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Message: Announces Sale of Kane Brandon #1 Well
| April 14, 2009 |
| Opal Energy Announces Sale of Kane Brandon #1 Well |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 14, 2009) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Opal Energy Corp. (the "Company") (TSX VENTURE:OPA) announces the sale of its interest in the K-2 Prospect in Colorado County, Texas which includes the Kane Brandon #1 well for US$250,000. The Company assumed a 100 percent working interest in the Kane Bandon #1 well from its original joint operating partners in August of 2007, after the well had been drilled to approximately 18,460 ft. and logged. Opal ran 5 inch casing to total depth in the well, however, completion operations were never commenced on this well due to lack of funding. With the close of this transaction, the Company has no remaining interest in the K-2 prospect. The Company is seeking a buyer for its interest in the SW Victoria 3-D Seismic Survey, which has yielded several prospect leads. It also continues efforts to sell its interests in a portfolio of ultra-deep Wilcox trend prospects, located primarily in Kenedy County. While pursuing plans to raise capital through the sale of assets, the Company has reduced overhead significantly, continuing a process it began last fall. President and CEO Michael Curtis commented, "We remain faced with the twin challenges of relatively low commodity prices and market conditions that are unfavorable to securing financing. Given those circumstances, we have adopted a strategy we feel will enable Opal Energy to continue operating and ultimately to pursue new oil and gas investment opportunities." Opal Energy Corp. Opal Energy Corp. is an independent exploration and production company, focused on developing onshore natural gas resources in South Texas. Key components of its strategy include the use of proprietary 3-D seismic surveys, concentration on underexplored regions and reliance on highly experienced E&P professionals. Listed on the TSX-V Exchange (TSX VENTURE:OPA), the company maintains its U.S. headquarters in Katy, Texas and a corporate office in Vancouver, B.C., Canada. On behalf of the Board of Directors Opal Energy Corp. Michael Curtis, President and CEO |
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