News Releases
June
13, 2006
TSX:
"ISR"
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Outstanding: 13,250,463
DRILLING
UPDATE
International
Sovereign Energy Corp.
(the "Company") reports that the second well at Sinclair,
Manitoba was completed late last week. Both the first and
second wells have been cased as potential Bakken light (35-40o
API) oil wells. Both wells will be put on production for evaluation
purposes. The two Sinclair blocks provide a development opportunity
for up to an additional ten (10) wells subject to the evaluation
results. The Company has now completed the terms of its farm-in
agreement wherein the Company has earned a 100% interest in
the first well subject to a convertible royalty and a 60%
interest in the second well and in the blocks.
At Milo, Alberta (5-13-19-23 W4 / 100% WI) the rig has arrived
on location. Subject to weather conditions drilling is scheduled
to commence this week. The well is targeting Glauconite channel
and Belly River gas.
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).
At Medicine River (5-30-38-2W2 / 92.5% WI) the Company finished
completion activities following a post frac flowtest that
approached 1 mmcf/d, (165 BOED) from the Belly River zone.
The well also has Edmonton sands evaluation potential. Preliminary
tie-in planning has begun to enable commercial production.
Planning for additional wells in the third quarter at 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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