NuLoch Resources Inc. announces that its 91/05-02-001-10W2 horizontal Sanish oilwell (1.0 net) in Tableland, Saskatchewan averaged 205 barrels of oil per day over 30 days (including 19 continuous days) since commencement on February 2, 2010. Water cuts are averaging 48%. This well has been followed up with four additional Sanish locations (2.8 net at 70% working interest), the first of which has recently been fracture stimulated and is in the early stage of flow-back. The second well is scheduled for frac this week. The third and fourth wells are drilling.
The Company has licenced, with plans to drill, an additional 3 (2.1 net)
Sanish wells in Saskatchewan during Q2 2010.
NuLoch also has a well (0.7 net) cased and awaiting completion in the Middle Bakken at Taylorton, six miles east of the 91/05-02 well.
In North Dakota, drilling continues on pace with 3 wells (0.3 net) spud since the first of the year. To date, NuLoch has committed to participate in 10 (1.0 net) additional wells in North Dakota and expects that most will spud in Q2 2010.
Certain statements in this document or incorporated herein by reference constitute "forward-looking statements". These forward-looking statements can generally be identified as such because of the context of the statements, including words indicating that the Company "believes", "anticipates", "expects", "plans" or words of a similar nature. 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, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions which will, among other things, impact demand for and market prices of the Company's products; industry capacity; the ability of the Company to implement its business strategy, including exploration and development activities; the ability of the Company to complete its capital programs; successful negotiations with bankers and other third parties; the success of exploration and development activities; production levels; government regulations and the expenditures required to comply with them (especially safety and environmental laws and regulations); asset retirement obligations; and other circumstances affecting revenues and expenses.