Castle Rock Petroleum Ltd.: $575,000 Property Disposition
Castle Rock Petroleum Ltd. has disposed of a natural gas well located in southeast Alberta for proceeds, after adjustments, of approximately $575,000. After the sale of this well, which contributed 85 mcf or 14 boe per day to Castle Rock’s sales volumes, Castle Rock’s sales volumes will be approximately 100 boe per day.
Boe’s may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Except for statements of historical fact, all statements in this news release – including, without limitation, statements regarding production estimates, potential reserves and future plans and objectives of Castle Rock – are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from anticipated results include risks and uncertainties most of which are beyond Castle Rock’s control such as: risks relating to estimates of reserves and recoveries; production rates and operating cost assumptions; development risks and costs; the risk of commodity price and currency fluctuations; general economic and industry conditions; political and regulatory risks; environmental risks; stock market volatility; access to sufficient capital from internal and external sources; and other risks and uncertainties as disclosed under the heading “Risk Factors” and elsewhere in Castle Rock’s documents filed from time-to-time with the TSX Venture Exchange and other regulatory authorities. The reader is cautioned that assumptions used in the preparation of such information, while considered reasonable by Castle Rock at the time, may prove to be incorrect. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Castle Rock Petroleum Ltd. is engaged in the acquisition, exploration, development and production of oil and natural gas reserves in western Canada. Castle Rock has 11,901,625 Class A Shares and 900,000 Class B Shares outstanding.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Contact:
Roger Hume Castle Rock Petroleum Ltd. Chairman and CEO
(403) 290-3262 or Toll free: 1-888-290-3255
Michael Makinson Castle Rock Petroleum Ltd. VP Finance and CFO (403) 290-3261 or Toll free: 1-888-290-3255
Website: www.castlerockpetroleum.com
Source: Castle Rock Petroleum Ltd.
