May 3, 2011 (Canada NewsWire Group) --
CALGARY, May 3 /CNW/ - PanTerra Resource Corp. ("PanTerra" or the "Company") is pleased to announce that it is proceeding with previously announced field work on its two 100% controlled oil properties. At Carrot Creek, Alberta the Company has finished all necessary work pertaining to re-activating a water source well for its Phase I Cardium water-flood project. Coupled with the water-flood, the Company has installed Wavefront's Powerwave system in its injector well to enhance the water-flood efficiency and increase oil recovery factors. The Company is currently in the process of re-entering a suspended well and expects the well to be on production in the near future. A larger pump-jack will also be installed on a current producer due to very high fluid levels in the well. The foregoing activity will result in an estimated addition of 60 Bbls of Oil per day at an on stream cost of $18,000 per flowing barrel. Electrification of certain well(s) has also been completed which will result in much lower operating costs and less down time during the winter season.
At Tomahawk, Alberta the Company has completed the acquisition of an additional section of land adjacent to its producing property and a step-out well is planned. Surface lease acquisition and surveying has been completed. The well license application is in progress and the Company anticipates a mid-June spud date. Further, the Company is negotiating with the surface owner to acquire an additional 3 new surface leases on the main part of its Nordegg oil pool. The Company hopes to have these additional 3 new development wells drilled before year end. Electrification of the existing battery and pipelining nearby wells to the battery is in progress which will result in less down time and much lower operating costs.
PanTerra is a diversified junior public oil and gas company listed on the TSXV (PRC.V) with holdings in both conventional and unconventional projects in Western Canada. The Company has an operated production base of 75 BOPD and 100 Mcf/d gas with excellent optimization and exploitation potential. Additionally PanTerra holds 'rights' in approximately 119,000 acres in various properties in Western Canada. PanTerra trades on the TSX Venture Exchange under the symbol "PRC". Company information can be found at: www.panterraresource.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
|Fred P. Rumak P.Geol.||Jake Pronk P. Geol|
|President and C.E.O.||V.P. Exploration|
|Email: firstname.lastname@example.org||Email: email@example.com|