Coalbed Methane (CBM) Corral Message Board

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Gold/Mining/Energy : Coalbed Methane (CBM) Corral

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From: LoneClone	10/22/2008 12:20:10 PM
	of 365

Stealth Continues to Grow Shale Gas Production and Signs Farm-in Agreement for Nova Scotia Coal Bed Methane Properties Wed Oct 22, 9:00 AM ca.news.finance.yahoo.com SLV tsxventure CALGARY, Oct. 22 /CNW/ - Stealth Ventures Ltd. ("Stealth" or the "Company") is pleased to announce an increase in gas production from that reported previously, primarily due to tie-in operations on its current 70 well program at Wildmere, Alberta. Since the inception of the play in early 2006 Stealth has progressed from a conceptual technology play to a commercial producing asset, and production growth is now the focus of the Company. The current drilling program began July 3rd, 2008 and is currently under the budgeted $350,000 full cycle cost per well, with 63 wells drilled, 30 completed, and 19 tied-in and producing to date. The Company's estimated production is currently increasing past 3.0MMcf/d (raw) from the Wildmere field. Corporate production is 440 (net) BOE/D. The Company will bring on the majority of new production during the fourth quarter. Stealth has signed a letter of intent to farm-out a working interest in its Nova Scotia Coalbed Methane (CBM) properties to a new private Canadian oil and gas company. This multi-year joint venture will enable the Company to advance towards commercializing the 1.6 TCF of net discovered CBM resource booked on its two Nova Scotia onshore basins. Stealth will continue to operate the properties. Stealth Ventures Ltd. is a Calgary-based junior oil and gas company whose expertise and focus is on "unconventional" gas reserves from shale gas, CBM and tight gas sand reservoirs. STEALTH VENTURES LTD. "Derek Krivak" Per: DEREK KRIVAK Chief Executive Officer Disclosure provided herein in respect of BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS NEWS RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL FUTURE RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED. Contacts Derek Krivak CEO Mark J. Roth CFO Stealth Ventures Ltd. Tel.: (403) 514-9998 Fax: (403) 514-9995 Emails: investorrelations@stealthventures.ca Richard Cohen Investor Relations Clark Avenue Company Tel.: (905) 882-4422 Fax: (905) 882-4435 Email: clarkavenue@rogers.com

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