Eagle Rock Exploration Ltd. announced the completion of its drilling program in southern Alberta and south-west Saskatchewan. The 5 well (5 net) drilling program resulted in 4 oil wells (4 net), all of which are now on production.
The 3 new Red Coulee wells have increased ERX's current average daily production to approximately 625 boe/d (96% oil), a 25% increase over its forth-quarter 2007 average daily production of 500 bbls/d (100% oil). ERX's forth-quarter 2007 production was negatively impacted by cold weather, operational problems at the Red Coulee battery, production curtailments during drilling in the Red Coulee area and delays in obtaining regulatory approvals to tie-in its Red Coulee wells.
ERX ranked second in terms of operating netbacks according to Haywood's Emerging Junior Oil & Gas Index for Q3 2007 with a net back in excess of $40/bbl.
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