Golconda Resources Ltd. announce the successful drilling of its first vertical well of the 10 well program as previously announced on March 22, 2013, on Cold Lake First Nation lands with its joint venture partners, Tri-Rez Ebay Energy Ltd. and a Calgary-based private oil and gas company.

Initial interpretation of this well is that it is analogous to producing wells in the immediate area based on open hole logs. The well was drilled to a total depth of 424 metres and the open hole logs indicate the potential of at least two (2) productive zones with porosities ranging between 30-35%. The well is currently being equipped for production and the Corporation expects to bring the well onto production by the end of April 2013, weather permitting.

The Corporation anticipates that the remaining wells will be drilled after the spring break-up.

Tags: Golconda Resources Ltd.