PAN - TSXV
CALGARY, May 23 /CNW/ - PanTerra Resource Corp. (The "Company") is pleased to report that it has received core and geochemical data from specialized labs in the USA. Preliminary Perforation Inflow Test results are also presently being analyzed.
Core data from Foam Lake, Moose Jaw and WhiteHill Lakes show permeabilities ranging from 0.01 to 32.3 millidarcies with an average of 4.02 millidarcies. These values are considered good to excellent by industry standards in terms of the formation's potential ability to flow gas.
Total Organic Content (TOC) from the drill cuttings range from 0.31% to 11.72%, with an average of 3.76 %. TOC values above 0.5% are considered sufficient by industry standards to generate in-situ biogenic gas.
Perforation inflow test results from a select number of wells recorded unstabilized reservoir pressures as high as 494 Psi at Foam Lake and 878 Psi at Moose Jaw, which are at or near hydrostatic pressures for their respective depths.
The Company will use this data to develop fracture stimulation programs it intends to undertake in the near future.
Furthermore, two additional wells have been licensed, one at Shell Lake and one at Foam Lake. Drilling and coring will commence within the next week to further define the gas potential at these locations.
The Company also wishes to announce that it has filed with applicable Canadian securities regulatory authorities, its unaudited First Quarter (2007) financial statements which will be available for viewing on SEDAR.
PanTerra Resource Corp. is an Alberta-based resource company focused on the exploration and development of unconventional shallow and shale gas. The Company holds three exploration permits and four licenses for a total of 1.1-million acres (550,000 acres net) on four properties in the province of Saskatchewan. PanTerra trades on the TSX Venture Exchange under the symbol "PAN". Further information can be found at www.panterraresource.com.
The TSX Venture Exchange has not reviewed nor accepts responsibility for
the adequacy or accuracy of the contents of this news release.