Los Angeles, CA (PRWEB) June 8, 2005
Silver Star Energy, Inc. (OTCBB: SVSE) today announces that the Company has implemented the planning for the next Joarcam well, named “12-27.” The location directly offsets the producing “13-27” well that has now produced over 4,200 barrels at 44 barrels per day. Silver Star has instructed the operator of the Joarcam Project, Transaction Oil and Gas of Calgary, Alberta, to begin the required well licensing and permitting in preparation for drilling.
This will be the third oil well under the Company’s overall development strategy at its “core” Joarcam Project. The plan is to drill up to 10 wells during 2005. The Company has drilled two successful producers in the “13-27” and “13-22” wells. Silver Star is moving forward meeting the Company’s goal of producing 500 barrels of oil per day (bbls/d) at Joarcam when the project is fully developed.
Transaction has also informed the Company that the site installation at the “13-22” well is underway. The pump jack and tank facilities should be fully operational this week when the well will be put on pump under production to establish oil flow rates.
Currently, the 38 degree API light oil at Joarcam has been priced at over $ 61.00 CDN ($ 51.00 US) per barrel. The project is a low-risk development property with oil at shallow depth, short payback period and long life reserves. The play is located in the “Viking C” pool adjacent to the established Joarcam Viking pool, the largest Viking hydrocarbon accumulation in Alberta, Canada.
About Silver Star Energy, Inc.
The Company is committed to the exploration and extensive development of oil and natural gas reserves throughout western North America. Company management is focused on an acquisition program targeting high-quality, low-risk prospects provided via key strategic alliance partnerships.
Safe harbor for Forward-Looking Statements:
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Silver Star Energy, Inc. has little or no control.
Silver Star Energy, Inc.
Source: Silver Star Energy, Inc.
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