CALGARY, Alberta, Canada, Jan. 23, 2004 (PRIMEZONE) -- DMT Energy, Inc. ("DMT" or the "Company") (Pink Sheets:DMTY) announces that the recently completed Acadia well is expected to be tied in and on production on or before February 28, 2004.
Based on flow tests and reservoir pressures in the Cretaceous Viking zone at Acadia, the well is expected to be capable of producing at a rate of 300 -- mcf/day, or approximately 100 -- 150 mcf/day for DMT's 37.5% Working Interest share in the well. While tests indicate the well could deliver gas at higher rates it is felt prudent to produce the well at lower volumes in order to reduce decline and increase longevity. Under this scenario, it is estimated the well could ultimately produce approximately 1.5 -- 2 BCF of gas, or 500 -- 700 MMcf net to DMT.
Fred DaSilva, DMT President & CEO, announced, "We look forward to putting the Acadia well into sustained production, which will allow us to accurately evaluate reserves. In addition, we anticipate moving ahead on our first re-completion at Wainwright within the next few weeks. The Company is also making significant progress on its first projects in the U.S."
For further information please contact Fred DaSilva, President & CEO at 403-264-7869 or Giuliano Tamburrino, CFO at 403-297-9238.
Certain information and statements included in this news release constitute ``forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include known and unknown risks, uncertainties and other factors, which may cause the results, performance, or achievements of the Company to be materially different from any further results, performances, or achievements expressed or implied in such forward-looking statements.
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