Canadian Oil

[december]

Tajzha to bring natural gas well into production


2007-02-15 09:51 ET - News Release

Mr. Ronnie Doman reports

TAJZHA VENTURES LTD. UPDATE OF ACTIVITIES

Tajzha Ventures Ltd. has released an update on its business activities.

Tajzha has opened an office in Calgary, Alta., and its oil and gas management team is now headed up by Ben van Rootselaar, PEng, a director of Tajzha. Tajzha is also pleased to welcome consultants, Richard Dargis, who will use his extensive experience to head up field operations and Richard Mellis, as a land consultant.

On Jan. 8, 2007, Tajzha completed the acquisition of a 75-per-cent working interest in an oil and gas property located in the Provost area in east-central Alberta. The property consists of two sections with three shut-in Manville oil wells and two shut-in Viking natural gas wells. Tajzha, as operator of the property, intends to pursue recompletion work on the wells in the first and second quarters of 2007.

Tajzha has purchased a compressor and the first shut-in natural gas well on the property is scheduled to be brought on to production in February, 2007. It is anticipated that the remaining oil and gas wells will be brought on to production by the end of May, 2007. Subject to the completion of a successful recompletion program, management believes that the three oil and two natural gas wells are capable of producing 55 (net) barrels of oil equivalent per day. The budgeted cost of Tajzha's share of the recompletion project is $650,000. These costs will be paid for through a combination of working capital and private placement proceeds.