Bekam ich Heute nach anfrage
I have attached the following press release which updates everyone on the STUOF.
San Telmo Energy Ltd. production and exploration update
VANCOUVER, Jul 14, 2004 /PRNewswire-FirstCall via COMTEX/ -- San Telmo Energy Ltd. (OTCBB: STUOF; TSX-V: STU) is pleased to announce an update on current operations.
UPDATE Gordondale and McLeod
Production from San Telmo Energy Ltd.'s McLeod and Gordondale wells commenced in April and May
2004 respectively with June 2004 being the first full month of continuous production from both. For the months of April, May and June, San Telmo's share of production revenues was $876,600 (April $69,600, May $377,000, June estimate $430,000). San Telmo's net operating revenues after estimated royalties and operating costs was approximately $525,000 for the same period.
OPERATIONAL REVIEW Teepee Creek
San Telmo's second Teepee Creek well has been drilled to total depth and cased as an indicated gas well. Production testing and completion operations are scheduled for July, weather permitting. Pipelining operations to tie in our Teepee Creek gas pool will commence following testing. San Telmo has 100% working interest in the project.
Gordondale
San Telmo has applied for GPP (Good Production Practice) status on our 14-22 well. The Energy Utilities Board of Alberta has granted San Telmo Energy a Special Allowable MRL (maximum rate limit) which will allow the company to produce at 190 barrels of oil/day with associated gas for the next 6 months. After the 6 month period San Telmo will reapply for GPP.
In March, 2004, San Telmo purchased an additional section of land at Gordondale immediately adjacent to our initial discovery. San Telmo currently has 1280 acres (512 ha) on the Gordondale play. Several follow-up locations from our 14-22 discovery have been identified. Current plans provide for at least two wells to be drilled. San Telmo has 73.6% working interest in current production and 100% working interest in the follow-up locations.
McLeod
Negotiations have been successfully completed with the gathering system owner to upgrade compression in the area. San Telmo has been informed by the owner that a new compressor will be installed in parallel which will provide 1.75mmcfd to 2.6mmcfd in extra capacity. Currently, the project is in the design phase, with construction and installation expected to take 2-3 months. When installed, future production levels for McLeod are expected to increase to 2.5mmcfd - 3.5mmcfd with associated condensate. San Telmo has a 70% working interest in the well. Production at McLeod remains restricted to between 750mcfd and 1.0mmcfd with associated condensate.
ABOUT SAN TELMO ENERGY LTD
San Telmo Energy Ltd. is an emerging oil and gas company with an experienced management team. Operated through its wholly owned subsidiary San Telmo Energy Inc. of Calgary, Alberta, San Telmo Energy Ltd. is focused on acquiring, developing and producing proven developed and underdeveloped reserves which offer long term value for the company.
FORWARD-LOOKING STATEMENT
This release may contain forward-looking statements, within the meaning of the "safe-harbour" provision of the Private Securities Litigation Reform Act of 1995, regarding San Telmo Energy's business or financial condition. Actual results could differ materially from those described in this news release as a result of numerous factors, some of which are outside of the control of the company.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE San Telmo Energy Ltd.
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