Spectral Capital Corporation
Spectral’s Alberta Oil Asset Initial Results Outstanding
Spectral Capital Corporation / Key word(s): Miscellaneous
Spectral's Alberta Oil Asset Initial Results Outstanding SEATTLE–(BUSINESS WIRE)-(27 March 2012) Spectral Capital Corporation, (FCCN.QB) (F3SN:F) announced today that preliminary production results for the first 30 days of production on its Alberta oil and gas property greatly exceeded both expectations and regional averages. The exceptional production results pave the way for Spectral's planned drilling program in 2012-2013. 'Now that our first well in our Alberta, Canada portfolio has 30 days successful production behind it, we are pleased to report that the results are simply outstanding. Our local operator partner tells us that this well is in the top 1% of vertical wells in the region. This impressive result is important not just because of the revenue that this well is producing for Spectral's shareholders, but also because it is an indication of the results Spectral is likely to see for its upcoming drill program on the property.' Concluded CEO Jenifer Osterwalder. Spectral has acquired a 60% interest in its first Alberta, Canada oil field, which has one producing well and seven additional permitted drilling locations. Because oil in this region is a light, sweet crude that sells for a premium and because of the business friendly environment in Alberta, Spectral expects to continue to report rapid progress as it increases its Alberta oil portfolio and implements a drilling program on its existing property in the coming months. As the newly recompleted well continues to defy expectations, we look forward to results on each of our wells that equal or surpass the region's averages.
About Spectral
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162038 27.03.2012 |