Vancouver B.C. March 12, 2012: Sunridge Energy Corp. ("SRG"
or the "Company") (SRG: TSX-V) is pleased to announce that
the drilling at the North Central oil prospect is underway and
operations are being managed by Trinidad Drilling Ltd.
The current drilling program consists of a single vertical well to a
total depth of 1,300 metres consisting of surface hole (349mm), main
hole to core point (222mm), and main hole (222mm).
The zone of interest will be cored and analyzed and the well will be
equipped for production in the second quarter of 2012.
Results of the core analysis combined with the planned 3-D seismic
program will determine the viability of potential horizontal drilling
to further exploit the target reservoir. Horizontal drilling would
dramatically increase the recovery factor and the potential daily
production rate, as well as reduce the impact of surface operations.
Currently, SRG controls 2,320 acres (3.625 sections) of land
associated with this prospect.
ABOUT NORTH CENTRAL OIL PROJECT
The property consists of three 640-acre Crown sections, and five
freehold leases of which the company holds a 100-per-cent working
interest, totaling 2,320 acres. The property is in close proximity to
good pipeline and processing infrastructure with good paved and
high-grade gravel road access allowing for further drilling
developments on adjacent lands.
Based on the results of this exploration program and the areal extent
of the reservoir, the company will proceed with additional
short-radius horizontal wells to the target formation in the Upper
Mannville sandstone. Total drilling depth per well is anticipated to
be 1,400 metres (measured depth). Three original vertical well
signatures from past drilling efforts by other companies (decades ago)
indicate a three- to four-mile by passed oil trend . The original well
recovered free oil from the target formation. nine years ago but was
not developed by the original operator because its focus was on a
deeper horizon. Laboratory oil analysis from this well indicates a
gravity of 18.3 degrees API (American Petroleum Institute gravity) and
displays a favourable viscosity profile for cold-flow production. The
horizontal application is intended to maximize oil production at a
higher daily rate and minimize surface footprint.
Sunridge is a junior oil and gas exploration and development company
with production operations in the Province of Alberta. The recent
acquisition of the 6-Phase Oil Heating proprietary technology gives
Sunridge an unprecedented opportunity to extract extensive potential
reserves of heavy oil (bitumen) at shallow depths in the Alberta Oil
Sands. The Sunridge assets are structured to decrease operation costs,
enhancing shareholder value.
On behalf of the board,
Chief Executive Officer
Information set forth in this news release contains forward-looking
statements that are based on assumptions as of the date of this news
release. These statements reflect management's current estimates,
beliefs, intentions and expectations. They are not guarantees of
future performance. Sunridge cautions that all forward looking
statements are inherently uncertain and that actual performance may be
affected by a number of material factors, many of which are beyond
Sunridge's control. Such factors include, among other things: risks
and uncertainties relating to Sun ridge's ability to complete the
drilling of the Test Well; earn a working interest in the Property and
that there will be production from any wells drilled. Accordingly,
actual and future events, conditions and results may differ materially
from the estimates, beliefs, intentions and expectations expressed or
implied in the forward looking information. Except as required under
applicable securities legislation, Sunridge undertakes no obligation
to publicly update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information please contact:
Sunridge Energy Corp.
650 West Georgia St. Suite 620
Vancouver, British Columbia V6B 4N9
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