Novus Energy Inc fka NVS

[sumisu]

NOVUS ENERGY INC. ANNOUNCES UPDATE ON ITS VIKING LIGHT
OIL DRILLING PROGRAM IN DODSLAND SASKATCHEWAN

CALGARY, ALBERTA, July 20, 2011 – Novus Energy Inc. (“Novus” or the “Company”) is pleased to announce that the Company is now halfway through its 2011 Viking oil drilling program, and has now successfully drilled 26 Viking oil wells in the Dodsland area of Saskatchewan, with 20 of these wells having been completed. Seventeen of the wells that have been completed have been placed on production, with the remainder to follow. Novus is pleased with the initial rates the first wells have demonstrated to date. Drilling and completion costs in the Dodsland area continue to meet the Company’s budgeted figures of $850,000 per well. Novus expects to provide a further update in August, as more wells are completed, and more production data is collected.

With two drilling rigs running, Novus expects to drill a total of 52 net Viking oil wells in the Dodsland area by the end of the third quarter of 2011, and complete a total of 46 wells, assuming normal summer weather, by the end of September 2011. The remaining wells will be completed early in the fourth quarter of the year.

Total estimated field level corporate production as of July 18, 2011 was approximately 2,120 boe/d. Novus expects production will continue to steadily increase through the balance of the third quarter as additional wells are drilled and placed on production. The Company is comfortable that given the progression of its drilling plans and results to date, that it will meet its previously announced exit rate guidance of 3,000 boe/d. The Company’s anticipated exit rate of 3,000 boe/d represents a near doubling of production from the 1,544 boe/d the Company reported in its first quarter of 2011.

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http://www.novusenergy.ca/en/investor/nvs-2011-07-20-pressrelease.pdf