Prospera Energy Inc. press release
Pennine Petroleum Announces Hearing rescheduled for 258 meter Pipeline
TSXV - TSX Venture Exchange · Oil · Natural Gas · Canada
(via Thenewswire.ca)
October 2 2008 - CALGARY, ALBERTA - Pennine Petroleum Corporation (PNN on TSX.V) announces a Hearing to address the 258-meter pipeline which would tie a Pennine-operated well into the system feeding Shell's Waterton gas plant has been rescheduled. The Energy and Resources Conservation Board (ERCB) Hearing has now been rescheduled for November 26 and 27, and will address issues over land reclamation and compensation rights for landowners. This Hearing delay will have no impact on the company's existing production testing in the area.
"The delay in a long-awaited Energy and Resources Conservation Board (ERCB) Hearing into a contested pipeline proposed for the Pincher Creek area may actually result in resolution of outstanding issues pertaining to the project," says Pennine President Des Smith. "This delay in the Hearing does not stop us from moving ahead in attempting and completing the recompletion and pump testing of the Brown Sand at the Pincher Creek project," said Smith. On swab tests, the Brown Sand zone has indicated production rates of up to 230 barrels of light gravity crude a day from the well involved in the pipeline application.
"Nobody wanted a delay but we're actually very encouraged that (the landowners) have taken the step to retain counsel," said Smith. "This may actually accelerate resolution of our difficulties. We're hopeful discussions between our legal representatives and their legal representatives will be able to clear the air so that we may proceed with this pipeline before the snow flies."
About Pennine Petroleum Corporation
Pennine Petroleum Corporation is an emerging oil and gas exploration and development company active in Alberta, Saskatchewan, and British Columbia. The Company's strategy is based on increasing cash flow by focusing on drilling and well re-completions on selective land areas where it currently operates.
For further information, contact:
Pennine Petroleum Corporation
N. Desmond Smith
T: 403 277-4421
F: 403 277-4439
E: des.smith@penninecorp.com
Boardmarker Group
Dean Stuart
T: 403 517 2270
E: dean@boardmarker.net
Statements made in this press release comprise forward-looking information based on current company operations that may vary from actual results obtained by the company. Specifically, the reader is cautioned that past production testing and swabbing may not be indicative of future stabilized flow rates. Further, while it is the policy of Pennine Petroleum Corporation to constantly review and respond to changes in the operational, competitive and regulatory environments, readers are advised that exploration and production of hydrocarbon resources carries significant risk and that the information contained herein should be used accordingly.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release
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