Petro One Energy Increases NI 51-101 Oil Resources
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Petro One Energy Corp. (TSX VENTURE: POP)(FRANKFURT: C6K) is pleased to report the results of an independent NI 51-101 oil resource estimate confirming the value of its recently acquired J11, J12, and J13 parcels in the Minton, Saskatchewan area (see November 19, 2010 news release). The estimated prospective resource (unrisked) on these additional lands ranges from a high of 471,000 bbl of light oil to a low of 157,000 bbl, with a best estimate of 314,000 bbl. Average risked prospective resources are estimated to be 47,000 bbl. This brings the Company's 100% controlled oil assets to 7.15 sections (1850.64 ha).
In preparation for drilling and development of the Company's oil assets; it has entered into a cost-effective management agreement with Chapman Petroleum Engineering Ltd. to manage permitting, seismic acquisition and interpretation, drilling, completion, development, and production. Chapman Petroleum Engineering Ltd. founded in 1985, is a Canadian consulting firm providing comprehensive petroleum engineering, geological and geophysical and management services covering the full spectrum of the oil and gas industry, domestically and internationally.
"We are delighted with this agreement to secure the ongoing services of Chapman's team of highly experienced professionals", said Petro One President Peter Bryant. "Their key professionals each have from 25 to 40 years of broadly diversified experience in all facets of the oil and gas industry, domestically and internationally, and they are Qualified Reserve Evaluators and Auditors under Nl 51-101 of the Canadian Securities Administrators. The management agreement now in place adds another dimension of expertise and depth of experience to Petro One's management team."
Access and drilling permits are underway for drilling and development of Parcel J5 targeting previously reported NI 51-101 reserves in the shallow Viking formation as well as testing the thick underlying Bakken formation located only 145 meters below. In preparation for further drilling and development of the Company's assets, detailed geological studies and seismic reviews are ongoing. The Company looks forward to reporting results in the near future.
Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be subclassified based on project maturity.
There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.
ON BEHALF OF THE BOARD
All 17 targets remaining to be drilled are based on high-resolution seismic shot by the Company in Spring, 2011 and coincide with structural lows at the Viking level, indicating that all of the drill targets are in the oil zone. In addition, the isochron indicates that the Viking reservoir at several of the six currently licensed locations is at least the same thickness as in the discovery well, which intersected 30 feet (10 meters) of pay. The Viking amplitude at all six locations is as good or better than the amplitude at the discovery well, which contained core permeability measurements up to 3980 mD, and several targets show distinctly lower amplitudes that are interpreted to indicate zones of higher porosity than seen at the discovery well. As a result, all six new locations are believed to have as much potential or stronger potential than the discovery well.
The discovery well is now flowing and in full production on its own pressure, with excellent 48-hour production of 50 to 60 barrels of oil per day without the need for stimulation or pump. Core and logs have shown that the entire 10-meter thick Viking pay zone in the discovery hole is porous and oil bearing, and Petro One has commissioned a new NI 51-101 report to upgrade its proved and probable reserves that will be reported in the immediate future. A fluid sample analyzed by Core Laboratories in Calgary consisted of water-free oil with an API gravity of 30.6 at 15.6 degrees C, which is light oil as classified and confirmed by the Saskatchewan Government. Flow pressure remains stable in the tubing at 1,000 kPa, indicating a reservoir of excellent quality, and downhole pressures confirm that it is part of an extensive regional hydrocarbon system.
"The pressure at our discovery well demonstrates communication with a major oil reservoir system, which is very positive for Petro One," said independent consultant Charles W. Chapman, P. Eng., President of Chapman Petroleum Engineering Ltd.
Nearby Dodsland Oil Processors will process and market oil from the Milton J5 property. The 48-hour IP test confirmed a very low water cut, visually estimated at only 0.7%. As a result of the low water cut and close proximity to a major pipeline, total processing costs for the Milton oil are minimal at approximately $3.36/bbl, making for excellent economics at current oil prices.
With gas production nearby and a gas pipeline crossing the property, Altagas has confirmed there is a tie-in point on Petro One's land and plenty of spare capacity in the line. This provides excellent economics for potential future gas development where the formation is indicated by seismic to be favorable for gas production on our lands.
In addition, Petro One has obtained drilling licenses for three locations on its J1 property, and plans to commence drilling next week. Both 3D seismic and well control have confirmed several strong drill targets that are structurally higher than a nearby prolific conventional oil well producing from the Mississippian Frobisher-Alida limestone at a shallow depth of only 1,100 meters. This unit forms one of Saskatchewan's best reservoirs, characterized by long-lived producers with excellent flow rates from both horizontal and vertical wells. The initial target is located only 200 meters updip from an excellent existing vertical producer that has produced over 183,000 bbl to date, and 100 meters downdip from another well with cumulative production of nearly 60,000 bbl since 2000. Petro One has already been credited with a NI 51-101 unrisked best estimate prospective resource of 500,000 bbl on this property (Petro One News Release October 14, 2010), and the Company is optimistic that the first well has strong potential to both increase and upgrade this resource to reserve status. All successful wells from this program are planned to be completed and brought onto production by summer's end.
"We are very pleased with the excellent production rates achieved by our initial J5 well," said Petro One's President Peter Bryant. "Thanks to the outstanding reservoir characteristics at this location, this production has been achieved with a conventional vertical well and no need for a pumpjack, making for very favorable economics. Production from the J5 oil field transforms the Company into a new emerging producer, and serves as a solid foundation on which to build. We are aggressively moving ahead with development of the pool with a strong focus on growing production and look forward to reporting the results as drilling proceeds.
We are also very optimistic about the potential for sustainable, strong production as seen in the Frobisher-Alida reservoir adjacent to our J1 property, where we are set to drill our first well in the immediate future. We have eleven additional 100%-controlled properties across the Williston Basin that are diversified to multiple plays and reservoir types, including some prospects with multi-zone potential. Once both the summer drill programs have been completed and we have upgraded our production and reserves and have a better understanding of the full value of our holdings in Goldstrike Resources, we plan to lay out an extensive development and drilling program forward through to December 2012. The company continues to move ahead on a variety of fronts to develop new production, expand its landholdings, and assess opportunities that will best lever its assets to optimize rapid growth and build shareholder wealth. I look forward to reporting future developments with great optimism."
ON BEHALF OF THE BOARD
Peter Bryant, President & Director
To view the new J5 property map and photos of the discovery well please visit the company's website at PetroOneEnergy.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Lucky Strike property is flanked by the Kinross Golden Saddle property and claims staked by Shawn Ryan. The Lucky Strike property occurs in the same package of rocks as Kaminak's high profile Coffee Creek gold discovery, and based on the results of the Phase I program it is now showing many of the same initial indicators as Coffee Creek, including similar geology, geophysics, structure, gold geochemical values and alteration. Goldstrike has already mobilized a Phase II program on the Lucky Strike property to include mapping and mechanized trenching in preparation for diamond drilling.
First pass exploration on all of Goldstrike's 24 Yukon gold projects is almost complete, and all significant results will be released as they become available. Based on positive results, a second phase of exploration consisting of mapping and trenching in preparation for drilling is planned to commence on these properties in the immediate future, and this is to be completed by the end of October. Goldstrike has a diamond drill and crew in Dawson that are ready to test all targets generated. Results will be released as they become available.
On the KZ-STRIKE property (contiguous with Rockhaven's Klaza discovery in the Mt. Nansen Gold Camp), reconnaissance soil samples returned anomalous values up to 405.5 ppb and 116.5 ppb Au, further confirming the presence of gold on the property, in addition to the historic 500 ppb Au value 50 previously reported. Further study and compilation is ongoing to lay out a Phase II program for the KZ-STRIKE property.
Goldstrike has completed the first pass exploration programs on most of its 24 Yukon gold properties to date, and expects to report a steady flow of news as significant results become available.
As previously reported, Petro One has a 30% carried interest in the Lucky Strike property, as well as being a large shareholder in Goldstrike Resources.
"We are very encouraged by these preliminary results that confirm the potential of the Lucky Strike property to host one or more significant gold discoveries similar to Coffee Creek", said Petro One's President Peter Bryant. "As a significant shareholder in Goldstrike Resources, Petro One will have exposure to 22 highly prospective properties in addition to the BRC and Lucky Strike properties optioned to Goldstrike by Petro One, for a total of 24 properties that cover all of the most active gold camps in the Yukon at this time, and are expected to add significant shareholder value. We look forward to receiving the exploration results with much anticipation."
The technical data in this news release has been reviewed and approved by Trevor J. Bremner, P. Geo., who is a qualified person as defined in National Instrument 43-101. For more detailed information on these properties, refer to Goldstrike's web site at goldstrikeresources.com.
ON BEHALF OF THE BOARDS
"Reimar Koch" "Peter Bryant"
President President
Goldstrike Resources Ltd. Petro One Energy Corp.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
Goldstrike Resources Ltd.
Jeff Stuart
(604) 566 9089
(604) 681 1864 (FAX)
info@GoldstrikeResources.com
www.goldstrikeresources.com
Petro One Energy Corp.
(604) 566 9089
Toll free: (877) 566 9089
(604) 564 8003 (FAX)
info@PetroOneEnergy.com
www.petrooneenergy.com
http://www.petrooneenergy.com/files/pdf/POP-PowerPoint.pdf
Perf. seit Threadbeginn: -61,88% - Zeit die Netze auszuwerfen oder fallendes Messer ?
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und wenn dann noch Ölfunde dazu kommen wird das Ding explodieren..
einsteigen und anschnallen noch ist Zeit