News Releases
August
15, 2006
TSX:
"ISR"
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Outstanding: 13,250,463
2006
OPERATIONS SUMMARY UPDATE
International
Sovereign Energy Corp.
(the “Company”) reports as follows, in summary form, on its
2006 year to-date western Canadian operations;
- Fourteen
(14) wells have been drilled including two (2) re-entries.
- Ten
(10) of the wells drilled have hydrocarbon production
potential; a 71% success rate.
- Completion
and tie-ins will be the primary focus for the balance
of 2006 in order to progressively increase overall production
before commencement of a five to seven (5-7) well drill
program scheduled to commence towards the end of Q4, 2006.
- Two
(2) gas wells have been completed and tested namely; Prevo
(6-21 / 75% W.I.) which commenced production August 8,
2006 at an initial rate of 400 mmcf/d and at Medicine
River (5-30 / 92.5% W.I.) where a Belly River sands flow
rate of 750 mmcf/d has been tested. As this well showed
Edmonton sands uphole potential, a twin well (102/5-30)
was drilled and completion is scheduled to commence late
August, 2006. A production rate of 150 BOED is expected
from the two formations.
- The
following five (5) wells were drilled for oil; Sinclair
Manitoba, 9-10 and 16-10, Milo Alberta, 15-13 and Marwayne,
Alberta 11C-28 and 14A-28. A combined production rate
of 150 BOPD is expected from these wells by mid September,
2006. At Marwayne additional drill locations have been
identified on the Company’s existing land holdings and
plans to drill new wells will form part of the Q4, 2006
program.
- At
Berwyn, Alberta (2-11) the well showed multiple opportunities
for completion. The zones of interest are; Bluesky, Gething,
Fahler, Notikewan and Paddy. Completion activity is scheduled
to commence in late August, 2006 with tie-in expected
by early in the 4 th Quarter, 2006. Production is expected
to be at the 160 BOE/D. In addition, the Company successfully
acquired on 9 th August, 2006 from the Crown lands sale
a prospective land package in the Berwyn Area which provides
the Company with additional drill locations. Drilling
is scheduled for Q4, 2006.
- Once
the various well completions and tie-ins are in place
during the balance of 2006 the Company projects a minimum
December, 2006 exit production rate of 1,000 BOE/D.
The
Company also reports that its Annual Information Form (AIF)
for the year ended December 31, 2005 was filed on March 29,
2006. The AIF includes the disclosure and reports relating
to reserve data and other oil and gas information required
pursuant to National Instrument 51-101. The AIF can be accessed
through the SEDAR website at www.sedar.com.
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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