NEWS
October 31, 2006
Lundin Petroleum to drill EERG’s Quad 41/42 claim block
LITTLETON, Colo., Oct. 31, 2006 (PRIMEZONE) -- Eternal Energy Corp. announced today the planned drilling program for gas on licence P.1129 in the North Sea containing blocks 41/10a, 41/5, 42/2a and 42/7. Lundin Petroleum AB (Lundin Petroleum) will be the operator with a twenty-five percent (25%) working interest. A rig has been contracted to drill the Lytham prospect, and drilling operations are tentatively scheduled to commence in Q3, 2007.
A 3-D seismic survey over a portion (20%) of the block indicates that the Lytham prospect can be tested significantly updip from the previously drilled 41/10-1 well. Seismic data shows over 7,000 acres of potential closure at the Plattendolomite level.
As previously announced, Eternal Energy Corp. is investing 15% ($1.5 million USD) towards the cost of a 5,500 foot exploration well to earn a 10% interest in a 240,000 acre block (970 square kilometres) in Quad 41/42 of the North Sea.
About Eternal Energy Corp.: Eternal Energy Corp. is an oil and gas company engaged in the exploration for petroleum and natural gas in the State of Nevada and the North Sea. The company was incorporated in Nevada on July 25, 2003 to engage in the acquisition, exploration and development of natural resource properties. The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements related to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth, and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of Eternal Energy Corp. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, and domestic and global economic conditions.