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WKN: A0J3B0
ISIN: US2224791077
Symbol: G7Q
County Line Energy Corp Signs Letter of Intent on Significant Montana Drilling Program
2008-03-13 19:29 ET - News Release
CALGARY, Alberta -- (Business Wire)
Harry Bygdnes, President of County Line Energy (Pink Sheets:CYLC), announces that the company has signed a letter of intent with Energy Dynamics Corporation (EDC) on two significant oil properties in Dawson County in east Montana. The company will conduct a 45 day due diligence program.
The properties in question consist of the following:
#1 ROTH WELL 160 acre lease parcel at a 74% revenue interest to EDC
Drilled to production in 1994
Tested successfully at 200 BOPD (barrels of oil per day)
Shut in due to high concentration of H2S (hydrogen sulphide gas)
Excellent re-entry target due to currently available wellhead equipment (Amine Unit) to separate and process H2S.
#1 TITAN STATE WELL 640 acre lease parcel at 74% revenue interest to EDC
Drilled to production in 1984
Tested successfully in excess of 200 BOPD (barrels of oil per day)
Shut in due to high concentrations of H2S gas
Excellent re-entry target due to availability of Amine Unit
In addition there are three offset well sites on the Titan Lease (new drills) which may be required to have locations determined by a small seismic program.
The wells have been drilled to a depth of 10,000 feet and produced from a zone referred to as the Duperow Formation.
The estimated work over cost for each well is $ 1,100,000.
Estimated recoverable reserves for each well are 700,000 barrels of oil over a ten year life span.
It is the intention of County Line Energy to provide 100% of the working capital to initiate the re-entry of the #1 Roth and #1 Titan wells.
The company will earn an 85% payback of revenue until fully paid back reverting to a 43% net working interest after payout.
The drilling cost and timing for the offset wells will be determined after more comprehensive geological and geophysical study.
Signed on behalf of the Board of Directors
CORPORATE WEBSITE www.countylineenergy.com
Note: This News Release may contain certain "forward-looking statements" within the meaning of the United States Securities Exchange act of 1934, as amended. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential oil or gas production and reserves, exploration results, and future plans and objectives of County Line Energy Corp., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future could differ materially form those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectation are disclosed under the heading "Risk Factors" and elsewhere in documents filed from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
Contacts:
County Line Energy
Harry Bygdnes, 403-200-1033
President
harry@countylineenergy.com
or
Ken Berscht, 403-830-7566
V.P.
berschtk@aol.com
Source: County Line Energy
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