Dover Petroleum Announces Update of Its Natural Gas Drilling Program Wednesday February 15, 12:32 pm ET
TORONTO--(MARKET WIRE)--Feb 15, 2006 -- Dover Petroleum Corp (Other OTC:DVPC.PK - News) today announced an increase in gross production from eight of its eleven coalbed methane wells in the Slater Dome field (the "Slater Dome Prospect") from an initial average daily rate of 254 MCF ("thousand cubic feet") per day in June 2005 (pipeline connection date) to 542 MCF per day in January 2006. Overall, Slaterdome's ownership amounts to a networking and operating rights interest of approximately 33.3% in the Slater Dome Area. The Company has received between $5.17 and $13.07 per MCF for its production from the Slater Dome Prospect. The company reported that the gross production has increased from 4,007 MCF (approximately 1,335 MCF to our interest) in June 2005, our first month of production, to 11,629 MCF (approximately 3,875 MCF to our interest) in January 2006 an increase of 190%. ADVERTISEMENT
We anticipate further increases to production as our wells dewater and as the producing wells are electrified. Currently, we are using some of our gas produced (approximately 175 MCF per day) to run the production equipment, which decreases the amount of gas available for sale. We anticipate that the current wells in the southern area of the prospect will have electricity by the end of February 2006, which will release more gas for revenue sales. We have one well in the northern area of the prospect that is awaiting a pipeline connection and one well in the southern area awaiting a completion rig.
The Slater Dome Prospect is located geographically in the southern end of the "Atlantic Rim" geologic feature where there are a number of successful coalbed methane projects currently being operated by Double Eagle Petroleum Co, Anadarko Petroleum Corp., Warren Petroleum, Kodiak Oil and Gas Corp, New Frontier Energy and others.
Dover's wholly owned subsidiary, Slaterdome, Inc., and Slaterdome's partners, Cedar Ridge, LLC and New Frontier Energy, Inc., together own the working and operating rights interest in certain oil and gas leases covering approximately 34,398 gross acres in northwest Colorado and southwest Wyoming (the "Slater Dome Area"). Our acreage increased from 32,631 through purchase of additional land at 2 Federal Land Sales. The Company and its exploration partners currently have nine gas wells and one water transfer well at the Slater Dome Prospect. All of the wells have provided indications of the presence of natural gas. As we dewater the coals, we will be able to assess the productivity and economics of each well.
Effective December 19, 2005, Mr. Greg A. Nuttall resigned from the Board of Directors of Dover Petroleum Corp.
The statements contained in this press release which are not historical fact are forward looking statements that involve certain risks and uncertainties including, but not limited to, decreases in prices for natural gas and crude oil, unexpected decreases in gas and oil production, the timeliness, costs and success of development activities, unanticipated delays and costs resulting from regulatory compliance, and other risk factors described from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. No assurances can be given that these statements will prove to be accurate. A number of risks and uncertainties could cause actual results to differ materially from these statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to confirm these statements to actual results.
Contact: For further information contact: Robert Salna or Heather Blaine Investor Relations (905) 884-6958 via fax at (905) 884-5178 doverpetroleum*hotmail.com http://www.doverpetroleum.com
Dover Petroleum Announces Completion of its Three Well Drilling Program Thursday September 15, 2005 9:00 am ET
TORONTO, Sept. 15, 2005 (PRIMEZONE) -- Dover Petroleum Corp. (Other OTC:DVPC.PK - News) today announced that the Company and it's exploration partners set production casing in the 3rd well of its successful three well drill program. Completion of these wells will commence next week and we anticipate all of the wells will be producing in approximately thirty days. Although it is premature to predict commerciality, or initial rates of production from these wells, we are pleased with the preliminary drilling results. ADVERTISEMENT
Dover's wholly owned subsidiary, Slaterdome, Inc., and Slaterdome's partners, Cedar Ridge, LLC and New Frontier Energy, Inc., together own the working and operating rights interest in certain oil and gas leases covering approximately 32,631 gross acres in northwest Colorado and southwest Wyoming (the ``Slater Dome Area''). Overall, Slaterdome's ownership amounts to a net working and operating rights interest of approximately 33.3% in the Slater Dome Area. The Company and its exploration partners have nine gas wells at the Slater Dome Prospect. All of the wells have provided indications of the presence of economic quantities of natural gas. However, no estimate can be made at this time as to proven oil and natural gas reserves nor can the preliminary results of the development efforts be considered commercial, or proven conclusively, until gas has been produced into a pipeline for at least six months.
The statements contained in this press release which are not historical fact are forward looking statements that involve certain risks and uncertainties including, but not limited to, decreases in prices for natural gas and crude oil, unexpected decreases in gas and oil production, the timeliness, costs and success of development activities, unanticipated delays and costs resulting from regulatory compliance, and other risk factors described from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. No assurances can be given that these statements will prove to be accurate. A number of risks and uncertainties could cause actual results to differ materially from these statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.
For further information contact Robert Salna or Heather Blaine, Investor Relations, at (905) 884-6958, via fax at (905) 884-5178 or at doverpetroleum*hotmail.com. Please visit our website at: http://www.doverpetroleum.com.
Contact: Dover Petroleum Corp. Robert Salna or Heather Blaine, Investor Relations (905) 884-6958 doverpetroleum*hotmail.com Website: www.doverpetroleum.com.
posted
from penny..."Dover Petroleum (DP) is a junior oil and gas exploration company that has properties in Egypt and the United States.
Our mission is to identify, acquire and develop high quality oil and gas properties. Our mandate is to focus on properties that have large reserve potential that will maximize shareholder value."
-------------------- please dont trade stocks on my alerts, do your dd first.
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They actually produce ng. This may be a player next week. I bought a few and will hold until next week and see what it does. This has very low volume and wasnt on anyone's radar until today. Have a great weekend all. TMAN...
-------------------- In the end, trust only yourself when trading stocks.
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i think we see .10 on the monay gap on this one...alot of people chatting about this one. out of all of penny busters picks he likes thi one the most an will be adding shares of this on monday
goodluck all!
-------------------- please dont trade stocks on my alerts, do your dd first.
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Edge, that is what i was saying earier, this wasnt traded very heavy, i think its because they dont pr alot and arent on anyones radar. they are producing ng. thats alot more than can be said about other pinks that say they are going to produce yada yada yada. this popped up out of no where and i think it will be a good momo play for monday at minimum. alot of traders may just hit this monday and if they do, us little guys may get to reap their work instead of the other way around. just an opinion. TMAN...
-------------------- In the end, trust only yourself when trading stocks.
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Thanks Edge, I was just trying to get this one back on the front page. I know this was a momo play BUT they do produce nat gas and it may get some legs and run once folks do a little dd. Have a great day. TMAN...
-------------------- In the end, trust only yourself when trading stocks.
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