October 31, 2011
October 31, 2011 - Calgary, Alberta - Sundance Energy Corporation (“Sundance” or the “Corporation”) (“SNY” TSX-V) (“SNYXF” OTCQX) announces that it has entered into an agreement with a private oil and gas exploration company to drill one horizontal test well on its Poundmaker Property prior to December 31, 2011. The horizontal test well will be an exploratory well and will be at no cost to Sundance. Sundance will retain a 50% interest in the Poundmaker Property with 50% participation in future development of the asset. In the event the exploratory horizontal test well is successful an independent engineering firm has recommended that up to 16 horizontal wells be drilled to fully develop the Poundmaker Property. The primary target is heavy oil production from the Cummings formation with a secondary target of shallow natural gas production from the Second White Specks formation. Cummings formation heavy oil is currently being successfully produced from vertical and horizontal wells in the nearby Carruthers oilfield, operated by Baytex Energy Corp.
Sundance also announces that it has engaged Sayer Energy Advisors to market, via a bid process, the Corporation’s 75% interest in its Hoole Property located in Northern Alberta. The Hoole Property is a non-core property that the Corporation acquired through its amalgamation with Sentinel Rock Oil Inc.
Jeff Standen, President & CEO of Sundance comments, “Our operational focus is on developing our SE Saskatchewan assets and our Alexander Property in Central Alberta. We are lucky though to also have non-core assets that have possible upside potential and value. We are pleased that our non-core Poundmaker asset is going to be explored near term and that we will benefit from any success but do not have to risk any of our existing capital to test it. If we are able to successfully dispose of our Hoole Property this will provide a very positive non-dilutive source of financing for Sundance.”
About Sundance Energy Corporation
Sundance Energy Corporation trades in Canada on the TSX Venture Exchange under the symbol “SNY” and in the United States on OTCQX under the symbol “SNYXF”. Sundance Energy’s primary focus is exploring for petroleum and natural gas on First Nation Lands in Western Canada.
For more information on this News Release or on Sundance Energy Corporation please visit our website at www.sundance-energy.ca or call or email:
Jeffrey L. Standen, President and CEO
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.
This news release may contain certain forward‐looking information. All statements included herein, other than statements of historical fact, is forward‐looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward‐looking information and a description of risk factors that may cause actual results to differ materially from forward‐looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward‐looking information except in accordance with applicable securities laws.