THE WOODLANDS, TEXAS -- (MARKET WIRE) -- 09/18/08 -- Probe Resources
Ltd. (the "Company" or "Probe") (TSX VENTURE: PBR) is pleased to
provide an update on its operations in the aftermath of Hurricanes
Gustav and Ike.
High Island 115 (41.5% WI, 30.9% NRI)
The Operator of the High Island 115 Platform inspected the facility
on September 15, 2008 and reported minor damage from the hurricanes.
Assessment of the host platform at HI 71 is underway by its operator.
The departing export line and onshore separation facility have not
reported significant damage. Production from the well is expected to
resume within the next two weeks.
East Cameron 36 (100% WI, 69.5% NRI)
A caisson was driven over the well and a nav-aid package was
installed prior to Hurricane Ike. The rig was evacuated on September
10 and crews returned on September 16. No damage was found to either
the rig or the caisson. The rig was released on September 16. First
production from the well is expected in late fourth quarter 2008
after installation of a test separator deck on the caisson and a
pipeline to a nearby host facility. It should also be noted that no
damage was found to the host facility.
East Cameron 246 (100% WI, 70% NRI)
The Company spud its East Cameron 246 well on September 6, 2008. The
rig was evacuated on September 10 for Hurricane Ike. Crews returned
to the rig on September 16. The well sustained limited damage as a
result of the hurricane. The Company is currently evaluating the
damage and believes that the well will be delayed by approximately
one week as result of repair operations. The Company is insured for
the cost of damage to the well. The Company's share of the cost (the
insurance deductible) will not have a significant impact on the total
cost of the drilling and completion of the well.
South Timbalier 214 (100% WI, 70% NRI)
The Company's South Timbalier 198 platform, which is intended as the
drill site for the South Timbalier 214 well, had no significant
damage as result of the hurricanes. The expected spud date has been
delayed to mid-October as a result of the evacuations from the rig
slated for use on the well. This rig is currently contracted to
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.
Scott Broussard, 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 Company's securities in
the United States. The Company's securities 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.
Probe Resources Ltd.
Chief Executive Officer and Chairman of the Board