Chinook Energy Completes Drilling of the Sud Remada TT3 Exploration Well

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CALGARY, ALBERTA--(Marketwire - Dec. 23, 2010) - Chinook Energy Inc. (TSX:CKE) ("Chinook") announced today that the Sud Remada TT3 exploration well has been cased and suspended awaiting completion in early 2011. The well was drilled to a total depth of 1,555 metres with the primary target being the Ordovician Jeffara and Bir Ben Tartar reservoirs that were originally encountered and proven productive in the TT2 discovery well 2.8 kilometres to the northeast. An extensive logging, wireline testing and coring program was undertaken over the Ordovician and Silurian Tannezuft formations with further detailed evaluation and completion planning on-going. Completion operations are expected to include a fracture stimulation of the Bir Ben Tartar formation which will involve the mobilisation of a crew and occur mid to late first quarter 2011. Chinook's indirect wholly-owned subsidiary is the operator of the well with an 86% interest. The drilling of the TT3 well fulfills all of the exploration requirements on the block. The data from the well will be included in the Plan of Development which will accompany the request for the TT concession and be submitted to the Tunisian authorities in early January 2011. The next drilling operation on the block will be the drilling of the TT4 development well, approximately 6 kilometres from the TT3 well, scheduled to commence by the end of January 2011.

About Chinook Energy Inc.

Chinook is a Calgary-based public oil and gas exploration and development company that combines high quality gas-weighted assets in Western Canada with an exciting high growth oil business onshore and offshore Tunisia in North Africa. 

Reader Advisory

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 and necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, unexpected decline rates in wells, delays in projects and/or operations resulting from surface conditions, wells not performing as expected, delays resulting from or inability to obtain the required regulatory approvals and ability to access sufficient capital from internal and external sources. 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.



Chinook Energy Inc.
Matthew Brister
President and Chief Executive Officer
(403) 261-6883
or
Chinook Energy Inc.
L. Geoff Barlow
Vice-President, Finance and Chief Financial Officer
(403) 261-6883
www.chinookenergyinc.com