Wednesday, March 28th, 2012 - Surmont Energy Ltd.
CALGARY, ALBERTA--(Marketwire - March 26, 2012) - Calgary-based private company Surmont Energy Ltd. ("Surmont") announces that it has completed its winter 2011/2012 oilsands exploration program at the company's oilsands leases located 70 kilometres southwest of Fort McMurray, Alberta.

This winter's program consisted of a $3 million, 13 square kilometre 3-D seismic shoot, followed by an approximately $5.5 million program for drilling 10 oilsands coreholes on seismically defined locations. A cap rock core was also acquired as part of the program. The work was carried out with Surmont's operating partner Bounty Developments Ltd. ("Bounty").

Surmont has now earned an 80% working interest in the 19 (12,000 Acres) contiguous sections of oilsands lands comprising the leases, with Bounty holding the remaining 20%.

Surmont will use the results of this winter's seismic and drilling program, together with corehole and seismic information from previous years, to commission an updated resources report by an independent evaluation firm. Surmont has also commenced work intended to lead to submission later this year of regulatory applications for the first phase of a SAGD oilsands project, with such first phase currently anticipated to be designed to produce in the range of 10,000 to 12,000 bopd.

Surmont and Bounty will also be assessing plans for exploration of the rest of the lands in upcoming seasons, with the objective of developing additional project phases to increase overall reserves and peak production rates to a multiple of Phase 1 values.

Contact Profile

Surmont Energy Ltd.


Surmont Energy Ltd. is a privately held oilsands company founded in October 2011 and headquartered in Calgary, Alberta. The company focuses on utilizing environmentally responsible technologies to carry out profitable development of oilsands and heavy oil projects in western Canada. Surmont's initial project is located on a 12,000 acre block of oilsands leases in the heart of Alberta's steam-assisted- gravity drainage (SAGD) project region, where the company has been conducting an accelerated exploration program intended to lead to a project application during the latter part of 2012 and first production in 2015.

Further Information
For further information, please visit Surmont's website at www.surmontenergy.com

This information release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law including but not limited to final regulatory approval from the Energy Resources Conservation Board and Alberta Environment. Forward-looking statements are frequently characterized by words such as "plan", "expect", "estimate", "intend", "believe", "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on Surmont's experience and current beliefs as well as assumptions made by, and information currently available to, Surmont, and are subject to a variety of risks and uncertainties including, but not limited to, those associated with resource definition, unanticipated costs and expenses, regulatory approvals, fluctuating oil and gas prices, and the ability to access sufficient capital to finance future acquisitions and development. Although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the assumptions and factors discussed in this information release are not exhaustive and readers are not to place undue reliance on forward-looking statements. Surmont expressly disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, subsequent to the date of this message, except as required under applicable securities legislation. The forward-looking statements are expressly qualified by these cautionary statements.

Contacts:

Surmont Energy Ltd.

2600, 144 Fourth Avenue, SW, Calgary, Alberta, Canada T2P3N4

+1.800.972.8139 (Toll-free N. America)

+1.587.926.9472

[email protected]

www.surmontenergy.com
Surmont Energy Ltd.
P: +1.800.972.8139
W: www.surmontenergy.com

Keywords

seismic shoot

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