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Message: Spudding New York Deep Test
| April 1, 2009 |
| Unbridled Spudding New York Deep Test |
| CALGARY, ALBERTA and PITTSBURGH, PENNSYLVANIA--(Marketwire - April 1, 2009) - Unbridled Energy Corporation (TSX VENTURE:UNE)(OTCBB:UNEFF)(FRANKFURT:... (the "Company" or "Unbridled") announces it will spud a deep test on its acreage at Chautauqua Lake, New York, on Thursday, April 2, 2009. The well is being drilled in conjunction with the New York State Energy Research and Development Authority's (NYSERDA) efforts to test the potential of the deep horizons in Western NY. The location for the well is over a deep structure that was identified using 2D seismic. Unbridled will core various deep formations and run a substantial suite of logs to evaluate porosity and permeability. Management believes there are several potential gas-bearing formations that might be encountered, such as the Utica Shale, Trenton / Black River, Theresa sandstone, and the Potsdam sandstone. The well's Authority for Expenditure is $1,589,341 and NYSERDA will cover 90% of this. Should hydrocarbons be encountered, all rights would be retained by Unbridled. Separately, subject to final permitting, the Company will test a 250 foot thick Devonian-age shale formation that is behind pipe in an existing depleted Medina formation gas well. Based on estimates in 2008 made by management and Schlumberger Data & Consulting Services, an independent consulting company, derived from core and log analysis, the formation contains over 0.38 Tcf of discovered resource net to Unbridled. The formation exists over all of Unbridled's property and will first be tested in existing wells. If the test results are encouraging, the shale can be completed in most of Unbridled's existing 67 wells, and new horizontal wells can be drilled to better exploit the economic potential. The Company estimates that over 300 gross new wells could be drilled into the shale. Discovered resources are those quantities of gas estimated to be remaining in the shale. There is no certainty that it will be economically viable to produce any portion of the discovered resource. UNBRIDLED ENERGY CORPORATION Joseph H. Frantz., Jr., President & CEO |
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