Octagon 88 Resources Provides Investors With A Summary Of The Final Schlumberger Elkton Erosional Ed
Octagon 88 Resources Provides Investors With A Summary Of The Final Schlumberger Elkton Erosional Edge Economic Simulation Report
NEW YORK--(BUSINESS WIRE)-- Octagon 88 Resources Inc., (OCTX) is pleased to release a summary of Schlumberger's dynamic simulation results established from core sample results taken from the Elkton Erosional Edge. Through Schlumberger's validations Octagon 88 has confirmed the project in the Peace River area and the anticipated recovery rates for staged development of the first project.
First Project : Elkton Erosional Edge
- Eight-hundred plus (800+) million barrels PIIP (Third-Party Estimate)
- Primary recovery (cold flow) 8% to 14 %
- Infill drilling followed by subsequent pressure maintenance with an additional 8% recovery rate for a cumulative (200+) million plus recoverable barrels
- Followed later by Enhanced Oil Recovery (EOR) exploitation targeting an additional 10% to 20% recovery using proven EOR technologies
The successful third party validations of the core drilling program with the primary production and infill drilling development possibilities substantially advances the project to the first production wells, targeting initial oil sales to commence in the first quarter of 2014 from the Elkton Erosional Edge Project. A Plan of Development (POD) targeting thirty-thousand plus (30,000+) barrels a day from the Elkton has been received from the Technical Team and an Executive Summary of the POD is being prepared for release in the Company's filings in the near term.
Octagon 88 Resource's management is very pleased with both the operations team of CEC North Star Ltd. and the professional industry advisors they have assembled.
The Executive Summary of the POD will provide the essentials of the project development plans for the Elkton Erosional Edge and will additionally include further information on the Debolt and Blue Sky Gething development plans.
In 2012 / 2013 Octagon 88 Resources, Inc. acquired substantial light and conventional heavy oil assets in Northern Alberta. The acquired projects have been substantially de-risked which leads the company to emerge as a development stage oil and gas company. The company's intention is to grow shareholder value through mergers and acquisitions opportunities available to the company.
The current program schedule entails working with the operator of these properties to bring on production and cash flow through the company's direct working interests, and indirect investments spread throughout the projects.
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 our 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. 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.
Octagon 88 Resources Inc.
Tel:(+41) 79 237 6218
Tel:(+41) 79 256-9534
KEYWORDS: United States North America New York
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