VANCOUVER, Aug. 27 /CNW/ – Western Canadian Coal Corp (TSX: WTN, WTN.WT and WTN.DB and AIM: WTN) (?Western? or ?Company?), which owns a 45% interest in Xtract Energy Plc (?Xtract?) (AIM: XTR), is pleased to announce an update on Xtract?s oil and gas interests in Turkey.
Xtract has a 34% interest in Turkish joint venture Extrem Energy A.S. (?Extrem?). Extrem has now completed analysis on oil production test data from Sarikiz-2, together with other well, seismic and geochemical data to arrive at estimated recoverable oil from the field of 74 million barrels. As part of the field development plan, a three well production drilling program is due to commence in September and extend through to the end of December.
Furthermore, geochemical surveys over Extrem?s Siraseki licence, located near the Syrian border, indicate the existence of a structure with the potential to recover 94 billion cubic feet of natural gas. Drilling in this licence area is expected to commence in early 2010.
The information disclosed by Extrem in relation to resource estimates has been provided using SPE standards and reviewed and approved by Ongun Yoldemir, Managing Director of Extrem Energy, who has a masters degree in geological engineering and over 28 years experience in the resource and energy sector.
About Xtract Xtract identifies and invests in a diversified portfolio of early stage energy sector technologies. The portfolio of assets includes 34% interest in Extrem Energy AS, which is a joint venture with oil licences in Turkey; 35% interest in Elko Energy Inc, which has oil and gas licences in the Danish and dutch North Sea; 25% interest in Zhibek Resources Ltd, which has oil and gas interests in the Kyrgyz Republic; 70% interest in a joint venture Xtract Oil Morocco SA, which has the rights to explore and develop an oil shale deposit in Morocco; and 13% interest in Wasabi Energy Ltd, which is a diversified investor in traditional and renewable energy technologies. Further information can be found at www.xtractenergy.co.uk.
About Western Western is a producer of high quality metallurgical and thermal coal from mines located in northeast British Columbia (Canada) and West Virginia (USA). The mines have the capacity to produce 7 million tonnes per year and have over 20 years of coal reserves. Western also owns a 50.6% interest Energybuild (EBG: AIM) which produces high quality anthracite and thermal coals in South Wales (UK). Other interests owned include a 45% interest in Xtract Energy (XTR: AIM), 20% interest in NEMI Northern Energy & Mining (NNE.A: TSX) and 100% of a small gold and antimony operation in Australia. The Company is headquartered in Vancouver, BC, Canada, and trades on the AIM and TSX stock exchanges under the symbol ?WTN?. More information can be found at www.westerncanadiancoal.com
SEDAR: 00011215E For further information: Western Canadian Coal Corp., David Jan, Director, Investor Relations, (604) 608-2692, firstname.lastname@example.org; Xtract Energy Plc, Andy Morrison, CEO, +44 20 3205 1148, email@example.com