Canadian Oil

[Tackler]

Tajzha Ventures partner spuds natural gas test well

2007-03-09 05:49 MT - News Release

Mr. Ronnie Doman reports

TAJZHA PROVIDES UPDATE ON NORTHEASTERN BC TEST WELL

Tajzha Ventures Ltd. is releasing an update on the natural gas test well located in northeastern British Columbia. Tajzha has been advised by the operator that well rig up is complete and that the well spudded on March 7, 2007.

The test well is considered a high-impact opportunity for Tajzha, and the budgeted cost of Tajzha's share of drilling and casing costs is $320,000.

Drilling and evaluation of the well are expected to take up to 45 days.

By participating in the test well, Tajzha will earn a 10-pr-cent working interest in the exploration block consisting of approximately five sections of land. Tajzha will pay 11.67 per cent of the costs of the test well to earn a 10-per-cent working interest in the well. Any subsequent wells in the exploration block will be on a straight-up working interest basis. Tajzha has the opportunity to participate in four additional exploration blocks on the same terms as the initial exploration block. These four additional blocks consist of approximately three, three, six and six sections of land. Tajzha must participate in the first well on each option block to earn into the land in that block.