Solara Exploration Announces Plans for Two Cardium Horizontal Wells and $3 Million Financing

Solara Exploration Ltd. (TSXV:SAA.A) reported that it is currently tieing-in its recently completed Cardium horizontal oil and gas well located in the Pembina (Buck Lake) area of western Alberta.

The press release is quoted as saying:

The Company expects the well to be on full production within the next ten days which had tested at a rate in excess of 1,700 BOE/d over a 24 hour period after recovery of load fluid. Solara is currently licensing a second horizontal well on its interest lands at Buck Lake within one-half of a mile of its recent oil discovery on the project. Solara also announces that it has entered into a joint venture agreement with another company which provides for Solara to farmin and operate the drilling of another horizontal well into the Cardium formation directly offsetting its discovery well at Buck Lake. Solara anticipates that this drilling operation will commence on or before the end of October, 2010, with the other horizontal well to be drilled on its lands immediately afterwards.

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