Irwin Energy Announces Erratic Weather Slows Drilling Progress
March 29, 2005 09:00:30 (ET)
VANCOUVER, British Columbia, Mar 29, 2005 (PRIMEZONE via COMTEX) -- Irwin Energy, Inc. (Pink Sheets:IWNN) President John Gaetz would like to announce the following update. Due to erratic weather in the drilling zones in Alberta, road bans have delayed progress in this region. This has put the Company's Sylvan Lake drilling program slightly behind schedule. The operators have indicted that the drilling equipment should be moving on to site within a week.
The initial well at Sylvan Lake is a 7,200-foot Peskisko Sand test that is prospective for oil and gas. It is expected to take approximately 10 to 12 days to drill and test the initial well. Each development well has probable production of 150 barrels of oil per day and 750,000 cubic feet of gas per day with reserves in excess of 1 billion cubic feet gas and 500,000 barrels of oil. The property includes four other pay zones that are prospective for gas. The average well in the Sylvan Lake Field has produced 500 barrels of oil per day, with over one million cubic feet of gas per day. Dependant on the results of the current drill program, the company expects to drill up to 4 more wells on these land sections. For more detailed information on this project, please see the news release dated Feb. 7th, 2005. The Company will provide an announcement with the commencement of drilling.
The Company West Lock Project tie in was also affected by the weather, however the equipment required for tie in is now on site and ready to go weather permitting. The company expects this could occur starting next week. Flow rates will be established shortly thereafter. The company will advise its shareholders when the tie in and flow rates are completed.
Irwin Energy President John Gaetz said, "We would like to thank all of our shareholders for their patience, during what most would describe as a very unusual year weather wise."
