Message #13 From:
NewsBot Date: December 19, 2006 01:16:00 PM
TXLA News Proposed Spud Date Confirmed on Texola Energy's Chinchaga Well #1, Alberta, Canada
VANCOUVER, British Columbia--(BUSINESS WIRE)--Texola Energy Corp. (‘Texola’
or the ‘Company’)
(OTCBB: TXLA) is pleased to announced that on Friday, December 5,
2007 management attended a partners meeting to discuss the Chinchaga
prospect wherein it was advised by Tasman Exploration Ltd., the operator
of the Chinchaga Prospect, that it has signed a drilling contract for
the resumption of drilling on its first well location, and has also
reserved the drilling rig for two additional wells. The rig moved to the
Chinchaga #1 well location on December 18th and
is expected to spud on December 27th. The initial well will be drilled
to a depth of approximately 8,900 feet to evaluate the Slave Point gas
potential pursuant to a Farmout and Option Agreement dated March 7, 2006
with Texola Energy, Suncor Energy Inc. and others. The Chinchaga
exploration wells are in a winter only location. The first well was
initially spudded in March 2006 but drilling was suspended due to the
approach of spring break-up. Tasman has advised that the proposed two
additional wells on the Chinchaga prospect must be drilled prior to
March 2007 and that lease and other operational preparations will be
reported on as they proceed.
About Texola Energy Corp.
Texola is an emerging, growth oil and gas exploration company focused on
providing exceptional shareholder value and appreciation by finding,
exploring and developing large scale, early stage oil and gas projects
in North America.
To achieve this goal, the Company has recently undertaken various
exploration initiatives, one of which is an early stage exploration
prospect in Nevada, USA, and the second is located in Northern Alberta,
Canada. Both of these projects offer the Company the potential to
exploit and develop large, world-class reservoirs.
Notice Regarding Forward Looking Statements
This news release contains “forward-looking
statements”, as that term is defined in
Section 27A of the United States Securities Act of 1933, as amended, and
Section 21E of the United States Securities Exchange Act of 1934, as
amended. Statements in this press release, which are not purely
historical, are forward-looking statements and include any statements
regarding beliefs, plans, expectations or intentions regarding the
future. Actual results could differ from those projected in any
forward-looking statements due to numerous factors. These
forward-looking statements are made as of the date of this news release
and Texola assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ
from those projected in the forward-looking statements. Although Texola
believes that the beliefs, plans, expectations and intentions contained
in this press release are reasonable, there can be no assurance those
beliefs, plans, expectations, or intentions will prove to be accurate.
Investors should consider all of the information set forth herein and
should also refer to the risk factors disclosed in Texola’s
periodic reports filed from time-to-time with the Securities and
Exchange Commission and available at www.sec.gov.
