CALGARY, ALBERTA–(Marketwire – April 17, 2012) – Chinook Energy Inc. (“Chinook” or the “Company”) (TSX:CKE) announces today that the BJA 2 exploration well, located on the Sud Remada permit onshore Tunisia, was plugged and abandoned on April 15, 2012 after reaching a total depth of 1,702 metres. The Ordovician reservoirs were encountered structurally lower than forecast and were wet. The BJA 2 well fulfills all outstanding exploratory drilling commitments on the permit and the partners will incorporate the well results before proposing the next exploration location planned for late 2012 or early 2013.
The Foradex 14 drilling rig will begin moving to the TT16 horizontal development well on the Bir Ben Tartar (“BBT”) Concession within the next 10 days. The TT16 well is the first horizontal test on the BBT field and is planned to have a 1,000 metre horizontal section followed by an eight stage completion. Drilling and completion operations are expected to commence within 25 days and be completed in June 2012.
Partners in the BJA 2 well and the upcoming TT16 horizontal well are Chinook (86%), through an indirect wholly-owned subsidiary, and Cygam Energy Inc. (14%), through its subsidiary.
About Chinook Energy Inc.
Chinook is a Calgary-based public oil and gas exploration and development company that combines high quality natural gas-weighted assets in Western Canada with a high growth oil business onshore and offshore Tunisia in North Africa.
Certain information regarding Chinook in this news release including management’s assessment of the future plans and operations of Chinook and the timing thereof constitute forward-looking statements under applicable securities laws. In particular, this news release contains, without limitation, forward-looking statements pertaining to: timing of moving the drilling rig to the TT16 horizontal development well on the BBT Concession, drilling and completion plans for the TT16 well and the expected timing of such operations.
With respect to the forward-looking statements contained in this news release, Chinook has made assumptions regarding, among other things: the ability of Chinook to continue to operate in Tunisia with limited logistical security and operational issues, that drilling and completion operations on the TT16 well will be conducted as presently planned and on the timing presently contemplated, and Chinook’s ability to obtain equipment in a timely manner to carry out exploration and development activities, the impact of increasing competition,. Although Chinook believes that the expectations reflected in the forward-looking statements contained in this news release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that predictions, forecasts, projections and other forward-looking statements will not occur, which may cause Chinook’s actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements.
These risks and uncertainties include, without limitation, political and security risk associated with Chinook’s Tunisian operations, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, inability to retain drilling rigs or the risk that risks under contract are assigned to other third parties and other services, capital expenditure costs, including drilling, completion and facilities costs, delays in projects and/or operations resulting from surface conditions and delays resulting from or inability to obtain the required regulatory approvals. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the forgoing list of factors is not exhaustive. Additional information on these and other factors that could effect Chinook’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) and at Chinook’s website (www.chinookenergyinc.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Chinook does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.