday began the evaluation of the second multi-leg Killam well. Initial swab rates are similar to the first well and the well is continuing to clean up as the remaining drilling fluids are recovered. Swabbing of the second well will continue for another day. The working interest for these two wells is 100%. There have now been four wells drilled at Killam (a total of six legs), one of which is at 50% working interest. The Company is preparing to drill three additional multi-leg horizontal wells over the next two months. Further information on the Killam drilling program will be forthcoming when testing and further delineation drilling is completed.
Additionally Choice is fracture stimulating three recently drilled wells in the Viking area. Working interests are between 40% and 75%. In addition Choice has finished drilling three wells at Samson (central Alberta) with a working interest of 25% and two wells at Whitecourt have been completed and put on stream at rates of approximately 700 mcf/d per well. The working interest in the Whitecourt wells is approximately 40%.
All three wells drilled at Samson were cased with multi-zone potential and are being evaluated through perforating and testing. This program is the first phase of a 40 section farm-in and further wells are planned for the area in the spring.
The success of this recent drilling and completion work has set up a number of follow-up locations. The timing of these will be decided as management and directors finalize and approve the next fiscal year budget.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
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