Condor Petroleum Inc Provides Operations Update
May 03 2012 - 4:15PM
Marketwired
Condor Petroleum Inc. ("Condor" or the "Company") (TSX:CPI) is
pleased to provide an update on its operations at the Zharkamys
West 1 Contract Territory (the "Zharkamys Territory") and the
Marsel Contract Territory (the "Marsel Territory") in
Kazakhstan.
Zharkamys Territory
Shoba Appraisal Program: Shoba-8 (Sh-8), the first of four
appraisal wells in 2012, has reached its planned total depth of 883
meters. Sh-8 penetrated 15 meters of gross oil pay and resulted in
8.7 meters of net pay above the field oil water contact. Production
casing has been set and the well is scheduled to be flow-tested
once regulatory approvals are obtained.
Sh-8's successful results extend the Shoba field north into a
separately mapped fault block. The common oil-water contact between
the fault blocks suggests a continuous oil pool and should increase
the Shoba field's 'proved + probable' reserves, where 'possible'
reserves were previously assigned. Drilling of Shoba-9 (Sh-9), a
second well to the north of the mapped fault, has recently
commenced. Two other Shoba appraisal wells will be drilled after
Sh-9, which are located south of the mapped fault and will be
produced as part of the Trial Production Period ("TPP") commencing
in the third quarter 2012.
Testing Activities: The ninety day production test on the TasW-4
well began in late April 2012. A 21 meter interval was perforated
with initial oil rates exceeding 700 barrels per day. Stabilized
flow rates will be reported once hydrodynamic testing is completed.
A second ninety day test is planned for TasW-4 after the current
production test and targets a separate 11 meter interval.
A service rig is currently moving onto the TasW-3 well to
complete a 5 meter interval, with a ninety day production test
planned to begin in June 2012.
Marsel Territory
Asa-1 Gas Discovery: The first well drilled using the new Marsel
3D seismic data was Asa-1. This well reached a total depth of 2,670
meters in April 2012. The primary Devonian target zone was
encountered at 2,408 meters, consisting of fractured conglomerates
and breccias. Wireline logging, in combination with two successful
open-hole Drill Stem Tests ("DSTs"), confirms a continuous 262
meter gas column has been penetrated, with an estimated 110 meters
of net pay. The DSTs resulted in flow rates ranging between 2.1 and
11.1 MMscf/day. The gas was dry with no formation water indicated
during the flow periods. A gas-water contact was not encountered.
Production casing has been set in anticipation of additional flow
testing.
About Condor Petroleum Inc.
Condor is a Canadian oil and gas company with assets in
Kazakhstan and Canada. Condor holds a 100% interest in the
exploration rights to the 2,610 square km Zharkamys Territory,
located in Kazakhstan's Pre-Caspian basin. Condor also holds a 66%
interest in Marsel Petroleum LLP which has the exploration rights
to the 18,500 square km Marsel Territory, located in Kazakhstan's
Chu- Sarysu basin. The Company operates certain oil and natural gas
properties in Alberta and Saskatchewan and holds non-operated
working interests in a number of other properties in Alberta. The
Company is listed on the TSX under the symbol "CPI".
Forward-Looking Statements
Certain statements and information contained herein constitute
forward-looking statements under applicable securities legislation.
Such statements are generally identifiable by the terminology used,
such as "seek", "anticipate'', "believe'', "intend", "expect",
"plan", "estimate", "continue", "project", "predict", "budget'',
"outlook'', "may", "will", "should", "could", "would" or other
similar wording. All statements other than statements of historical
fact may be forward-looking statements. Forward-looking statements
include, but are not limited to, statements and information with
respect to estimates of reserves and/or resources, acquisition,
processing and interpretation of 3D and 2D seismic, future
production levels, future capital expenditures, Condor's targets,
goals, objectives and plans, including the Company's drilling,
completion, production testing, seismic acquisition and seismic
processing plans, together with the timing associated therewith. By
its very nature, such forward-looking information requires the use
of 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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