CALGARY, July 31 /CNW/ - Alberta Clipper Energy Inc. ("Alberta Clipper"
or the "Company") is hereby providing further information on a first quarter
2008 new pool discovery in the Kakwa area of Western Alberta. Through the
second quarter of 2008, the Company has confirmed sustainable high-rate
production from the first two wells drilled into the pool, and completed
detailed 3D seismic mapping and land positioning initiatives on the play.
Delineation drilling and 3D seismic mapping now indicate a productive Channel
trend where the gross volumetric potential exceeds 40 BCF of
original-gas-in-place on Company lands. Gross production from the property for
the second quarter of 2008 has averaged in excess of 2 mmcf/d per well. Twelve
development locations have been identified on Alberta Clipper acreage assuming
2 wells per section spacing. Pending additional production history,
down-spacing to 4 wells per section or the use of horizontal wells employing
multi-stage hydraulic fracturing technology may be justified to optimize
recovery efficiency. The operator of the property plans to drill 2 more
development wells in the pool during the fourth quarter of 2008 and up to 3
additional locations during the first quarter of 2009 on joint lands. Alberta
Clipper gained access to the area originally by way of a strategic asset swap
and has subsequently increased its presence along the high-graded play fairway
through acreage based poolings and farm-ins. Operations timing is dictated by
variable seasonal access throughout the project area. Upon completion of a 3D
seismic option, Alberta Clipper will hold an average working interest of
approximately 40% in 11,360 gross acres of land at Kakwa.
Alberta Clipper Energy Inc. is a publicly traded Canadian energy company
involved in the exploration, development, and production of natural gas and
crude oil in western Canada.
This press release contains forward-looking statements. More
particularly, this press release contains statements concerning Alberta
Clipper's projected, annual average rates of production of oil and natural gas
for 2008, natural gas in place and operational timing on development . The
forward-looking statements are based on certain key expectations and
assumptions made by Alberta Clipper, including expectations and assumptions
concerning prevailing commodity prices and exchange rates, availability and
cost of labor and services, the timing of receipt of regulatory approvals, the
performance of existing wells, the success obtained in drilling new wells, the
performance of new wells and the sufficiency of budgeted capital expenditures
in carrying out Alberta Clipper's planned activities.
Boe Presentation - Barrels of oil equivalent ("Boe") may be misleading,
particularly if used in isolation. A Boe conversion rate of 6 Mcf:1 Bbl is
based on an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead. All Boe
conversions in the report are derived by converting gas to oil at the ratio of
six thousand cubic feet of gas to one barrel of oil.
Although Alberta Clipper believes that the expectations and assumptions
on which the forward-looking statements are based are reasonable, undue
reliance should not be placed on the forward-looking statements because
Alberta Clipper can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions, by
their very nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated due to a
number of factors and risks. These include, but are not limited to, the risks
associated with the oil and gas industry in general (e.g., operational risks
in development, exploration and production; delays or changes in plans with
respect to exploration or development projects or capital expenditures; the
uncertainty of reserve estimates; the uncertainty of estimates and projections
relating to production, costs and expenses, and health, safety and
environmental risks), commodity price and exchange rate fluctuations and
uncertainties resulting from potential delays or changes in plans with respect
to exploration or development projects or capital expenditures. These risks
are set out in more detail in Alberta Clipper's annual information form for
the year ended December 31, 2007, which can be accessed at www.sedar.com.
The forward-looking statements contained in this press release are made
as of the date hereof and Alberta Clipper undertakes no obligation to update
publicly or revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so required by
applicable securities laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction. The
securities offered have not 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 in the United States except in
certain transactions exempt from the registration requirements of the U.S.
Securities Act and applicable states securities laws.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. Not for
distribution to U.S. newswire services or for dissemination in the United
States. Any failure to comply with this restriction may constitute a violation
of U.S. securities law.
%SEDAR: 00022458E
