Message #2 From:
NewsBot Date: December 7, 2006 02:14:00 PM
CBRE News Calibre Energy, Inc. Announces Update on First Well in Iraqi Kurdistan
WASHINGTON & HOUSTON--(BUSINESS WIRE)--Calibre Energy, Inc., (OTCBB:CBRE) (“Calibre”),
an American-based independent natural gas and oil exploration and
development company, announces the Bina-Bawi-1 exploration well was at a
depth of 2,112 meters (6,929 feet) and has completed running 9 5/8”
casing and is currently drilling ahead to a total depth estimated to be
2,900 meters (9,514 feet). The Bina-Bawi-1 is the first well in Calibre’s
planned multi-well exploration and development drilling program in
Kurdistan. The primary objectives of the well are the Cretaceous, the
Qurachina Formation in the Triassic, and the Chiazaire Formation in the
Permian.
Calibre is participating in the Bina-Bawi-1 through an Exploration and
Production Sharing Agreement (“EPSA”)
with the Kurdistan Regional Government (“KRG”)
of the Republic of Iraq in the Arbil Province, covering the Bina-Bawi
structure. Calibre has a 10 percent interest in the EPSA through a
participation agreement with Hawler Energy Ltd., a privately-held oil
and gas exploration company based in Houston, Texas. A&T Petroleum, a
wholly-owned subsidiary of Turkish-based Petoil, is the operator. While
other parts of Iraq remain mired in violence and unrest, the semi-
autonomous region of Kurdistan has been the most peaceful and stable
region of Iraq since the creation of the no-fly zones in 1991.
The Bina-Bawi structure is a 28 kilometer by 7 kilometer anticline
immediately northwest of the Taq-Taq Field where Genel Enerji and Addax
Petroleum recently announced test results from the Taq-Taq 4 well which
flowed at an initial aggregate maximum rate of 29,790 barrels per day
from three separate reservoir intervals in the Cretaceous. The flow
rates were reported to be constrained by the limited capacity of surface
testing facilities. Genel Enerji and Addax Petroleum are currently
drilling an appraisal well and expect initial export of oil from the Taq
Taq Field in 2007. Addax Petroleum in their November 2006 presentation
estimated that the Taq Taq Field has current STOIP of 1.2 to 2.7 billion
barrels with expected STOIP of 1.9 billion barrels.
ABOUT CALIBRE ENERGY, INC.
Headquartered in Washington, DC with operating offices in Houston,
Texas, Calibre Energy, Inc. is an early stage oil and gas company
focused on the creation of shareholder value through the development of
world class unconventional and untapped domestic and international oil
and gas resources with domestic operations in the Barnett and
Fayetteville Shales and international operations in Iraqi-Kurdistan.
FORWARD LOOKING STATEMENTS
This press release contains forward looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
regarding future results, levels of activity, events, trends or plans.
We have based these forward-looking statements on our current
expectations and projections about such future results, levels of
activity, events, trends or plans. These forward looking statements are
not guarantees and are subject to known and unknown risks, uncertainties
and assumptions about us that may cause our actual results, levels of
activity, events, trends or plans to be materially different from any
future results, levels of activity, events, trends or plans expressed or
implied by such forward-looking statements. In some cases, you can
identify forward-looking statements by terminology such as guidance,
may, will, should, could, would, expect, plan, anticipate, believe,
estimate, continue or the negative of such terms or other such
expressions. As they pertain to our business, in general, important
factors that could cause our actual results to differ materially from
our expectations, include but are not limited to those factors disclosed
in our Annual Report on Form 10-KSB, our other filings with the
Securities and Exchange Commission, as well as our other public
documents and press releases. Readers are cautioned not to place undue
reliance on our forward looking statements, as they speak only as of the
date made. Such statements are not guarantees of future performance or
events and we undertake no obligation to disclose any revision to these
forward looking statements to reflect events or circumstances occurring
after the date hereof.
