Probe Resources Ltd.: Drilling Commences in the U.S. Gulf of Mexico
THE WOODLANDS, TEXAS–(EMWNews – Aug. 7, 2008) – Probe Resources Ltd. (the “Company”) (TSX VENTURE:PBR) is pleased to announce that, further to its news release of June 6, 2008, it has mobilized the jack-up rig Hercules 152 to the East Cameron 36/37 location and spudded the East Cameron 36 #1 well on August 5, 2008. The well is targeting “Big 2” and “Cris I” sands, previously found in several wells in the area and has a projected total depth of 10,500 ft. The well is expected to reach total depth in approximately 20 days from the commencement of drilling operations.
The Company also has two drilling rigs under contract to drill its South Timbalier 214 # 1 and East Cameron 246 # 1 wells that are currently expected to spud in early September 2008.
About Probe Resources Ltd.
The Company along with its wholly owned subsidiary Probe Resources US Ltd. located in The Woodlands, Texas, is an oil and natural gas exploration and production company focused on generating, acquiring, developing, and operating drilling prospects within the Texas and Louisiana Outer Continental Shelf of the Gulf of Mexico.
ON BEHALF OF PROBE RESOURCES LTD.
L. Scott Broussard, President, Chief Executive Officer, and Chairman of the Board
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Units in the United Sates. The Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Statements in this press release may contain forward-looking information including expectations of future operations (including drill rig commitments and use of proceeds), commerciality of any gas discovered, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income and oil taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the company. These risks include, but are not limited to, the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, or reservoir performance, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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