Xun Energy Completes Drilling of Its First Oil Well
PORTLAND, OR, Aug 27, 2013 (Marketwired via COMTEX) -- Xun Energy, Inc., (OTCBB: XNRG ) ( XNRG ) announced that the Company's operator, Vencedor Energy Partners (VEP), completed the drilling, casing and cementing of its first oil well of a 30 well drilling program. Rice oil well number 15 was drilled to the Target Depth of 1,050' on the Rice lease, in Venango County, PA, on August 26, 2013. Samples were taken during the drilling program for analysis. Petroleum odors were emitted at the 720', 745', and 915' levels of the wellbore, indicating oil presence at these depths.
"We are excited to have completed the drilling of our first oil well and the showings of petroleum odors are very encouraging and positive," stated Jerry G. Mikolajczyk, President and CEO of XNRG . "This is the first step of a 3 step process before the oil well produces oil. This is a monumental accomplishment for us and our next step to generating revenues."
VEP will analyze the samples taken during the drilling process and decide whether to continue to the next step, which would be to schedule a well log or abandon the well.
"It's still very early, but routine field observations indicate the Rice #15 shows similarities to the PDP wells already on the lease. We'll need more information, but so far, so good," stated Brian S. Ambrose, President of VEP.
The Company will not commence drilling on the remaining 4 oil well locations on the Rice lease until after it completes its assessment of the first well.
About XNRG
Xun Energy, Inc. is an oil operating company in development stage. Its primary assets are located in Venango County, Pennsylvania, USA. XNRG projects are subject to completing its financing and the success of the drilling and completions program. Additional information may be found at http://www.xunenergy.com .
This Press Release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections, and contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. In particular, there is no assurance that production or other factors pertaining to the oil operations will be sustained at the expected rates or levels over time. We caution you not to place undue reliance on our forward-looking statements, which speak only as of the date of this news release, and we undertake no obligation to update this information.
Contact:
Richard Inza
Investor Relations
954-687-0011
Follow us on Twitter: https://twitter.com/XunEnergy
SOURCE: Xun Energy, Inc.
(C) 2013 Marketwire L.P. All rights reserved.
-0-
SUBJECT CODE: Energy and Utilities:Equipment
Energy and Utilities:Oil and Gas
Manufacturing and Production:Mining and Metals
Energy and Utilities:Utilities
Environment:Natural Resource Management
Energy and Utilities
ipelines
XNRG
PORTLAND, OR, Aug 27, 2013 (Marketwired via COMTEX) -- Xun Energy, Inc., (OTCBB: XNRG ) ( XNRG ) announced that the Company's operator, Vencedor Energy Partners (VEP), completed the drilling, casing and cementing of its first oil well of a 30 well drilling program. Rice oil well number 15 was drilled to the Target Depth of 1,050' on the Rice lease, in Venango County, PA, on August 26, 2013. Samples were taken during the drilling program for analysis. Petroleum odors were emitted at the 720', 745', and 915' levels of the wellbore, indicating oil presence at these depths.
"We are excited to have completed the drilling of our first oil well and the showings of petroleum odors are very encouraging and positive," stated Jerry G. Mikolajczyk, President and CEO of XNRG . "This is the first step of a 3 step process before the oil well produces oil. This is a monumental accomplishment for us and our next step to generating revenues."
VEP will analyze the samples taken during the drilling process and decide whether to continue to the next step, which would be to schedule a well log or abandon the well.
"It's still very early, but routine field observations indicate the Rice #15 shows similarities to the PDP wells already on the lease. We'll need more information, but so far, so good," stated Brian S. Ambrose, President of VEP.
The Company will not commence drilling on the remaining 4 oil well locations on the Rice lease until after it completes its assessment of the first well.
About XNRG
Xun Energy, Inc. is an oil operating company in development stage. Its primary assets are located in Venango County, Pennsylvania, USA. XNRG projects are subject to completing its financing and the success of the drilling and completions program. Additional information may be found at http://www.xunenergy.com .
This Press Release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections, and contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. In particular, there is no assurance that production or other factors pertaining to the oil operations will be sustained at the expected rates or levels over time. We caution you not to place undue reliance on our forward-looking statements, which speak only as of the date of this news release, and we undertake no obligation to update this information.
Contact:
Richard Inza
Investor Relations
954-687-0011
Follow us on Twitter: https://twitter.com/XunEnergy
SOURCE: Xun Energy, Inc.
(C) 2013 Marketwire L.P. All rights reserved.
-0-
SUBJECT CODE: Energy and Utilities:Equipment
Energy and Utilities:Oil and Gas
Manufacturing and Production:Mining and Metals
Energy and Utilities:Utilities
Environment:Natural Resource Management
Energy and Utilities
ipelines XNRG
