Ryland Oil Provides Update on Operations
28 Janeiro 2010 - 5:30PM
Marketwired
Ryland Oil Corporation ("Ryland" or "the Company") (TSX VENTURE:
RYD) is pleased to provide an update respecting its operations.
Ryland's exploration focus continues to be on the Bakken
formation in its 81 sections in the Flat Lake area of Southeast
Saskatchewan which it has joint ventured with Crescent Point Energy
Corp. as operator. (Ryland's original joint venture, TriAxon
Energy, was recently acquired by Crescent Point). Crescent Point's
third farm-in horizontal well on Ryland's Bakken lands in the Flat
Lake area of southeast Saskatchewan, located at 1-22-1-14W2, is
continuing to produce approximately 180 barrels of oil per day.
This was the third earning well drilled by Crescent Point under the
farm-out agreements, with Crescent Point paying 100% of the costs
to drill, complete and equip the well to earn a 50% working
interest in a portion of Ryland's surrounding acreage.
Crescent Point has successfully drilled and completed a fourth
earning horizontal well located at 3C5-30/4D8- 30 -1-1-15w2,
approximately 4 miles northeast of the 1-22-1-14W2 well. A 16 stage
horizontal fracture stimulation of the well was completed
successfully. Crescent Point is taking steps to increase lifting
capacity to reduce the fluid column in the well. The well is
currently under confidential status.
Crescent Point also successfully completed a 16 stage horizontal
fracture stimulation on its fifth earning well late last week,
located at 4C14-12/4C14-13-1-15W2, approximately 5 miles west of
the1-22-1-14W2 well. The well is currently being equipped for
production.
Crescent Point may elect to drill a total of 7 earning wells to
fully earn in to its rights for the Bakken Formation across the
Company's extensive Flat lake acreage position.
Ryland also continues to consider strategic alternatives with
its financial advisor and agent, GMP Securities LP, to enhance
corporate and shareholder value.
RYLAND OIL CORPORATION
Gerald J. Shields, President
Issued and Outstanding: 198,147,535
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.
Contacts: Ryland Oil Corporation Mr. Jim Welykochy
Vice-President Corporate Development 403.861.1242
www.rylandoil.com
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