Choice Resources (fka CZEKF)

[Bobwins]

Here it is, finally. I like the big winter drilling program plus more Pincher Creek later. bobwins

CALGARY, ALBERTA, Nov 23, 2005 (CCNMatthews via COMTEX) --
Choice Resources Corp. (TSX VENTURE:CZE) is pleased to report on the latest results from the Pincher Creek horizontal development well. Production rates of over 5 mmscf per day of raw production were achieved during the test period. In the opinion of management, after testing the well over a sustained period, the long-term raw gas deliverability is approximately 3 mmscf/d without compression. The flowing pressure during testing was 320 psig at the wellhead. In addition, the liquids yield varied between 10 and 30 barrels per million of raw gas during the test period. This represents between 30 and 90 barrels per day of condensate rich liquids. The net sales gas is calculated after taking 30% shrinkage on the gas due to the effects of CO2, H2S and liquids.

The remaining resource in place was estimated internally at 30 to 45 bcf of raw gas based on down-hole pressure data (this is an internal estimate and not done by an independent engineer). The well will be shut in for a final build-up in preparation for a year-end reserve report. Choice has a 30% working interest before payout and a 52.5% after payout in this well. Choice will also receive a 10% gross over-riding royalty on 45% of production before payout reverting to the described working interest after payout. In addition, processing and transportation fees of 45 cents/mcf will be received from non-unit owners.

This well has confirmed an independent fault block in an area with high pressures and high remaining reserves and will more than double the thru-put in the plant. This will reduce unit operating costs in the area and is also indicative of the under-exploited nature of this pool. As a result of this successful well, the Corporation has plans for the further exploitation of the Pincher Creek Unit with the conduct of a 3D seismic program, the drilling of two horizontal wells, the re-entry of two well bores and the re-completion of two other wells.

Management is very pleased with the results achieved to date and now has an inventory of projects at Pincher Creek to discuss with partners to determine the timing in the next budget year. In addition, plans are being finalized for an extensive winter drilling program commencing in early December. The Corporation expects to drill up to 9 wells in the Wallace/Snipe area and up to 15 wells in the Viking area this winter. More information will be available on this program in December once drilling commences.