Probe Announces Gas Discovery at East Cameron 36

Montag, 25.08.2008 06:05 von Hugin - Aufrufe: 132

THE WOODLANDS, TEXAS--(Marketwire - August 25, 2008) - Probe
Resources Ltd. (the "Company" or "Probe") (TSX VENTURE: PBR)
announced today that it has discovered commercial reserves in
multiple horizons in its East Cameron 36 No. 1 well located in the
U.S. Gulf of Mexico. The well was spud on August 5, 2008 and was
drilled under budget to a total depth of 10,450 feet. Production
casing will be run in the well, a caisson will be over-driven, and a
caisson deck will be installed. Production from the field is expected
to commence in the fourth quarter of 2008. Additional drilling in the
field will also commence in 2008.
 
Scott Broussard, Chairman and CEO of Probe, commented; "We are
pleased that our 2008 Drilling Program commenced with a successful
gas discovery that was consistent with our expectations which are
fully described in the Company's National Instrument 51-101 report
filed June 5, 2008 and available for review at www.sedar.com and on
the Company's website."
 
In addition, the Company expects to mobilize the Blake 303 rig to the
East Cameron 246 location within the next several days. Probe also
has a drilling rig under contract to drill its South Timbalier 214
well which is currently expected to spud in mid September, 2008.
 
About Probe Resources Ltd.
 
The Company along with its wholly owned subsidiary Probe Resources US
Ltd. located in The Woodlands, Texas, is an oil and natural gas
exploration and production company focused on generating, acquiring,
developing, and operating drilling prospects within the Texas and
Louisiana Outer Continental Shelf of the Gulf of Mexico.
 
ON BEHALF OF PROBE RESOURCES LTD.
 
Scott Broussard, Chief Executive Officer and Chairman of the Board
 
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the Company's securities in
the United Sates. The Units have not been and will not be registered
under the United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be offered
or sold within the United States or to U.S. persons unless registered
under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available.
 
Statements in this press release may contain forward-looking
information including expectations of future operations (including
drill rig commitments and use of proceeds), commerciality of any gas
discovered, operating costs, commodity prices, administrative costs,
commodity price risk management activity, acquisitions and
dispositions, capital spending, access to credit facilities, income
and oil taxes, regulatory changes, and other components of cash flow
and earnings. The reader is cautioned that assumptions used in the
preparation of such information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from
those predicted, a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the
control of the Company. These risks include, but are not limited to,
the risks associated with the oil and gas industry, commodity prices
and exchange rate changes. Industry related risks could include, but
are not limited to, operational risks in exploration, development and
production, delays or changes in plans, risks associated to the
uncertainty of reserve estimates, or reservoir performance, health
and safety risks and the uncertainty of estimates and projections of
production, costs and expenses. The reader is cautioned not to place
undue reliance on this forward-looking information.
 
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
 
Contacts:
Probe Resources Ltd.
Scott Broussard
Chief Executive Officer and Chairman of the Board
(281) 210-1170
Email: sbroussard@probe-resources.com
Website: www.probe-resources.com
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