Sharon (TSX VENTURE: SHY) today reported that the Black Owl, Halamicek #1 well located in Wharton County, Texas has been successfully completed in the Yegua formation. The well flowed at a rate of 1.3 MMcf/d of natural gas and 10 bbls/d of condensate, at 5600 psi, through a 7/64 choke.
Sharon is the operator of the well, in which it has a 24.4% working interest. Sharon anticipates the well will be producing to sales by the end of the month.
Sharon also confirmed that the operator of the Cheney/Hancock #1 well, Colorado County, Texas, plans to fracture stimulated the well within a week. Sharon has a 14% working interest in the well.
Sharon also plans to commence the drilling of the initial well on the West Wharco-Schilling prospect, by the end of November, 2007. Sharon owns a 30.3% working interest in the prospect and is the operator.
Sharon is an oil and gas exploration and production company with offices in Houston, Texas and in Calgary, Alberta. Sharon's focus is on its operations on the development of its Wilcox properties and the expansion of the Company into new opportunities within Texas.
ADVISORY: Certain information regarding the Company in this News Release including management's assessment of future plans and operations, the use of proceeds from the offering and the anticipated closing date of the offering, may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, unexpected decline rates in wells, wells not performing as expected, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhausted. Additional information on these and other factors that could effect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) and at the Company's website (www.sharonenergy.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Sharon Energy Ltd.
H.C. (Kip) Ferguson, III
(713) 789-8454 (FAX)
Sharon Energy Ltd.
Robert W. Lamond
(403) 269-9890 (FAX)