VANCOUVER, British Columbia, Dec. 16, 2004 (PRIMEZONE) -- Irwin Energy Inc. (Pink Sheets:IWNN) is pleased to announce its acquisition of an interest from Montana Oil and Gas in three drilling projects in Southern Alberta.
The first is the Richmount Westlock well. The Westlock was perforated and flowed at one million cubic feet per day for several hours to clean-up the formation. The pressures were 964 PSI (pounds per square inch) at surface and between 1050 to 1075 PSI at the perforation depth indicating a potential new pool relative to the off-set gas well. After flowing, the wellhead pressure returned to the original shut in pressure immediately. Montana previously announced that the initial production rate of the well is estimated to be 500,000 cubic feet of gas per day. Production flow from this well is scheduled to begin within one week.
The second project is Sylvan Lake drill program. The initial well is a 7,200-foot Peskisko Sand test that is prospective for oil and gas. Montana has estimated that each development well has probable production of 150 barrels of oil per day and 750 million cubic feet gas per day with reserves in excess of 1 billion cubic feet gas and 300,000 barrels of oil. The average well in the Sylvan Lake Field has produced 500 barrels of oil per day with over one million cubic feet of gas per day. If successful, the company intends to drill up to 4 more wells on these land sections. The first well is expected to be in production within thirty days.
The third project is also located in the Alberta oil patch. Details have not yet been announced.
FOR FURTHER INFORMATION PLEASE CALL OUR INVESTOR LINE at 604 581 2090, email info@irwinenergy.com or visit the web site at www.irwinenergy.com
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.