News Release (CWQ-TSX-V) (CWLXF.PK Pink Sheets)
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Disclaimer: The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Langley, BC, Canada, October 2, 2008, Curlew Lake Resources Inc. (the "Company") (TSX-V: CWQ) (Pink Sheets CWLXF) reports that production continues to increase on successfully completed Saskatchewan oil wells. The Company now has 4 producing oil wells in Saskatchewan, 2 in the Fosterton area and 2 in the Menard area. Production from the Menard oil wells increased substantially after new screw pumps were installed. August production from Menard alone totaled 4,000 barrels of oil in August – 1000 barrels net to the Company’s interest. The Company also expects production to resume from 3 gas wells in the Turner Valley, as problems, mainly related to the gas plant and pipe line, are being remedied by the operators. The Company is debt free and reported positive EBITDA in Q2 for the first time in corporate history. The Company will continue to focus on oil exploration in the short term with additional wells planned in the coming winter.
Additionally the Company has reviewed all the data on the first stage drilling program of the Typhoon gold prospect in the Yukon. In the next few months the Company plans to rerun some of the samples using a metallic screening method to determine the possibility of a nugget effect. Metallic screening assay methods are currently in use in similar geological environments. Management believes this may allow for joint venture discussions to bring in a partner to take the next step in the exploration of this large property through an expanded drilling and exploration program.
The company is also exploring the possibility of a share buyback program per TSX policy 5.6. This policy allows for the purchase of up to 10% of the Public Float per year. The Company currently has a tightly held float with 6 shareholders owning 42% of the company. Given our currently suppressed share price and a general lack of interest in junior markets, it is our view that current market price for our shares do not reflect the fundamental value of the Company’s assets, including our multiple oil and gas producing properties and lands and our prospective gold exploration property.
For additional information or to be added to the corporate mailing list please visit the following page
curlew-lake.com
On Behalf of the
Board of Directors
Robert B. Pincombe
President.
For more information contact:
Curlew Lake Resources Inc.
David D. McKee, Chief Financial Officer
Tel: (647) 722-3454
Fax: (647) 722-4337
Email: david.mckee@curlew-lake.com
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