VANCOUVER, British Columbia, Feb. 22, 2005 (PRIMEZONE) -- Irwin Energy, Inc (Pink Sheets:IWNN) is pleased to announce its activity in the Barrhead gas project, located in Central Alberta.
On December 16, 2004, the Company announced its participation to acquire an interest in three Alberta oil and gas properties. One of the three projects, Barrhead, is a natural gas property located in Central Alberta. The property includes a gas well, which has already tested gas in two zones. The project size will permit the drilling of at least three new wells.
Current plans at Barrhead call for completion work to be done on well No. 1; the well existing on the property when we acquired our interest, and to commence the drilling of well No. 2. Upon completion of the drilling on well number 2, Irwin will have acquired an interest in both wells. The drill site for well No. 2 has been surveyed with drilling estimated to start immediately within 30 days subject to availability of a drill rig. The next well will be drilled right after well 2 is complete. All 3 wells will be fractured to breakdown the oil-permeated formation in the upper zone, before pipelining the combined flow from the 3 wells into a near-by refining facility.
Total cost for these three wells including fracturing and tied-in at Barrhead has been estimated at C$922,066 of which Irwin Energy and the other participants on the property, have fully paid their required drilling costs covering well No 2. Included in this estimate are the costs to hook these wells into the main gas delivery pipeline. Production from the three well is conservatively estimated at 150mcf/day with ultimate per well reserves at 383,000,000CF.
Activities at Irwin's gas project Westlock and Irwin Energy's Sylvan Lake oil and associated gas production property will be announced in the near future.
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.