Goldnev Completes Tie-in at Noel Prospect

Goldnev Resources has recently completed a tie-in and re-completion at its Noel property and can confirm an increase in its play inventory. The company also plans an active re-completion and drilling program for 2007.

Goldnev recently completed the tie-in and completion of the a-87-b well at Noel. The well is currently producing at a stabilized flow rate of 200 mcf/d (33 boe/d) and sustained deliverability at this rate is expected to continue. In addition, Goldnev has finalized agreements with ConocoPhillips for the gas processing and marketing of all of its gas production at Noel. The company's current production is approximately 40 boe/d.

The next phase of the Noel development program involves continuing to produce the a-87-b well for a further sixty (60) days, then setting a temporary bridge plug and re-completing an uphole zone that has been identified through log analysis and geological interpretation to potentially contain a substantial gas reservoir. In addition during this period, Goldnev will be reviewing and interpreting 2D seismic data that was taken over the Noel property in order to identify optimum drilling locations for its fall and winter drilling program.

The other area of activity over the next few months are at Provost (2 wells at 65% interest) where the Corporation plans on the completion and tie-in of one oil/gas well and the re-completion of one gas/oil well.

In relation to the increased activity, Mr. Marc Dame, President & CEO offered the following comments;" In response to the successful results from the tie-in and completion of the a-87-b well and with infrastructure now installed to handle future gas production along with a gas processing and marketing agreement in place, the Noel area is a focus area for both exploitation and exploration. Further drilling, seismic and re-completion work will now be planned and carried out and Goldnev is now poised to grow its production and revenues significantly in the coming months.


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