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February 24, 2005
Joarcam "13-27" Oil Well to Go Into Production
Next "5-22" Well Location Being Prepared for Drilling
Silver Star Energy, Inc. (OTCBB : SVSE) today announces that, following a successful perforation resulting in oil flow at the "13-27" well, the Company is moving forward to put the well into production.
Los Angeles, CA (PRWEB) February 24, 2005 -- Silver Star Energy, Inc. (OTCBB : SVSE) today announces that, following a successful perforation resulting in oil flow at the "13-27" well, the Company is moving forward to put the well into production.
A pump-jack is now to be installed at the well location and tank facilities will be constructed. Over the next period of several weeks, the daily flow rates of oil from the well will be established.
The completion program undertook a perforation of 5.2 metres (17.1 feet) of Viking Formation that has positive oil indications on logs. The pay zone is at a depth of 974.5 to 979.7 metres (3197.3 to 3214.4 feet).
The "13-27" well location directly offsets Enermark's "16-28-47-20W4M" well that initially produced oil at rates of approximately 75 barrels per day. The operator has made a direct comparison between the logs of the two wells and has determined that the 5.2 metre interval to be tested at the "13-27" well appears to be a cleaner sand and thus may be more productive than the Enermark well.
The Company has also executed an AFE for the drilling of the next Joarcam location, this being the "5-22." The well site has been surveyed, permitted and site preparation will now commence. Transaction Oil & Gas Ventures that operates the project for Silver Star is now calling for a drilling rig.
Currently, the 38-degree API light oil at Joarcam has been priced at over $46.00 per barrel. The prospect lands are located about 25 miles southeast of Edmonton, Alberta, and there is year-round access to the property.
About Silver Star Energy, Inc.
The Company is committed to the exploration and extensive development of oil and natural gas reserves throughout western North America. Company management is focused on an acquisition program targeting high-quality, low-risk prospects provided via key strategic alliance partnerships.
Safe harbor for Forward-Looking Statements:
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Silver Star Energy, Inc. has little or no control.
ON BEHALF OF THE BOARD
Silver Star Energy, Inc.
Robert McIntosh
President
To find out more about Silver Star Energy, Inc. (OTC BB:SVSE.OB - News), visit our website at www.silverstarenergy.com.
Silver Star Energy Inc. is Featured Company on NaturalGasStocks.com
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1-888-803-SVSE (7873)
Silver Star Energy, Inc.
Source: Silver Star Energy, Inc
Posted by Industrial at February 24, 2005 02:53 AM