Montney Shale Formation Update: British Columbia Canada

By Tim - http://oilshalegas.com

Canadian Spirit Resources Inc. (CSPUF.PK) has recently updated shareholders on the Montney Shale located in British Columbia, Canada.

The joint venture increased its Montney rights from 47 sections to 51 sections (gross). CSRI now has approximately 30 net sections of Montney rights in the Farrell Creek area of northeastern British Columbia.

The Operator, Canbriam Energy BC Partnership ("Canbriam"), continues to progress with the $49.0 million (gross) capital program for 2010.

The c-A48-I well was stimulated in the lower portion of the Montney Formation. With only two stages flowing, the well had an initial production rate of 3.5 mmcf/d, and a stabilized rate of 2.0 mmcf/d over a seven day period.

An additional upper Montney horizontal leg will also be drilled and completed from the existing wellbore at c-A48-I by year-end.

The first of two horizontal wells targeting the upper portion of the Montney Formation has been drilled and cased from the c-18-I pad. A second well, from the same pad, is currently being drilled. It is expected that this second well will be drilled and cased by the end of September, with both wells to be stimulated in October.

A gas facility is expected to be commissioned during the fourth quarter of 2010. It will have an initial capacity of 10 mmcf/d and will be scalable to 50 mmcf/d.

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Montney Shale: Progress and ProEx announce Business Combination

Progress ann ProEx, two companies that trade on the Toronto Stock Exchange, announce they will combine businesses to focus their assets, including the Montney Shale in British Columbia.

Key attributes of the merger for ProEx shareholders: - Consolidates working interests in the Foothills of northeast British Columbia with the majority of land controlled 100 percent; - Provides ProEx with exposure to a high quality asset with a large low risk exploration and development drilling inventory in the northwest Alberta Deep Basin; - Ensures that an expanded capital program can be funded internally; - Ensures continuity of senior management and technical personnel expertise; and, - Introduces another element of financial discipline through the payment of a quarterly dividend. Key attributes of the merger for Progress Trust security holders: - Establishes a clear go-forward strategy in response to the taxation of trusts in 2011; - Continues to pay cash back to security holders in the form of a tax-effective dividend; - Provides a strong low-risk growth profile through an expanded capital budget; and, - Provides expanded participation in emerging resource-play opportunities.

Progress will focus its capital investment and growth opportunities in four key plays: the Halfway tight gas formation in the Foothills; the multi-zone Gold Creek project area in the Deep Basin; Montney shale gas fairway through northwest Alberta and northeast British Columbia; and Progress' conventional, high impact opportunities across its land base.

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