Bison Petroleum Corp. (OTCQB:BISN) hereafter "Bison" or "the
Company", is pleased to provide a corporate update, which includes
further details on the Independence Prospect and the appointment of
two seasoned advisors.
Independence Prospect, Bighorn Basin
On August 9, 2013, the Company acquired a 100% Working Interest
(WI) and 80% Net Revenue Interest (NRI) in the 840-acre
Independence Prospect located in the prolific Bighorn Basin,
Wyoming. The prospect's 2 leases offset Marathon Oil's 150 million
barrel (MMBO) Spring Creek Field,1 and are less than 10 miles from
the 475 MMBO Oregon Basin Field. An independent report on the
Independence Prospect's original acreage position (Dr. Stewart A.
Jackson, June 2013), estimates the two leases are believed to have
a potential of original oil in place (OOIP) of 135 MMBO and
estimated ultimate recovery (EUR) of up to 27 MMBO.2 The assets are
located in close proximity to established industry infrastructure,
allowing for rapid transition from discovery to production through
the quick connection to the existing pipeline network, which
contains spare capacity for potential crude production.
In light of the prospect's potential, the Company is currently
developing an exploration plan for these leases that includes 2D
seismic acquisition, a Seep Study, and 3D seismic to define
optimized drilling locations in the targeted Lower Cretaceous Muddy
Formation. The Company became aware of the Muddy's potential by
mapping fields nearby current production and noticing that the
Spring Creek Field showed possible hydrocarbons in the Muddy based
upon well log characteristics. The Independence Prospect is located
along several of the existing structures that cut across the area,
which are cut by numerous faults. The Company expects the Muddy
accumulations to be between 2,000' to 6,000' drilling depths while
well spacing potential is 10 acres per well.
The Company intends to provide further details regarding the
development of these leases in due course, while some technical
data is available on the Company's website, at
http://www.bison-petroleum.com/BisonReport2013.pdf.
Appointment VP of Explorations
On October 2, 2013, the Company appointed Mr. Barry Whelan as
Vice-President of Explorations.
Mr. Whelan has over 30 years experience in global oil and gas
exploration and development geology. He gained a B.A. in Geology
from the University of Western Ontario and a B.S. in Honors Geology
from McMaster University. He is a member of the Association of
Professional Engineers and Geoscientists of the Province of British
Columbia, and a fellow of the Geological Association of Canada.
Within his role he will assist management to economically evaluate
existing and potential properties, research and develop projects
that have economic potential, evaluate projects and their
requirements for capital and assist in the preparation of detailed
property evaluations.
Appointment Senior Geological Advisor
On October 21, 2013, the Company appointed Mr. L. Alex
Scarbrough Jr., as Senior Geological Advisor to the Company.
Mr. Scarbrough received a B.S. in Geology (Cum Laude) and a M.S.
ABT Geology from Memphis State University and has 38 years
experience as a hard minerals geologist. Having worked in
structurally simple and complex sedimentary, igneous, and
metamorphic geologic environments, his experience has been gained
through projects in over 25 of the Lower 48 United States, Alaska,
North and South America. Specifically his responsibilities will
include providing services to the Company including but not limited
to geological consulting, management of field operations,
representation on technical and management committees, and
preparation of qualifying reports.
"We are working to put together a formal development and
exploration plan for the Independence Prospect. The addition of two
extremely experienced geologists to our team will enable us to
develop this plan and allow us to pursue our aggressive growth
strategy as we continue to investigate various domestic investment
opportunities," commented Tony Martinez-Guzman, Bison's Chief
Executive Officer.
About Bison Petroleum Corp.
Bison Petroleum, Corp., (OTCQB:BISN), is a publicly traded Oil
and Gas Exploration and Development Company, based in Salt Lake
City, Utah, dedicated to the exploration and development of
domestic Energy in the Bighorn Basin of Wyoming. More information
can be found on our website, www.Bison-Petroleum.com
Certain statements in this press release are forward-looking and
involve a number of risks and uncertainties. Such forward-looking
statements are within the meaning of that term in Section 27A of
the Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. Bison Petroleum,
Corp. bases these forward-looking statements on current
expectations and projections about future events, based on
information currently available. The forward-looking statements
contained in this press release may also include statements
relating to Bison Petroleum, Corp.'s anticipated financial
performance, business prospects, new developments, strategies and
similar matters. Bison Petroleum disclaims any obligation to update
any of its forward-looking statements, except as may be required by
law.
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission permits oil
and gas companies, in their filings with the SEC, to disclose only
reserves that comply with the definitions presented at Rule 4-10(a)
of Regulation S-X. We use certain terms in this press release that
the SEC's guidelines strictly prohibit us from including in filings
with the SEC. Examples of such disclosures would be statements
regarding "probable," "possible," or "recoverable" reserves among
others. U.S. Investors are urged to consider closely the disclosure
in our Form 10K, File No. 000-54574, available from us at Bison
Petroleum Corp., 2825 East Cottonwood Park, Salt Lake City, UT
84121.
References 1. Billings Gazette, June 12, 2001 (Marathon Oil
estimate). 2. Independence Prospect Report, Dr. Stewart A. Jackson,
Consulting Geologist, June. 2013.
CONTACT: Bison Petroleum, Corp.
2825 East Cottonwood Park
Suite 503
Salt Lake City
UT 84121
Tel: (801) 990 3180
Fax: (801) 990 3181
Web: www.Bison-Petroleum.com
Email: info@Bison-Petroleum.com
INVESTOR RELATIONS:
Email: ir@Bison-Petroleum.com
Toll Free: 1-866-247-6617 or 1-866-BIS-ON P
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