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| | Mon Jun 18, 2012
Operational Update on LAK Ranch Wyoming Oil Project
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| | The Company is pleased to announce the shipment of 4,241 barrels of oil at average revenue of US$81.50 per barrel in the quarter ended April 30, 2012. This compares very favorably to the April 30, 2011 quarter when only 1,164 barrels at average revenue of US$83.47 per barrel were shipped. This represents over a 260% increase in production for the comparative periods. Furthermore the comparison to the previous quarter (1,767 barrels) shows an impressive acceleration of production levels.
Mr. Barry C.J. Ehrl noted the ongoing operational efficiencies implemented at the LAK ranch project have begun to bring about improved production. The company is undertaking careful management to maintain and increase production from existing producer wells, and to bring other wells online to further enhance revenue."
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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