VANCOUVER, British Columbia, Feb. 26, 2008 (PRIME NEWSWIRE) -- Golden Aria Corp. (OTCBB:GARA) (the "Company" or "Golden Aria") has been notified by Texalta Petroleum Ltd., the operator of our Wordsworth light oil project, that based on extensive seismic work the next horizontal well will be drilled this summer.
This is a follow-up well to the new pool discovery well at 2A2-23/3A11-14-7-3 W2 in June 2006. This original discovery well, in which Golden Aria has a 3.75% net working interest, originally produced over 200 bbl/d. This area of South Eastern Saskatchewan offers high netbacks with up to 36 degree light oil from the Alida formation. The advent of horizontal drilling has enabled Golden Aria the opportunity of high initial flow rates for rapid payback of capital invested making the Wordsworth and West Queensdale Projects a top priority for increasing corporate cash flow at this time.
CORPORATE UPDATE:
Golden Aria continues to evaluate conventional Oil & Gas Projects from grass roots through Enhanced Oil Recovery in Canada and the United States with its excellent technical team. Golden Aria has also begun conducting due diligence on Alternative Energy Projects with low or no carbon emissions that offer longer term sustainable returns on capital investment.
About Golden Aria Corp.
Golden Aria Corp. is an energy company active in Saskatchewan, Canada. Golden Aria routinely evaluates additional oil & gas projects and corporate opportunities. For further Information please visit our website www.goldenaria.com or contact Mr. Robert McAllister President at 250.807.2748
Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas; cessation or delays in exploration because of mechanical, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. Such forward looking statements also include estimated cash flows and current and/or future rates of production of oil and natural gas, which can and will fluctuate for a variety of reasons; oil and gas reserve quantities produced by third parties; and intentions to participate in future exploration drilling. The Company may not have sufficient expertise to thoroughly exploit its oil and gas properties. The Company may not have sufficient funding to thoroughly explore, drill or develop its properties. Access to capital, or lack thereof, is a major risk. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings.