Highlights of the year include:
— A similar gain in revenue from oil and gas production to CAD0.72 million for the year-end 2008, when compared to the eight month period ending December 31, 2007.
Operational Highlights:
— Unbridled Energy drilled and concluded six successful new wells on its Chautauqua Lake acreage in western New York. These wells are mainly responsible for the major increase in revenues from oil and gas sales realized by the company
— Unbridled Energy concluded the sale to Canadian Phoenix Resources of its 50% interest in a joint venture relating to petroleum and natural gas rights on the Tsuu T’ina First Nation Reserve, situated SW of Calgary, Alberta
— Unbridled Energy has spudded a deep stratigraphic test well on its Chautauqua Lake property. This well is being drilled to the basement (7,700’) in conjunction with the New York State Energy Research and Development Authority’s (NYSERDA)
— Unbridled Energy effectively conducted a large acid stimulation in the Elkton formation in its earlier drilled 16-21 well in the Chambers play, northwest of Calgary, Alberta. The well tested a peak production rate of 4.8 MMcf/d (million cubic feet per day) and a final flow rate of 2.3 MMcf/d. The well is at present shut-in for a mandatory pressure buildup test. The Elkton formation is believed to exist over a large portion of Unbridled Energy’s acreage and, based on continued success, could give rise to over 30 new drilling locations. A pipeline must be run from the well to the ConocoPhillips sales line before gas sales can begin.
Effective December 31, 2007, the company altered its fiscal year from April 30 to December 31. Because of this, the information reported for the year ended December 31, 2008 is compared to the eight month period ended December 31, 2007 and the year ended April 30, 2007.
Management Comments
Joseph Frantz , president and chief executive officer of Unbridled Energy said; “The Company made significant progress in 2008 and the first few months of 2009. Despite tumultuous times, we have remained focused on our business and growth strategy. The new wells on our Chautauqua Lake acreage have significantly increased our revenue stream and allowed us to pursue several projects that are important to Unbridled Energy.”
Frantz went on to say; “We previously announced four projects that Unbridled intends to complete in the first half of 2009; one of which was to conduct the acid stimulation in the Elkton formation on the 16-21 well in Canada, the results of which certainly met our expectations. Another project is the basement test on Chautauqua Lake acreage. This well is currently being drilled and we anticipate results within the next couple of weeks. Additionally, we intend to test two shale formations; the 2nd White Specs in Alberta and the Rhinestreet in New York. We expect to commence operations on have these projects sometime during the third quarter. These shale plays have the potential to add significant new reserves to the Company.”
