Source Announces First Gas from Woking Discovery

Source Petroleum Inc. on Monday reported that production tie in for its gas discovery at Woking, Alberta, has been completed and is currently producing gas in excess of 1.7 mmcf/day.

Expected production from this well was estimated at an initial rate of 500-1000 mcf/day with NGLs of approximately 20 bbl/mmcf. Source said that production from the first Woking well has exceeded company expectations by well over 700 mcf/day.

Source's Woking property is a high-impact gas play approximately 17 miles east of the Saddle Hills discovery, which has produced over 41 bcf (billion cubic feet) of gas from 4 wells since 2002.

The property is anticipated to potentially contain up to 40 - 50 bcf of potential gas reserves from multi zones and in close proximity to existing infrastructure.

Following its early success on this project, Source expects to aggressively pursue further drilling in the discovery fairway.

The Woking production will ensure steady long-term cash flow for Source moving forward with tremendous drilling and production upside as well.

Source Petroleum holds a 37.5% interest in the Woking discovery.