Zapata Energy Corporation: Drilling Update
CALGARY, ALBERTA- Zapata Energy Corporation is pleased to provide a drilling update.
Zapata commenced its 10 well East Central Alberta oil drilling program mid September. At September 30, 2009 two of the wells have been drilled. Each well has encountered oil in the primary target. In addition, secondary zones were identified for future development. This program will be eligible for the Alberta drilling incentive.
The first well was perforated and was swab tested at an average production rate of 100 bbl/day. Completion is underway on the second well and the third well is drilling. The 10 wells are expected to be drilled by mid November.
Another 10 well oil drilling program and 3D seismic surveys are being planned for Zapata’s extensive land holdings in this core oil producing area.
An updated Corporate presentation will be available on the Corporations website www.zapata.ca October 5, 2009.
Zapata is a junior oil and gas production company operating in western Canada and trades on the TSX Venture Exchange under the symbol “ZCO.”
This press release may include forward?looking statements which are statements other than of historical fact, such as information regarding drilling potential and production forecasts. Factors that could cause actual results to differ materially from our expectations include exploration and development risks, commodity prices and operating hazards. A barrel of oil equivalent (boe), derived by converting gas to oil in the ratio of six thousand cubic feet of gas to one barrel of oil, may be misleading, particularly if used in isolation. A boe conversion 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 neither approved nor disapproved of the information contained herein.
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