Westside Energy Provides Operational & Guidance Update
November 27 2007 - 8:30AM
PR Newswire (US)
Production Exceeds 6 MMCFE/D With Completion of New Wells in
Johnson and Hill Counties DALLAS, Nov. 27 /PRNewswire-FirstCall/ --
Westside Energy Corporation (AMEX:WHT), an oil and gas company with
operations focused on the exploration and development of natural
gas in the Barnett Shale play in North Texas, today provided an
interim operations update. Management Comments Douglas G. Manner,
Westside's Chief Executive Officer said, "The additions from
recently completed wells have resulted in Westside's net production
more than doubling to over 6 MMCFE/D. With four additional wells to
come on line in the near future, Westside's net production rate is
expected to average between 7 MMCFE/D and 8 MMCFE/D by year end.
The success of the Gulftex acquisition and the continued progress
up the learning curve in Hill County have resulted in significant
production and cash flow increases. As we prepare for our 2008
drilling campaign, we are encouraged by the significant progress
made in 2007." Operations Update Johnson County -- Westside Energy
owns a 44% working interest (WI) in five drilled and completed
wells located on the Alfred Kennon lease which is operated by a
major independent. -- The Alfred Kennon #3H well tested at a gross
initial rate of 2.4 MMCF/D while continuing to unload frac water.
The operator is addressing high pipeline pressure currently being
experienced on this lease. -- The Alfred Kennon #5H well also
tested at a gross initial rate of 2.4 MMCF/D while continuing to
unload frac water against the same pipeline pressure. -- The
performance results of the remaining three Alfred Kennon wells will
be announced as they become available. Hill County -- As previously
announced, the Ellison Estate #2H well (WHT 50% WI) tested at a
gross initial rate of 2.5 MMCF/D. -- Additionally, the Ellison
Estate #3H well (WHT 50% WI) tested at a gross initial rate in
excess of 1.5 MMCF/D. This well continues to unload completion
fluids at a rate of over 900 bbls per day. -- The Ellison Estate
#4H well (WHT 50% WI) has been drilled and cased and is scheduled
for completion in December. -- Westside recently participated in a
50-square-mile seismic survey on acreage in southern Hill County.
Seismic has been processed on a portion of the acreage position and
multiple drilling locations have been identified. This southern
Hill County acreage will be a focus area for development activities
in 2008. Other Barnett Shale Wells -- The Martin #1H well (WHT 2.5%
WI), in Denton County, tested at 5.6 MMCF/D (gross) and is the best
well to date in Westside's drilling program. About Westside Energy
Corporation Dallas-based Westside Energy is an oil and gas company
focused on exploiting its significant acreage position in the
prolific Barnett Shale trend in North Texas. For more information
about Westside Energy, please visit the Company's website:
http://www.westsideenergy.com/. Forward-Looking Statements Certain
statements in this news release regarding future expectations,
plans for acquisitions and dispositions, oil and gas reserves,
exploration, development, production and pricing may be regarded as
"forward-looking statements" within the meaning of the Securities
Litigation Reform Act. They are subject to various risks, such as
operating hazards, drilling risks, the inherent uncertainties in
interpreting engineering data relating to underground accumulations
of oil and gas, as well as other risks discussed in detail in the
Company's periodic reports and other documents filed with the SEC.
Actual results may vary materially. DATASOURCE: Westside Energy
Corporation CONTACT: Sean J. Austin, Vice President and CFO of
Westside Energy Corporation, +1-214-522-8990, ext. 1117 Web site:
http://www.westsideenergy.com/
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