CALGARY, ALBERTA — (Marketwire) — 08/22/11 — Jadela Oil Corp. (“Jadela”) (TSX VENTURE: JOC), GASFRAC Energy Services Inc. (“GASFRAC”) (TSX: GFS) and Packers Plus Energy Services Inc. (“Packers Plus”) are pleased to announce that on August 21, 2011, Jadela completed fraccing its El Indio #1-H well into the Eagle Ford shale formation on its property located in Maverick County, Texas. Jadela used a Packers Plus StackFRAC® Open Hole Multi-Stage completion liner system and fracced the well using propane/butane and sand instead of water. GASFRAC provided the pumping horsepower and its stimulation technology in conjunction with Jadela–s operational expertise. Jadela has not tested the well. Testing will occur this week and it is expected that the well will be shut in pending construction of the propane recycling equipment and well site facilities. Jadela is in the process of outsourcing the construction of a pipeline, permanent battery equipment and the pipeline hookup to a 6″ inch pipeline close by operated by West Texas Gas. The well was drilled and completed on a “tight hole” basis and as such specific well information is not available to the public at this time.
About Jadela, GASFRAC and Packers Plus
Jadela is a junior oil and gas exploration company headquartered in Calgary, Alberta Canada with operations in Alberta and Texas. GASFRAC is an oil and gas service company headquartered in Calgary, whose primary business is to provide LPG fracturing services to oil and gas companies in Canada and the USA. Packers Plus is an oil and gas service company headquartered in Calgary who pioneered open hole multi-stage fracturing systems and provides innovative solutions for a variety of completion challenges. For additional details, please visit Jadela–s website at , GASFRAC–s website at and Packers Plus– website at .
Reader Advisory
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the proposed propane fraccing and completion and testing of the well, the construction of the pipeline and battery equipment and related information. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are founded on the basis of expectations and assumptions made by Jadela. Such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in the prices of oil and natural gas; governmental regulation of the oil and gas industry, including environmental regulation; unanticipated operating events or performance which can reduce production or cause production to be shut in or delayed; failure to obtain industry partner and other third party consents and approvals, if and when required; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, drilling, processing and transportation problems; changes in tax laws and incentive programs relating to the oil and gas industry; failure to realize the anticipated benefits of acquisitions and dispositions; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Jadela Oil Corp.
Gregory J. Leia
President
(403) 873-8166
Jadela Oil Corp.
1510, 777 – 8th Avenue SW
Calgary, Alberta T2P 3R5
GASFRAC Energy Services Inc.
James M. Hill
Chief Financial Officer
403-515-3387
GASFRAC Energy Services Inc.
1900, 801 – 6 Ave. SW
Calgary, Alberta T2P 3W2
Packers Plus Energy Services Inc.
James Athans
US General Manager
832-484-8067
Packers Plus Energy Services Inc.
Suite 150, N. Sam Houston Pkwy W.
Houston, Texas 77086