September 24, 2008
Verona Provides Additional Gainsborough South Production Update
Verona Development Corp. (TSX VENTURE: VDC)(FRANKFURT: V5D) ("Verona" or "the Company") is pleased to provide further details on the two Gainsborough South wells currently in production.
For the three-month period ended of Feb 1, 2008 to April 30, 2008 the Company received a total of $430,465.85 in net revenues from the two wells in production with an operating cost of $12.50 per barrel. After almost a year of production from the first of two wells drilled on the Gainsborough south project, rates have stabilized at approximately 52 BOPD (Verona net 31 BOPD). A second earning well on the property came on production in January and has shown a leveling off of production at 18 BOPD (Verona net 11 BOPD). Total net production to Verona is 42 BOPD. The property, which is comprised of 320 acres of mineral interest, contains several additional drilling locations as defined by 3D seismic. Verona maintains a 60 percent net working interest on the property. The operator has done no work at its Gainsborough holdings, which includes the Gainsborough South project area. Verona has made an accepted offer to acquire the operator's entire interests in the Gainsborough area including its 40 percent interest in the Gainsborough South project.
"We are very pleased with the continued positive results from our operations on Gainsborough South and very excited about the recent announcement to acquire the remaining interest in the Gainsborough project," stated Juraj Adamec, President and Chief Executive Officer of Verona. "We look forward to increase production with additional drilling once the transaction has closed."
On Behalf of the Board of Directors
VERONA DEVOPMENT CORP.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts: Verona Development Corp. Investor Relations (604) 688-2008 or 1-866-282-8398 (604) 683-6557 (FAX) Website: www.veronacorp.com
SOURCE: Verona Development Corp.