Groundstar Resources Limited Enters Viking Light Oil Property
20 Noviembre 2013 - 1:25PM
Access Wire
CALGARY, November 20, 2013,
Groundstar Resources Limited. ("Groundstar", "the "Company", "we",
"us", or "our") (TSXV: GSA US: GRDSF symbol) is pleased to
announce that it has executed a property agreement to enter a
Viking light oil development in Alberta with a Canadian Exploration
and Production company. This low risk, development
drilling opportunity is bounded by an Enhanced Oil Recovery ("EOR")
scheme and produces 40 API gravity oil. An independent
evaluation report of the oil reserves prepared by Chapman Petroleum
Engineering Ltd, effective January 1, 2013, attributes gross
reserves to a 100% working interest as 29,000 barrels
of proved developed producing reserves, an additional 33,000
barrels of undeveloped proved reserves and 313,000 barrels of
probable reserves. The report also attributes a present value of
future cash flow discounted at 10% and before taxes at $1.16
million for proved developed producing reserves and $10.66 million
for proved plus probable reserves. The extracts from the reserve
report for the company's net working interest attributed to the oil
assets are set forth below:
-------------------------------------------------------------------
|Summary of Independent Oil Reserves |Reserves |
|-----------------------------------------------------------------|
|(January 1, 2013) Forecast Prices and Costs|Light and Medium Oil |
|-----------------------------------------------------------------|
| |Gross MSTB|Net MSTB|
|-------------------------------------------| | |
|Reserve Category | | |
|-----------------------------------------------------------------|
| | | |
|-----------------------------------------------------------------|
|PROVED | | |
|-----------------------------------------------------------------|
|Developed Producing |7.3 |5.5 |
|-----------------------------------------------------------------|
|Developed Non-Producing |0 |0 |
|-----------------------------------------------------------------|
|Undeveloped |8.2 |6.2 |
|-----------------------------------------------------------------|
|TOTAL PROVED |15.5 |11.7 |
|-----------------------------------------------------------------|
| | | |
|-----------------------------------------------------------------|
|PROBABLE |78.3 |55.5 |
|-----------------------------------------------------------------|
| | | |
|-----------------------------------------------------------------|
|TOTAL PROVED PLUS PROBABLE |93.8 |67.2 |
-------------------------------------------------------------------
-
(1)Chapman
Petroleum Engineering Ltd. ("Chapman") independent NI -51-101
assessment, January 1, 2013.
-
(2)Columns may
not add precisely due to accumulative rounding of values throughout
report
As a result of proximity to
the EOR scheme, recently drilled wells indicate the lands are
receiving benefit from the scheme in terms of both production rates
and incremental reserve recovery. Offsetting vertical wells, which
were produced to depletion under primary production, are displaying
enhanced productivity 200-400 percent greater than original primary
production rates with similar incremental reserve recoveries to
date. Full development of the lands will include multiple
horizontal wells and implementation of a complimentary EOR scheme.
The first vertical well within the participation agreement area
produced at rates in excess of 100 barrels of oil per day and has
now produced 3800 barrels to
date(3). The agreement
described above allows participation increase and is
subject to various conditions and certain regulatory
approvals.
(3) IHS ACCUMAP. This is
taken from an independent source. The Company cannot verify that an
independent reserves evaluator prepared the information referenced
above.
---------------------------------------------------------
|Summary of Net Present Values | | |
|(Before Income Taxes) | | |
|-------------------------------------------------------|
|January 1, 2013| | | | |
|-------------------------------------------------------|
| |Net Present Value of Future Net Revenue|
|-------------------------------------------------------|
| |Discounted at |
|-------------------------------------------------------|
| |0%/yr |5%/yr |10%/yr |15%/yr |
|-------------------------------------------------------|
|Reserves |M$ |M$ |M$ |M$ |
|Category | | | | |
|-------------------------------------------------------|
|PROVED | | | | |
|-------------------------------------------------------|
|Developed | | | | |
|Producing | | | 277 | 255 |
| | 332 | 302 | | |
|-------------------------------------------------------|
|Developed | | | | |
|Non-Producing | | | - | - |
| | | | | |
| |- |- | | |
|-------------------------------------------------------|
|Undeveloped | | | | |
| | | | 20 | (4) |
| | | | | |
| | 89 | 51 | | |
|-------------------------------------------------------|
|TOTAL PROVED | | | | |
| | | | 297 | 252 |
| | 421 | 352 | | |
|-------------------------------------------------------|
| | | | | |
|-------------------------------------------------------|
|PROBABLE | | | | |
| | | | 2,368 | 1,990 |
| | 3,594 | 2,878 | | |
|-------------------------------------------------------|
| | | | | |
|-------------------------------------------------------|
|TOTAL PROVED | | | | |
|PLUS PROBABLE | | | 2,665 | 2,241 |
| | 4,015 | 3,230 | | |
---------------------------------------------------------
(4) Chapman Petroleum
Engineering Ltd. ("Chapman") independent NI -51-101
assessment, January 1, 2013.
The reserve report was
prepared has been prepared in accordance with the standards
contained in the Canadian Oil and Gas Evaluation Handbook and the
reserve definitions contained in National Instrument 51-101
-Standards of Disclosure for Oil and Gas Activities.
This news release does not
constitute an offer to sell or solicitation of an offer to sell any
of the securities in the United States. The securities have not
been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
About Groundstar Resources
Limited
Incorporated in 1968,
Groundstar Resources Limited is a diversified publicly traded oil
and gas company with exposure to 7.3 million gross acres of
resource assets. The Company is actively growing a portfolio
targeting producing oil and gas assets with development
opportunities and exploration upside. The Company's current
portfolio of resources assets provides both near term and longer
term potential. Groundstar is quoted and trades under the ticker
symbol "GSA" in Canada and "GRDSF" in the United States.
Neither the 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. This press release may
contain forward-looking statements within the meaning of
applicable securities laws including expectations regarding the
company's drilling and exploration plans, estimates of reserves and potential
future production from analogous wells as well as government and
third party approvals relating thereto. Forward-looking statements may include estimates,
plans, anticipations, expectations, opinions, forecasts,
projections, guidance or other similar statements that are not
statements of fact. Although the Company believes that the
expectations reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to be correct.
These statements are subject to certain risks and uncertainties and
may be based on assumptions that could cause actual results to
differ materially from those anticipated or implied in the
forward-looking
statements. These risks include, but are not limited to: the risks
associated with the oil and gas industry (e.g. operational risks in
development, exploration and production; delays or changes in plans
with respect to exploration or development projects or capital
expenditures; the uncertainty of reserve estimates; the uncertainty
of estimates and projections relating to production, costs and
expenses and health, safety and environmental risks), commodity
price and exchange rate fluctuation and uncertainties resulting
from potential delays or changes in plans with respect to
exploration or development projects or capital expenditures. The
Company's forward-looking statements are expressly qualified in
their entirety by this cautionary statement. The
forward-looking
statements contained in this press release are made as of the date
hereof and the Company undertakes no obligations to update publicly
or revise any forward-looking statements or information, whether as
a result of new information, future events or otherwise, unless so
required by applicable securities laws.
Contact Information:
Groundstar Resources Limited, Suite 2300, 144
4th Avenue SW, Calgary, Alberta T2P 3N4
www.groundstarresources.com
Chad Dust Tyron Pfeifer
403.608.6505 or 403.265.2549 403.614.9902
cdust@groundstarresources.com
tpfeifer@groundstarresources.com
Reserve Disclaimer Language
Estimated values contained in
this press release relating to net present value do not represent
fair market value. In addition, estimates of reserves and future
net revenue for individual properties may not reflect the same
confidence level as estimates of reserves and future net revenue
for all properties, due to the effects of aggregation.
NOT FOR DISTRIBUTION TO THE
U.S.A. NEWS WIRE SERVICES OR FOR DISSEMINATION TO THE
U.S.A.
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