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| | Tue Feb 21, 2012
Operational Update on LAK Ranch Wyoming Oil Project
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| | The Company is pleased to announce the continued operation of its refitted 50 million BTU generator has enabled the shipment of 1,767 barrels of oil at an average revenue of US$89 per barrel in the quarter ended January 31, 2012. This compares favorably to the January 31, 2011 quarter when only 458 barrels at an average revenue of US$77 per barrel were shipped. This continues the steadily increasing production dynamics last reported by the Company in May 2011. The month of February 2012 is promising to be even more robust with 744 barrels produced to the 18th of the month, well on target for over 1000 barrels for the month alone.
Mr. Barry C.J. Ehrl noted "not only is our production rising but the spread between natural gas, our main cost, and the realized price for our oil has never been wider. With the current abundance of natural gas and the various pricing uncertainties in the oil market we expect this wide margin to remain in place for the next year."
The performance of the new generator and the various surface facility improvements it necessitated has led increased operational efficiencies and is responsible for the production increases.
Derek Oil & Gas Corporation is a Canadian based, publicly traded oil exploration and production company that utilizes enhanced oil recovery (EOR) techniques to develop new production from reservoirs in North America. Derek's current focus is on the further development and increasing production from their prime property located in NE Wyoming's prolific Powder River Basin.
Derek Oil & Gas Corporation is trading in Canada on the TSX Venture Exchange with the symbol DRK
ON BEHALF OF THE BOARD
Mr. Barry C.J. Ehrl,
President and C.E.O.
For further information please contact Derek's Corporate Communications Department at:
Telephone: 1-888-756-0066 or (604)-331-1757
Corporate E-Mail: info@derekoilandgas.com
Website: http://www.derekoilandgas.com
"Neither 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."
This document includes forward- looking statements. Forward-looking statements include, but are not limited to, the continued advancement of Derek Oil & Gas Corporation's LAK Ranch project. When used in this document, the words "potential", "plan", "could", "estimate", "expect", "intend", "may", "should", and similar expressions are intended to be among the statements that identify forward-looking statements. Although Derek believes that their expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that Derek's LAK Ranch project will experience technological and mechanical problems, geological conditions in the reservoir may not result in commercial levels of oil and gas production, and other risks. |
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