United Bolero Initiates Listing Process In the USA
VANCOUVER, British Columbia, Aug 17, 2005 (PRIMEZONE via COMTEX) --
United Bolero Development Corp. (the "Company", "United Bolero") (TSX-V:UNB) is pleased to report that the company has initiated the process of achieving a dual listing for United Bolero on both the TSX Venture Exchange as well as the Pink Sheets in the United States of America. This process is expected to take 4-6 weeks.
President Blair Naughty states, "We at United Bolero feel that a dual listing will provide the best avenues for investors to participate in our market on both daily trading and future financing possibilities. We have a significant shareholder base in the U.S. and we want to provide the best access for our current and future shareholders trading exposure for the United Bolero market."
As well, the company would like to report that due to unforeseen difficulties on site, the Bolero 1-23 well was not fraced by Sanjel on July 28th as planned. Partner Big Snowy has re-booked Sanjel to return to complete the well at the earliest possible date.
The first well under the Wagonbox agreement, the Bolero No. 1-33 was drilled to permitted depth. While drilling, the operator encountered multiple hydrocarbon zones of both oil and gas. The result of this finding is that the partners will be evaluating the best method of accessing additional zones to increase overall production from the well.
During the completion process, a number of mechanical difficulties were encountered and have caused a delay in the analysis and reporting of flow rates. Big Snowy prepared a "cement squeeze" to remedy a breach in the casing, which has been found to be the source of the excessive water originating from a different zone.
The Wagonbox Field lies within the Devil's Basin Anticline located in central Montana. Structurally, the Devil's Basin features an uplift which defines the northwest boundary of the Powder River Basin that extends northward from Wyoming.
On Behalf of the Board of Directors
"Blair Naughty"
President
The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of the content of this news release.
SOURCE: United Bolero Development Corp
United Bolero Development Corp. Blair Naughty Phone: (604) 683-3995 Fax: (604) 683-3988 Email: info@unitedbolero.com Web: www.unitedbolero.com Suite 1220, 789 West Pender Street Vancouver, BC, V6C 1H2
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