200+ Million Recoverable Barrels Of Oil Confirmed On First Project Elkton Erosional Edge - "Octagon
200+ Million Recoverable Barrels Of Oil Confirmed On First Project Elkton Erosional Edge - "Octagon 88's Total Ownership Is Over 400 Million Recoverable Barrels Of Oil" - SISM
NEW YORK--(BUSINESS WIRE)-- Ernest C. Schlotter, a senior analyst with Zurich, Switzerland-based SISM Research and a four star analyst according to Reuter's StarMine, summarizes and concludes using recent 3rd party engineering reports to further detail Octagon 88 Resources' (OCTX) ownership of 400+ million recoverable barrels.
Octagon 88 Resources, Inc. (OCTX) located in Switzerland with its operating partner CEC North Star based in Calgary, Canada owns significant oil assets in the Manning Area, in Peace River, Alberta, Canada. Since 2012 Octagon acquired approximately thirty-three percent of privately held CEC North Star Energy Ltd in several share purchase agreements. CEC North Star Energy Ltd. owns an extensive and contiguous land base of 73 sections (46,720 acres) of long-life oilsands leases in the Manning Area of Peace River, in north western Alberta Canada...
During March 2013 CEC North Star started exploration work in the Manning Area and drilled two wells targeting heavy oil in the Elkton Member (CEC North Star Deadwood 11-4-92-23W5) and the Bluesky Formation (CEC North Star Deadwood 8-12-91-22W5). Both wells resulted in good to excellent reservoir quality (i.e., porosity and permeability) with very good oil quality in the Elkton and higher oil viscosity in the Bluesky formation based on laboratory analysis.
It has been projected internally and through third party specialists that CEC North Star projects contain more than 3+ billion barrels of Petroleum Initially in Place (PIIP). However, we believe that approx. 40% from 3 billion OOIP can be finally recovered. This enables CEC North Star to pump 1,250 billion barrels of oil to the surface over a period of 35 years.
Octagon's ownership is over 400 million recoverable barrels of oil with a transaction value of more than $ 1.4 billion or more than $54 per share.
-SISM - August 30, 2013
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SISM Research is a private investment research firm, based in Zurich, Switzerland, offering independent, fundamental research on public companies since 1995. SISM Research publishes research on micro- to small-cap companies trading on the OTC, NASDAQ, AMEX and TSX stock exchanges. SISM research coverage platforms are geared toward institutional and individual investors in both North America and in Europe. SISM Research, as a member-provider of the FIRST Research Consortium http://www.investrend.com/FIRST , takes steps to ensure the independence and integrity of SISM's published research that exceed those of the CFA Institute Code of Ethics and Standards of Professional Conduct and the CFA-NIRI Guidelines, by following the exacting "Standards for Independent Research Providers", which are also in accordance with guidance set forth by U.S. Securities and Exchange Commission's Advisory Committee on Smaller Public Companies.
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This press release contains forward-looking statements concerning future events and the Company's growth and business strategy. Words such as "expects," "will," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations on such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Forward looking statements in this press release include statements about our drilling development program. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the timing and results of the 2013 drilling and development plan. Additional factors include increased expenses or unanticipated difficulties in drilling wells, actual production being less than our development tests, changes in the Company's business; competitive factors in the market(s) in which the Company operates; risks associated with oil and gas operations in the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission including the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2013. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
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 proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as "probable," "possible," "recoverable" or "potential" reserves among others, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the disclosure in our filings with the SEC.
SISM Research & Investment Services ("SISM") is a research and analysis firm that produces company and industry research reports. This report is based on SISM's independent analysis and judgment, but relies on materials supplied by the subject companies and other sources believed to be reliable. Except as otherwise indicated, SISM has made no independent verification and does not guarantee the information's accuracy or completeness. The information in this report is subject to change without notice, and SISM assumes no responsibility to update the information contained in this report. This report should not be used as a complete analysis of the companies, industries or securities described in this report. The information contained in this report is not intended to be, and shall not constitute, an offer to buy any security. The securities of the subject companies may involve a high degree of risk and may not be suitable for all investors. Investors are advised to consult their personal broker or investment advisor before making any investment decision concerning the subject companies. This report contains forward-looking statements made pursuant to the safe harbor provision of the Private Securities Act of 1995. This information may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. No promise of favorable point of view or opinion has been made by SISM to Octagon 88 Resource Inc. or to any of SISM's subject companies. Further, it is SISM's policy that neither the firm nor its principals, nor the firm's assigned and/or other writing analyst(s) own or trade shares of any subject companies or subject companies' "competitors". To assist the reader they should develop their own information they should go to the company website at:
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