| Berens Energy Provides Results of Its First Pembina Cardium Horizontal Oil Well 16:51 EDT Thursday, October 22, 2009 | |
CALGARY, ALBERTA--(Marketwire - Oct. 22, 2009) - Berens Energy Ltd. ("Berens") (TSX:BEN) is pleased to announce initial results from our 01-14-48-11 W5M Pembina Cardium horizontal oil well. Berens operated the well and has a 50 percent working interest. The well was drilled to a horizontal length of 600 metres. Drilling was terminated short of our original design length of 1,000 metres as a result of isolated drilling and reservoir conditions on this well. The well was subsequently completed with a five stage frac treatment and tested the equivalent of 270 bbl/day of oil at the end of a 48 hour test period. The well will be placed on production by early November, 2009.
A second horizontal oil well (Berens' 60% working interest) is currently drilling at 15-21-50-12 W5M with initial test results expected mid-November. Four additional Pembina Cardium horizontal oil wells are planned for the first quarter of 2010 to assess the extent of this resource play across the Berens' lands. A successful first quarter 2010 program has the potential to establish a significant inventory of horizontal Cardium oil wells on existing lands to add to our already strong inventory of natural gas wells in the Pembina region. Berens has a total of 68 sections (38 net) of Pembina Cardium rights on the west flank of the existing Pembina Cardium oil field, much of which is expected to be prospective for this emerging oil resource play.
Berens Energy Ltd is a junior oil and gas company currently trading on the Toronto Stock Exchange. The company currently produces and explores for oil and gas in the Western Canadian Basin with its primary growth areas focused in the Pembina region. The company's strategy is to focus on profitable growth through a strategic combination of investments in exploration, development and acquisitions in western Canada.
All calculations converting natural gas to crude oil equivalent have been made using a ratio of six thousand cubic feet (six "mcf") of natural gas to one barrel of crude equivalent. Barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six mcf of natural gas to one barrel of crude oil equivalent is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
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