Petro One and Goldstrike Announce Drill Results from SR-1
February 24 2014 - 7:45AM
Marketwired
Petro One and Goldstrike Announce Drill Results from SR-1
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 24, 2014) -
Petro One Energy Corp.
(TSX-VENTURE:POP)(PINKSHEETS:CUDBF)(FRANKFURT:C6K1) and Goldstrike
Resources Ltd. (TSX-VENTURE:GSR)(PINKSHEETS:APRAF)(FRANKFURT:KCG1)
have completed drilling the first well of their joint venture
announced on November 26, 2013 - the SR-1 vertical wildcat well at
South Reston, Manitoba (5-17-6-26W1). Drilling encountered a large
Waulsortian mound with a strong oil show in a 20 metre interval at
the top of the Mississippian Lodgepole formation, which was the
targeted formation. Cuttings from 790 to 810 metres drill depth had
medium brown oil stain, vivid fluorescence and fluorescent cut, and
emitted a strong petroliferous odor during sample wash. Parameters
calculated by an independent petrophysicist for what he has
indicated to be a newly discovered reservoir are 17 metres of
indicated net pay, 10.34 per cent porosity, 50.89 per cent water
saturation, and 0.63 mD permeability.
Due to the low permeability of the zone, Petro One's consulting
geologists, engineers and petrophysicist have suggested that
horizontal drilling will be necessary to recover oil from the zone
encountered in the hole. The SR-1 well has been cased and left
standing, and the companies are assessing their options.
ON BEHALF OF THE BOARD |
ON BEHALF OF THE BOARD |
PETRO ONE ENERGY CORP. |
GOLDSTRIKE RESOURCES LTD. |
"Peter Bryant" |
"Terrence E. King" |
President & Director |
President & Director |
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.
Investor RelationsKing James Capital CorporationJeff Stuart(604)
805 0375jstuart@kingjamescapital.comPetro One Energy
Corp.Telephone: 604 566 9089IR: 604 805
0375PetroOneEnergy.comTwitter.com/PetroOneEnergyGoldstrike
Resources Ltd.Telephone: 604 681 1820IR: 604 805
0375GoldStrikeResources.comTwitter.com/GoldstrikeRes
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