Golconda Resources Ltd.: Cold Lake First Nations Joint Venture-Operations Update
2014年1月16日 - 8:01AM
Marketwired
Golconda Resources Ltd.: Cold Lake First Nations Joint
Venture-Operations Update
CALGARY, ALBERTA--(Marketwired - Jan 15, 2014) - Golconda
Resources Ltd. (the "Corporation" or "Golconda") (TSX-VENTURE:GA)
is pleased to provide the following update in respect of the
operations of the Cold Lake First Nations Joint Venture.
Well licences have been issued for the next three wells of the
ten well program that the Joint Venture will drill on Cold Lake
First Nation lands. A drilling rig has been contracted for these
three wells and drilling of the first well is planned to begin
during the week of January 20, 2014 following the construction of
the well site. The Joint Venture plans to have all three wells
drilled by mid-February.
The 12-31 well continues to produce approximately 65 barrels (16
net) of oil per day with a sand cut of approximately 19 barrels per
day. The sand content is expected to continue to decrease over time
as the well cleans up. Sales of produced oil, as first announced on
October 16, 2013, continue in the normal course of operations.
The 11-30 well is shut in at present pending further evaluations
due to limited and inconsistent production rates. The Joint Venture
is currently evaluating work-over options for the 11-30 well but
will defer further operations until following the completion of the
next three wells.
Forward-Looking
Statements
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "may", "will", "should",
"believe", "plans", "intends" and similar expressions are intended
to identify forward-looking information or statements. All
statements included herein, other than statements of historical
fact, constitute forward-looking information and such information
involves various risks and uncertainties. In particular, this press
release contains forward-looking statements pertaining to the
expected production rates and sand cut of wells on joint venture
lands improving over time. There can be no assurance that such
information will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such information. A description of certain assumptions used to
develop such forward-looking information and a description of risk
factors that may cause actual results to differ materially from
forward-looking information can be found in the Corporation's
disclosure documents on the SEDAR website at www.sedar.com The
Corporation does not undertake to update any forward-looking
information except in accordance with applicable securities
laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Golconda Resources Ltd.David OrrPresident(403)
539-4440dorr@golconda.cawww.golcondaresources.com
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