Enterra Delivers Notice of Termination to Farmout Partner in Oklahoma Hunton
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Petroflow ceased drilling in February of 2009, and has not indicated that it will be able to continue drilling with any certainty in the foreseeable future. Accordingly, Enterra has provided Petroflow with a notice of termination pursuant to the agreement. Enterra continues to engage Petroflow in discussions about future arrangements, but no agreement has been reached on terms to further the joint venture.
"Petroflow has been a reliable partner for more than three years and the results of the farmout have been positive for both companies with a 97% drilling success rate", commented Don Klapko, Chief Executive Officer of Enterra, "The Hunton resource de-watering play has strong economic performance even at current natural gas prices. This resource play remains one of Enterra's key development areas."
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Enterra is an exploration and production oil and gas trust based in
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Additional information on these and other factors that could affect Enterra's operations or financial results are included in Enterra's reports on file with Canadian and U.S. securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), the SEC's website (www.sec.gov), Enterra's website (www.enterraenergy.com) or by contacting Enterra. Furthermore, the forward looking statements contained in this news release are made as of the date of this news release, and Enterra does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
For further information: Enterra Energy Trust, Blaine Boerchers, Chief Financial Officer, (403) 263-0262 or 1-877-263-0262, [email protected], www.enterraenergy.com
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