infinity888
10 years ago
NEWS RELEASE! --- VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 7, 2015) - Petro One Energy Corp. (TSX VENTURE:POP)(FRANKFURT:C6K1) has confirmed oil production from its horizontal Viking earning well 6- 22- 30- 27W3 at Milton, Saskatchewan based on an initial 54-day production test.
The well was brought on production on January 15, and recovered some 3,500 barrels of frac fluid before being shut in for breakup on March 14. The well resumed production on April 15 and thereafter produced oil at an average rate of 10 bopd until April 28, when management determined to shut it in. The water cut showed some improvement in April, but did not improve sufficiently to offset water disposal costs at current oil prices. The well will be reevaluated to be brought back on production at such time as oil prices significantly improve and Petro One can reduce operating expenses - primarily trucking and water disposal costs - to the extent required to make the well economic. The Company has prepared an application to convert its existing 15-15 well at Milton into a water disposal well to further improve the economics of the entire Milton field as oil prices improve. The company will also continue evaluate the possibility of tying in gas from the Milton field to further enhance its economics.
Petro One's 10-15 well at Milton continues to be a dependable source of revenue for the Company. It has cumulative production of over 15,800 barrels of oil to date, and is anticipated to provide the Company with a steady revenue stream for years to come. The 10-15 well produced 625 barrels of oil in February at an average rate of 22.9 bopd, before being shut in March 10 for breakup, and was brought back into continuous production on April 22. The production history from this well in the newly discovered Milton field demonstrates that it should be a long-lived producer with a very slow decline.
The Company also continues to receive royalty revenue from its farm-out well at Bromhead, which has produced more than 21,700 barrels of oil during 2.3 years of continuous production to date.
The Company has $1.4M in cash and is debt free, and will continue to explore creative ways to unlock value in its assets. Even in these difficult markets the Company continues to receive expressions of interest for its assets.
Petro One is also one of the largest shareholders of Goldstrike Resources Ltd. (GSR.V), which recently announced a drill program to follow up on its high grade discovery holes on the Plateau Gold property in the Yukon (Goldstrike Resources News Release May 4 2015). With 6 million free trading shares and 7 million warrants in good standing, Petro One is well positioned to benefit from Goldstrike's ongoing exploration success, which could provide the Company a source of non-dilutive capital going forward.
NATIONAL INSTRUMENT 51-101 DISCLOSURE
Oil production during a period is generally expressed in terms of "barrels per day" or "bopd", which indicates the total oil produced during a period divided by the number of hours that the well was in production during that period. "Barrels per day" or "bopd" is indicative of flow rate while a well is in production and does not mean that such well was in constant production during such period.
ON BEHALF OF THE BOARD
Peter Bryant, President & Director
For further information, please visit the company's website at PetroOneEnergy.com or follow the Company's tweets at Twitter.com/PetroOneEnergy.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
King James Capital Corporation
Jeff Stuart
Investor Relations
(604) 805 0375
jstuart@kingjamescapital.com
Source: Petro One Energy Corp.
infinity888
10 years ago
GSR.v has another NEWS release.
Goldstrike Completes $1,000,000 Private Placement
2 hours ago - Marketwire - Canada
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 17, 2015) - Goldstrike Resources Ltd. (TSX VENTURE:GSR) is pleased to announce that it has completed its $1,000,000 non-brokered private placement announced on January 9, 2015. The net proceeds from the financing will be used to fund the Company's planned 2015 exploration program on its Yukon mineral properties, including a follow-up diamond drilling program at its flagship Plateau project, and for general working capital.
On closing, the Company issued 14,920,000 non-flow-through units (each a "NFT Unit") and 5,080,000 flow-through units (each a "FT Unit"), all at the price of C$0.05 per unit. Each NFT Unit is comprised of one common share and one share purchase warrant exercisable to purchase one additional share for C$0.06 for 60 months after the closing date. Each FT Unit is comprised of one common share which is a "flow-through" share for the purposes of the Income Tax Act (Canada) and one-half of a share purchase warrant, with each full warrant exercisable to purchase one additional share for C$0.10 for 24 months after the closing date. Shares issuable on any exercise of warrants comprised in the FT Units and NFT Units are not "flow-through" shares.
Commissions are payable to Aberdeen Gould Capital Markets Ltd., Sprott Private Wealth LP, Canaccord Genuity Corp. and Mr. Gerhard Merkel (each a "Finder") in connection with the financing as follows:
----------------------------------------------------------------------------
Finder Units Subscribed Cash Compensation Warrants
------------------------ ------------------------
NFT Units FT Units Commission (1) (2)
----------------------------------------------------------------------------
Aberdeen 3,200,000 3,680,000 $24,080 224,000 257,600
----------------------------------------------------------------------------
Sprott 5,000,000 Nil $17,500 350,000 Nil
----------------------------------------------------------------------------
Canaccord Nil 700,000 $2,450 Nil 49,000
----------------------------------------------------------------------------
Merkel 2,000,000 Nil Nil 140,000 Nil
----------------------------------------------------------------------------
(1) Warrants issued as compensation in connection with distributions of NFT
Units are each exercisable to purchase one share for $0.06 for 24 months
after Closing.
(2) Warrants issued as compensation in connection with distributions of FT
Units are each exercisable to purchase one share for $0.10 for 24 months
after Closing.
All shares issued pursuant to the offering are subject to a four-month hold period expiring at midnight on June 13, 2015. Any shares issued pursuant to the exercise of warrants comprised in the FT Units and NFT Units, and any shares issued pursuant to the exercise compensation warrants will, if issued prior to June 14, 2015, also be subject to a four-month hold period expiring at midnight on June 13, 2015. The Company notes, in addition, that any shares issued pursuant to the exercise of incentive stock options referred to in the Company's January 13, 2015 news release will, if issued prior to May 14, 2015 be subject to a four-month hold period expiring at midnight on May 13, 2015. The January 13, 2015 news release inadvertently stated that such shares would not be subject to a hold period.
Goldstrike is a mineral exploration company with several discrete exploration projects in Yukon, Canada.
ON BEHALF OF THE BOARD
Terrence E. King, President & CEO
For new sections and maps on the Company's properties, including its flagship Plateau project, please visit Goldstrike's website at GoldstrikeResources.com. For further information follow the Company's tweets at Twitter.com/GoldstrikeRes
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.
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 reader is cautioned not to place undue reliance on forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
King James Capital Corporation
Jeff Stuart
Investor Relations for Goldstrike Resources Ltd.
(604) 210-2150
jstuart@kingjamescapital.com
Source: Goldstrike Resources Ltd.
infinity888
10 years ago
GSR.v NEWS!
Goldstrike $1,000,000 Private Placement Fully Subscribed
2 hours ago - Marketwire - Canada
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 11, 2015) - Goldstrike Resources Ltd. (TSX VENTURE:GSR)(PINKSHEETS:APRAF)(FRANKFURT:KCG1) is pleased to report that its $1,000,000 private placement announced on January 9, 2015 has been significantly oversubscribed, with strong institutional / Pro Group support, and that the Company's filing in respect of the financing has been conditionally accepted by the TSX Venture Exchange.
Management considers the interest in this financing in a challenging market to be a strong testament to the merits of the Company's flagship Plateau project, a newly discovered, district-scale gold system in Yukon, which contains multiple gold discoveries within an area measuring more than 25 kilometres in length.
This original discovery, known as the "Yellow Giant Trend", was made by Goldstrike in less than 11 weeks of cumulative field exploration. There is no record of any previous exploration on the property. Gold mineralization at Plateau is widespread in hydrothermal breccias, veins and stockworks, and disseminated in very strongly silicified and altered bedrock. To date, Goldstrike has identified three principal zones of mineralization - the Goldstack Zone, the VG Zone (Gold Dome) and the Goldbank Zone. The potential for similar, additional discoveries in as yet untested areas of the trend is considered by the Company's geological team to be high.
The discovery hole drilled in the Goldstack Zone intersected near-surface gold mineralization grading 4.05 grams per tonne (gpt) gold over 28 metres, including 10.91 gpt gold over 10 metres. The Goldstack Zone remains open along strike and to depth.
The discovery hole drilled in the VG Zone (Gold Dome), near the east end of the Yellow Giant Trend, intersected near-surface gold mineralization grading 7.6 gpt over 9.03 metres, including 14.58 gpt gold over 4.0 metres. The VG Zone remains open along strike and to depth. A high resolution, three dimensional induced polarization (IP) survey conducted in 2014 confirmed multiple strong targets underlying Gold Dome that remain to be drilled. These IP targets have a similar signature to the high grade gold intersection in the VG Zone discovery hole.
The 11 kilometre long Goldbank Zone is located between the VG (Gold Dome) and Goldstack Zones, all of which are within the 25 kilometre Yellow Giant Trend. Goldbank contains multiple areas of high grade gold mineralization on surface, with rock grab samples from bedrock having returned up to 308.49 gpt (9.0 ounces per tonne), that remain to be drilled.
On completion of the private placement financing, Goldstrike will be well funded to continue exploring this new district-scale gold system. The 2015 program includes plans to follow up on the Goldstack Zone discovery hole with additional drilling to trace the extent of high grade mineralization to depth and along strike. The 2015 program is also planned to include drilling to follow up on the VG Zone discovery hole and to test the IP targets underlying Gold Dome generated from the 2014 survey. Finally, Goldstrike is planning to carry out an IP survey and subsequent drilling at the Goldbank Zone, where high-grade grab samples were identified in 2014.
Based on the widespread distribution of high grade gold within such a broad area, and the highly-encouraging results from preliminary drilling, Goldstrike directors Dr. Lawrence Dick, Ph.D., P.Geo., and Trevor Bremner, P.Geo., consider the project to represent a significant discovery with exciting upside potential.
The proposed private placement remains subject to final acceptance by the Exchange. The Company proposes to pay finder's fees in cash and warrants in respect of a portion of the financing in accordance with the policies of the Exchange. All shares issued pursuant to the offering, and any shares issued pursuant to the exercise of warrants or finders' warrants will be subject to a four-month hold period from the closing date.
Trevor J. Bremner, P. Geo., Chief Geologist and Goldstrike Board Member, is a qualified person, as defined by National Instrument 43-101, for Goldstrike's Yukon exploration projects and supervised the preparation of, and has reviewed and approved, the technical information in this release.
ON BEHALF OF THE BOARD
Terrence E. King, President and Chief Executive Officer
For sections and maps on the Plateau property, please visit Goldstrike's website at www.GoldstrikeResources.com. For further information follow the Company's tweets at www.twitter.com/GoldstrikeRes.
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.
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 reader is cautioned not to place undue reliance on forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT: King James Capital Corporation Jeff Stuart Investor Relations (604) 210-2150 jstuart@kingjamescapital.com Source: Goldstrike Resources Ltd. Goldstrike $1,000,000 Private Placement Fully Subscribed
2 hours ago - Marketwire
Goldstrike Sets Options
13 Jan 2015 - Marketwire - Canada
Read more at http://www.stockhouse.com/companies/bullboard/v.pop/petro-one-energy-corp#hitlElKktWsfiwjz.99
infinity888
10 years ago
POP NEWS:
Petro One's First Horizontal Well on Production
04 Feb 2015 - Marketwire - Canada
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 4, 2015) - Petro One Energy Corp. (TSX VENTURE:POP)(FRANKFURT:C6K1) is pleased to report that Well 6-22, its first horizontal well drilled in the upper Viking, was completed as planned and has been on production since mid-January. The well, which is located in the Milton oil field in western Saskatchewan, is currently producing emulsion and recovering frac fluid from the 3,500 barrels of frac fluid used for completion in early January. The company will report the average production volumes once the majority of the frac fluid has been recovered and the emulsion ratios normalize. The precise oil cut from the emulsion will be known once Petro One receives its first monthly statement from the processor.
The horizontal drilling at 6-22 confirmed excellent reservoir characteristics and continuity of a thick Viking sand underlying Section 22. The Milton Viking reservoir has a strong gas drive that accounts for the excellent production volume demonstrated by this new horizontal well. Core from the nearest Petro One vertical well, located 825 metres to the south-southeast, had an average porosity of 21.7%, an average permeability of 16.89 mD over 10 metres and a maximum permeability of 54.6 mD over the whole Viking interval. Sample cuttings from the lateral leg of the new horizontal well are described as being very similar to the Upper Viking sand in the core from that vertical well.
Petro One's 10A-15- 30-27 vertical oil well, located 1,360 metres south-southeast of the new 6-22 horizontal well, has shown a substantial improvement since early fall, when it was producing 15 bopd. Production increased to an average of 28 bopd during September and October, and averaged 19 bopd over the four month period September 1 - December 31, 2014. Since October 1, 2014, the well has produced entirely oil emulsion. This well has produced more than 14,000 barrels of oil over 3.5 years of production and is anticipated to provide the Company with a steady revenue stream for years to come. The production history from this well in the newly discovered Milton field demonstrates it should be a long-lived producer with a very slow decline.
McDaniel and Associates have assigned Petro One a prospective resource of 1.8 million barrels of recoverable oil on the Milton property, as well as 124,800 barrels of proved plus probable reserves (Petro One News Releases May 8 and May 13, 2014). The next reserve update will take the results of the new horizontal well into account.
"This horizontal well has confirmed and expanded the known extent of the Viking oil reservoir on Petro One's Milton property," said Petro One Chief Geologist Trevor Bremner. "The technical team has described oil saturated core from two vertical wells on section 10 as excellent quality Viking sand and strongly recommended focusing on horizontal drilling in the Upper Viking as the best way to exploit that reservoir. Mapping based on core and sample descriptions, wireline logs and seismic indicates that all of Petro One's Milton land is underlain by the same thick high quality Viking reservoir sand. We have up to 48 remaining horizontal drill locations on Petro One's Milton property, and two new horizontal wells are in the licensing process. The results to date indicate the property should provide a solid low risk base to quickly grow the Company through production as the oil market improves."
The Viking in West Central Saskatchewan produces 35 degrees - 39 degrees API light sweet oil, and Saskatchewan offers an extremely attractive royalty system whereby Viking horizontal wells qualify for a 2.5% royalty rate on crown lands on the first 37,700 barrels of cumulative oil production, significantly enhancing the economics for horizontal drilling.
South Reston J4 SR-1 test
Testing of the joint Petro One - Goldstrike vertical wildcat Well SR-1 at Pipestone, Manitoba produced a small amount of an oily substance with a petroleum odor, but the amount was insufficient to provide conclusive results. Based on the inconclusive results, risk, and current oil markets, the company plans to focus its future efforts on low risk development drilling in its Milton oil field.
KMDC Update
KMDC Resources Ltd. and Korea Myanmar Development Company Ltd. (together "KMDC") remain in default of their obligations to the Company, and the final funding deadline of January 30, 2015 has passed without any further payment and without any further communication from KMDC. The Company has legal claims for those defaults against KMDC and its principals, Lee Young Soo and Seok Hee-guen, and has the ability to pursue those claims in due course. In the near term the Company will remain focused on its business at Milton. The Company has over $2 million in cash, including the $650,000 forfeited by KMDC, and no debt. Based on the results of the new horizontal Well 6-22, the Company looks forward to receiving a new reserve estimate in due course.
NATIONAL INSTRUMENT 51-101 DISCLOSURE
BOE means barrels of oil equivalent. It may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip, and does not represent a value equivalency at the wellhead.
Oil production during a period is generally expressed in terms of "barrels per day" or "bopd", which indicates the total oil produced during a period divided by the number of hours that the well was in production during that period. "Barrels per day" is indicative of flow rate while a well is in production and does not mean that such well was in constant production during such period.
Prospective resources
The resources described in the McDaniel and Associates report and in this document are "undiscovered resources" as defined in the Canadian Oil and Gas Evaluation Handbook. Undiscovered resources are defined as those quantities of oil and gas estimates on a given date to be contained in accumulations yet to be discovered. The estimates of the potentially recoverable portions of undiscovered resources are classified as prospective resources.
Prospective resources are defined as those quantities of oil and gas estimated on a given date to be potentially recoverable from undiscovered accumulations. They are technically viable and economic to recover. Pursuant to s. 5.9(d)(v) of NI 51-101, the Company cautions that that 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. Prospective resources are defined as those quantities of oil and gas estimated on a given date to be potentially recoverable from undiscovered accumulations.
Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.
Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved + probable reserves.
Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves.
ON BEHALF OF THE BOARD
Peter Bryant, President & Director
For further information, please visit the company's website at www.PetroOneEnergy.com or follow the Company's tweets at www.twitter.com/PetroOneEnergy.
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.
Forward-Looking Statements
Certain statements contained herein constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation, including, but not limited to management's assessment of future plans and operations, including: drilling plans and potential locations; expected production levels; development plans; reserves growth; production and operating sales and expenses; reservoir characteristics; the results of applying certain operational development techniques; certain economic factors; and capital expenditures.
Forward looking statements are typically identified by words such as "anticipate", "estimate", "expect", "forecast", "may", "will", "project" and similar words suggesting future events or performance or may be identified by reference to a future date. In addition, statements relating to oil and gas reserves and resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves or resources described, as the case may be, exist in the quantities predicted or estimated and can be profitably produced in the future. With respect to forward looking statements herein, the Company has made assumptions regarding, among other things; future capital expenditure levels; future oil and natural gas prices; ability to obtain equipment and services in a timely manner to carry out development activities; ability to market oil and natural gas successfully to current and new customers; the ability to obtain financing on acceptable terms; and the ability to add production and reserves through development and exploitation activities. Although the Company believes that the expectations reflected in the forward-looking statements contained herein, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included herein, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous risks and uncertainties that contribute to the possibility that the forward-looking statements will not occur, which may cause the Company's actual performance and financial results in future periods to differ materially from any estimates or projections. The forward-looking statements contained herein are made as of the date hereof. The Company does not undertake any obligation to, nor does it intend to, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained herein are expressly qualified by this cautionary statement. In addition, readers are cautioned that historical results are not necessarily indicative of future performance.
FOR FURTHER INFORMATION PLEASE CONTACT:
King James Capital Corporation
Jeff Stuart
Investor Relations
(604) 805 0375
jstuart@kingjamescapital.com
Source: Petro One Energy Corp.
Petro One Retains Star Finance GmbH for European Communications
23 Jan 2015 - Marketwire - Canada
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