EXHIBIT 99.1
BERKLEY RESOURCES INC.
400 - 455 Granville Street
Vancouver, B.C.
V6C 1T1
Tel: (604) 682-3701 Fax: (604) 682-3600
www.berkleyresources.com
info@berkleyresources.com
November 24, 2004 Trading Symbols: BKS - TSX Venture
BRKDF.PK - OTC BB (US)
PRESS RELEASE
Berkley Resources Inc. (the "Company") makes the following announcements with
respect to its current operations:
Brazeau Area, Alberta
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The 11,500' Nisku formation natural gas test well located in west-central
Alberta was spuded on September 14, 2004 and drilled and cased to total depth.
The drilling rig was released from contract on November 14, 2004. The operator
expects to have the completion service rig on location in early December 2004 at
which time the well will be perforated and flow tested. If the well tests as
expected it will be tied-in immediately to the area gas plant operated by ATCO
Gas. The tie-in point is approximately one mile from the test well. The test
well was drilled on budget and will cost approximately $5,000,000 total when
tied-in and placed on production. The Company's share is 30% ($1,500,000 net).
The Company will hold 30% working interest in production from the test well
through payout reducing then to 19.50%.
Senex Area, Alberta
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The Company and its partners have consolidated their acreage holdings at 14
sections (8,960 acres) over this multi-zone prospect which was acquired in a
swap of the Skiff Area leases. The acquired properties contained two suspended
oilwells which were recompleted and placed on production at an initial monthly
average combined rate of over 75 barrels per day (15 barrels net). A third well
was drilled and cased in early November 2004. A fourth well commenced drilling
on November 19, 2004 which will again test all zones of opportunity. The Company
will participate in a 3-D seismic program to be conducted over the joint lands
in January 2005 and pay its 20% share plus pick-up an additional amount of
drilling and seismic costs to increase its working interest in this play from
15/20% to 22.50/30%. Completed well costs for the oil wells are currently in the
$850,000 range, however these costs should be reduced significantly as
development progresses.
The Company also reports that its other new ventures, particularly Leduc and
Crossfield, are on track for drilling over the next few months. The Company's
strong participation in these new ventures was made possible by its successful
financing through its recent issue of flow-through and common shares.
For further information with respect to oil and gas operations please contact
Jim O'Byrne, Manager, Oil and Gas Operations, in the Calgary office at (403)
237-6211.
For information with respect to financial matters, please contact Matt Wayrynen,
President, at the Company's Vancouver office at (604) 682-3701.
On behalf of the Board of Directors
of Berkley Resources Inc.
"Matt Wayrynen"
Matt Wayrynen
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of the content of this news release.