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Silver Star Energy Inc. (OTCBB: SVSE) today announced that the company has been informed by the operator, Transaction Oil and Gas Ventures, that the oil well "13-27" followed by the "13-22" at the Joarcam Project, Alberta, Canada, is scheduled to spud before year end.
The first location was chosen based on information gathered from a new producer on a neighboring lease. The "13-27" will directly offset Enermark's new "16-28-47-20W4M" well. The offset well produced at initial rates of approximately 75 barrels per day. The "13-22" location is a quarter mile south of the "4-27" producer and will be drilled in conjunction with the overall program.
Currently, the 38-degree API light oil at Joarcam has been priced at over $49.00 CDN per barrel. The project is a low-risk development property with oil at a shallow depth and with a short payback period and long life reserves in the "Viking C" pool adjacent to the established Joarcam Viking pool, the largest Viking hydrocarbon accumulation in Alberta, Canada. The overall development strategy at Joarcam could see up to 16 well locations ultimately be drilled. With success at Joarcam, it is anticipated that the field could produce 500 barrels of oil per day if fully developed. Oil wells at Joarcam demonstrate very shallow decline curves. The prospect lands are located about 25 miles southeast of Edmonton, Alberta, and there is year-round access to the property.
About Silver Star Energy, Inc.
More about Silver Star Energy Inc. (SVSE), is available at our website at www.silverstarenergy.com.
Silver Star Energy Inc. is Featured Company on NaturalGasStocks.com
Safe harbor for Forward-Looking Statements:
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Silver Star Energy Inc. has little or no control.
For full details, click here: http://www.investorideas.com/CO/SVSE/NewsReleases.asp
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