SOURCE: Dynamic Resources Corp.
Dynamic Resources to Raise $1.5 Million (U.S.)
Mr. Robert Fedun Reports Sentell Field Update, Private Placement Announced
LAS VEGAS, NV--(Marketwire - January 16, 2009) - Dynamic Resources Corp. (
The majority of the net proceeds will be used for the completion of the two Haynesville shale wells, the Atkins-Lincoln 17-2 and Burt 20-1, that have already been successfully drilled. The balance of the moneys will be used for tie-ins, pipelines, associated costs and facility completions in respect to the Sentell field project. The company will pay finders' fees to those parties which are assisting it in completing this financing.
Wireline logging and mud log shows indicate the Burt 20-1 well encountered 423 feet of highly laminated, silty and naturally fractured Haynesville shale with shale-corrected porosity indications averaging over 12 percent and resistivity readings ranging between 20 and 70 ohm-metres. Mud logs indicated abundant gas shows throughout the interval, ranging from 600 to 1,800 units with trip gas as high as 3,800 units. The company recovered over 120 feet of conventional core samples over key intervals within the Haynesville shale, which have been sent to Houston for detailed analysis. Similar results were also achieved in the Atkins-Lincoln 17-2 well. Comparative analyses to successful surrounding Haynesville shale completions indicate a high probability of excellent results in these wells. Completion operations on the Burt well are expected to begin in early February, pending extension of the field gathering system. The Atkins-Lincoln well will be completed subsequent to the completion and testing of the Burt well.
The company's fourth well in the 2008 development program, the Moore 20-1, is currently being drilled directionally from the same surface location as the Burt 20-1 and is targeting the Cotton Valley interval.
The company owns a 20 percent working interest in approximately 5,300 acres in the Sentell field, located in the heart of the known Cotton Valley trend north of Shreveport in Louisiana. To date, the company has drilled eight successful tests of the Cotton Valley sands, five of which are connected to the market and producing revenues, with a sixth expected to produce revenue in the first quarter of 2009. The remaining two wells will be completed as Haynesville shale wells.
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
Robertfedun@dynamicresourcescorp.com
Website: www.dynamicresourcescorp.com
