Verona Development Corp. (TSX.V: VDC) Provides Oil Production Update on GainsBorough South
The two Gainsborough South wells in oil production have been tied into the Gainsborough Battery to allow for pumps and daily production to stabilize at 200 BOE/d. Further the company would like to report for the three month period ended January 31 2008 the company received a total of $ 459,906.25 from the two wells currently in production.
Vancouver, BC (PRWEB) April 28, 2008 -- Verona Development Corp. (TSX.V: VDC) ("Verona" or "the Company") is pleased to announce that the two Gainsborough South wells in production have been tied into the Gainsborough Battery to allow for pumps and daily production to stabilize at 200 BOE/d.
The associated wells have been optimized by increasing pumping rates and reservoir pressure. Additional benefits of this project are increased oil recovery, stabilized oil production rates, reduced production declines and reduced operating costs. . A further benefit to the newly installed pipelines is that, going forward, oil and water trucking will be eliminated in this area which will substantially reduce operating costs.
Further the company would like to report for the three month period ended January 31 2008 the company received a total of $ 459,906.25 from the two wells currently in production. The company intends to drill 4 additional drill targets on the Gainsborough South property in the hopes of increasing production in the months to come.
"We are very pleased with the positive results to date from our operations on Gainsborough South and the upside provided by the 4 additional drill targets," stated Juraj Adamec, president and chief executive officer of Verona Development.
GAINSBOROUGH SOUTH
The Gainsborough South property comprises a quarter section of Freehold acreage adjacent to the Gainsborough Frobisher-Alida pool located in southeast Saskatchewan approximately 20 kilometers from the border of the United States of America and approximately 10 kilometers from the border of Manitoba.
The primary producing zone in the Gainsborough area is the Frobisher-Aldia formation, an oolitic limestone unit exhibiting excellent reservoir qualities and well developed in the region. One well drilled on the property in 1967 produced for 5 moths before being abandoned at 12 BOE/d and a 92% water cut. Wells drilled on adjacent grounds have produced substantial reserves.
The property offsets a well drilled in 1997 that initially produced at 100 BOE/d and has had consistent production with a stable water cut of 97-98% since being drilled.
Cumulative production to date is reportedly approximately 100,000 standard barrels ("STB").
On Behalf of the Board of Directors
VERONA DEVOPMENT CORP.
Signed "Rod Husband"
To view further details, please visit Stock Info (TSX/V: VDC)
Contact: Investor Relations: (604) 681-4653 or 1-866-282-8398
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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