Condor's Taskuduk W4 Well Encounters 19 Meters of Net Oil Pay
October 03 2011 - 10:37AM
Marketwired
Condor Petroleum Inc. ("Condor" or the "Corporation") (TSX:CPI) is
pleased to announce that its Taskuduk West 4 (TasW-4) well has
reached a total depth of 1329 meters. The TasW-4 well is located on
the 2,610 sq. km Zharkamys West 1 contract territory (the
"Zharkamys Territory"), situated in Kazakhstan's Pre-Caspian
basin.
TasW-4 encountered 19 meters of net oil pay within two Triassic
intervals. The lower interval, which contains 13 meters of net oil
pay, has not been encountered in previous Taskuduk wells. This
interval was identified using Condor's 3D seismic attribute and
pre-stack analysis. Based on formation pressure data, the oil
gravity is estimated to be 35 degrees API.
Production casing has been run and cemented at TasW-4 and the
well is scheduled to be flow-tested once regulatory approvals are
obtained. TasW-4 is the eighth well drilled in 2011 and represents
the fifth successful oil well. The next prospect in the drilling
queue is Uitas-6, another shallow Triassic structure.
About Condor Petroleum Inc.
Condor is a junior oil and natural gas corporation engaged in
the exploration for, and the acquisition, development and
production of oil and natural gas resources in Kazakhstan and
Canada. Condor (through its wholly-owned subsidiary, Falcon Oil
& Gas Ltd. LLP) holds a 100% interest in the oil and natural
gas exploration rights to the Zharkamys Territory. For further
information see Condor's (final) prospectus, dated March 31, 2011,
a copy of which is available under Condor's SEDAR profile at
www.sedar.com.
Forward-Looking Statements
Certain statements in this news release constitute
forward-looking statements under applicable securities legislation.
Such statements are generally identifiable by the terminology used,
such as "anticipate'', "believe'', "intend", "expect", "plan",
"estimate", "budget'', "outlook'', "may", "will", "should",
"could", "would" or other similar wording. Forward-looking
information in this news release includes, but is not limited to,
information concerning drilling results, the timing of planned well
testing and drilling operations, the Corporation's receipt of
regulatory approvals and the timing and ability of the Corporation
to mature future drill targets and prospects. By its very nature,
such forward-looking information requires Condor to make
assumptions that may not materialize or that may not be accurate.
Forward-looking information is subject to known and unknown risks
and uncertainties and other factors, which may cause actual
results, levels of activity and achievements to differ materially
from those expressed or implied by such information. Such factors
and assumptions include, but are not limited to: the results of
exploration and development drilling and related activities;
imprecision of reserves and resources estimates, ultimate recovery
of reserves, prices of oil and natural gas; general economic,
market and business conditions; industry capacity; competitive
action by other companies; fluctuations in oil and natural gas
prices; the ability to produce and transport crude oil and natural
gas to markets; the effects of weather and climate conditions;
fluctuation in interest rates and foreign currency exchange rates;
the ability of suppliers to meet commitments; actions by
governmental authorities, including increases in taxes; decisions
or approvals of administrative tribunals; changes in environmental
and other regulations; risks attendant with oil and gas operations,
both domestic and international; international political events;
expected rates of return; and other factors, many of which are
beyond the control of Condor. Capital expenditures may be affected
by cost pressures associated with new capital projects, including
labour and material supply, project management, drilling rig rates
and availability, and seismic costs. These factors are discussed in
greater detail in filings made by Condor with Canadian securities
regulatory authorities.
Readers are cautioned that the foregoing list of important
factors affecting forward-looking information is not exhaustive.
Furthermore, the forward-looking information contained in this news
release is made as of the date of this news release and, except as
required by applicable law, Condor does not undertake any
obligation to update publicly or to revise any of the included
forward-looking information, whether as a result of new
information, future events or otherwise. The forward-looking
information contained in this news release is expressly qualified
by this cautionary statement.
Contacts: Condor Petroleum Inc. Don Streu President & Chief
Executive Officer (403) 201-9694 Condor Petroleum Inc. Sandy Quilty
Vice President, Finance & Chief Financial Officer (403)
201-9694
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