SOURCE: Dynamic Resources Corp.
Dynamic Resources Announces Sentell Field Update -- Third Successful Haynesville Well Discovery
LAS VEGAS, NV--(Marketwire - March 26, 2009) - Dynamic Resources Corp. (
Wireline logging and mud log shows indicate the Boyce-Pate 16-1 Well encountered 177 feet of net porous Haynesville Shale over a gross interval of 395 feet. The pay interval calculated average porosity of 10% with water saturation averaging 12%. Mud logs indicated gas shows throughout the interval, ranging from 1100 - 5900 units. The results at the Boyce-Pate location are consistent with earlier Cotton Valley locations within the Sentell Field, as well as the Company's two successful Haynesville tests previously announced.
The Boyce-Pate 16-1 is the Company's tenth consecutive successful Cotton Valley well in the Sentell Field, and the third well to positively evaluate the Haynesville Shale. Each of the Company's ten Cotton Valley wells has similar log characteristics, and six of these wells are currently flowing into sales lines. The seventh well is awaiting a pipeline connection, which should be completed during the second quarter of 2009. Each of the Company's Haynesville test wells will be completed in the Haynesville Shale pending thorough analysis and final completion design.
The operator of the Sentell Field project has established a link on its website to an updated map outlining the project's acreage position in the context of other Haynesville activity. The web link for this map is www.ssenergyinc.com/s/haynesville_sentellfield.asp.
Robert Fedun, the Company's President and Chief Executive Officer, said: "Despite the recent drop in commodity prices, the Cotton Valley and Haynesville formations remain two attractive plays in the continental United States. Our ability to successfully identify, drill and deliver positive results in both the Cotton Valley and Haynesville formations suggests long-term value and growth opportunities for Dynamic Work is being done to complete the extensive analytical work needed to develop our Haynesville completion designs. If and when these wells are completed, we will provide initial production rate information for each of our Haynesville locations. We remain confident in our ability to navigate through today's challenging economic environment as we continue to drive the Company forward."
The Company owns a 20% working interest in approximately 5,300 acres in the Sentell Field, located in the heart of the known Cotton Valley trend north of Shreveport, Louisiana. To date, the Company has drilled ten successful tests of the Cotton Valley sands, six of which are connected to the market and producing revenues, with one more expected to produce revenue in the second quarter of 2009. Completion options are currently being evaluated for the remaining three wells, which all successfully tested the Haynesville Shale formation.
Information Regarding Forward-Looking Statements:
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others: (i) the inherent uncertainties and speculative nature associated with oil and gas exploration; (ii) any number of events or causes which delay or cease exploration and development of Dynamic's property interests such as environmental liabilities, weather, mechanical failures, safety concerns, labour problems and financing problems; (iii) changes in economic conditions, adverse exchange rates and financial markets; (iv) the risk that Dynamic does not execute its business plan; (v) the inability to retain key employees; (vi) changes in the prices of oil and gas; (vii) Dynamic's inability to finance its operations or growth; and (viii) the inability to obtain all necessary government, environmental and regulatory approvals. These forward-looking statements are made as of the date of this news release and Dynamic assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although Dynamic believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in Dynamic's periodic reports filed from time-to-time at www.sedar.com.
Robert Fedun
President and CEO
(702) 743-1343
Website: www.dynamicresourcescorp.com
