News Releases
June
8, 2006
TSX:
“ISR”
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Outstanding: 13,250,4633
OPERATIONS
AND DRILLING UPDATE
International
Sovereign Energy Corp.
(the "Company") reports that at Medicine River, Alberta (5-30-38-2W2
- 92.5% WI) the well has been fracture stimulated in the Belly
River zone and early flowtest results indicate gas rates of
up to 1 mmcf/d (165 BOED). The Company is exploring the potential
to twin the well to a shallower depth to exploit the Edmonton
Sand potential. This would allow an additional commercial
gas opportunity at nominal cost without the necessity of a
dual completion wellbore.
At Prevo (6-21-39-1W5 - 75% WI) the well tie-in activities
are on schedule. Pending regulatory approvals, production
is anticipated to commence in July, 2006 at production rates
between 3/4 mmcf/d and 1 mmcf/d, (120-165 BOED).
Drilling continues in Sinclair area Manitoba. The second well
at Sinclair, Manitoba is currently being drilled. The first
well was cased as a potential Bakken oilwell, (35-40 degree
API). The Company has the right to become the operator with
a 60% ownership in future development work. The blocks provide
a development opportunity for up to an additional ten wells
subject to successful results from both initial wells.
The second well at Forestburg 12-10-42-16W4 was drilled for
a Glauconite test, evaluated and subsequently abandoned. Both
exploratory wells encountered gas but insufficient to be commercially
viable. The rig used to drill the Forestburg wells is being
moved to Milo, Alberta 5-13-19-23W4 to drill an exploratory
lower Cretaceous test later this week.
Planning for additional wells in the third quarter for Medicine
River (2 wells), Marwayne Alberta (up to 7 wells) remains
on schedule.
International Sovereign Energy Corp. is an oil and gas exploration
development and production company with offices in Vancouver,
British Columbia, Calgary, Alberta and Islamabad, Pakistan
and is active in the exploration and development of hydrocarbon
reserves in Western Canada and internationally.
For
further information, please contact:
Omair
Choudhry
Chief
Financial Officer
Tel:
(604) 684-7372
Fax:
(604) 684-2407 |
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Or
visit our website at www.isove.com
The
Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Certain information provided in this press release contains
forward-looking statements that by their nature are subject
to numerous risks and uncertainties and readers are cautioned
that actual results may vary considerably from those forecasted.
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