CALGARY, ALBERTA--(Marketwire - Sept. 25, 2012) - Sunridge Energy Corp. ("Sunridge" or the "Company") (TSX VENTURE:SRG) is pleased to announce that field operations are underway on our 102/14-22-47-25-W4 well that was drilled in August/2012.
Sunridge has performed a full-diameter XRD core analysis on this well. The ensuing results display a striking similarity to the original discovery well at 9-36. Reservoir porosity, permeability, mineralogy and oil staining all compare favourably to the 9-36 new producing well, 4.5 km away. The completion is programmed to perforate 12.0 metres within the 15.0 metres of net pay, with an aggressive fracture treatment. This well should commence production in early October.
The analysis and interpretation of the exploration data has been a lengthy process. However, the Company has now delineated an oil-bearing trend of field-size proportion. Estimated gross areal extent is 9.5 kms x 5.0 kms. Sunridge is planning a re-entry of an existing vertical well in the discovery area, followed by a horizontal drilling program. Further drilling is expected to be conducted following the current seismic data review and, possibly, the implementation of a 3D seismic program.
We have been in negotiations with potential joint venture partners to horizontally drill our 4,400 acre land position to earn a working interest in this prospect.
Sunridge is delighted to announce that Scott Fleurie has joined the Company's board of directors. Scott is an independent businessman. He was previously Director of Investment Banking for Fraser Mackenzie Limited, Vice-President & Partner, Energy Banking at Genuity Capital Markets and Vice-President at MGI Securities Investment Banking. Mr. Fleurie has over 16 years of experience in both the financial and energy sectors. He spent six years working with the EnCana Onshore North America Acquisitions and Divestitures team and the EnCana Unconventional Group. Scott worked for both EnCana predecessor companies, Pan Canadian and Alberta Energy Co. in their Acquisitions & Divestitures groups. Mr. Fleurie has also worked with Peters & Co., Orion Securities and Yorkton Securities research groups. Scott is a professional engineer and a past or current director of a number of private and public energy companies.
Sunridge Energy is an Alberta hydrocarbon exploration and production company focused on sustainable oil developments that are highly economic and cost effective.
On behalf of the board,
Dwayne Tyrkalo, Chief Executive Officer
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Sunridge cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Sunridge's control. Such factors include, among other things: risks and uncertainties relating to Sunridge's ability to complete the drilling of its second well, or that there will be production from any wells drilled. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Sunridge undertakes no obligation to publicly update or revise forward-looking information.
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