Petrolympic Announces Appraisal Well Completion Update
13 Julio 2011 - 7:30AM
Marketwired
Petrolympic Ltd. (TSX VENTURE: PCQ) ("Petrolympic" or the
"Company") is pleased to provide an update on the drilling of its
appraisal well 80-2v on the Chittam Ranch property. The company has
completed logging and taking Side Wall cores from the 80-2V. These
cores have been sent to the lab and the initial analysis has
revealed oil showings in the core from at least three oil bearing
horizons including the Georgetown. Casing has been set and cemented
to Target Depth. Given the results to date, the Company has decided
to complete in the Georgetown and has already perforated two zones
with plans to perforate additional zones. Petrolympic is currently
awaiting arrival of the Stimulation crew, scheduled to be on site
before the end of July. Petrolympic expects to announce production
rates following completion of the well.
"We are very encouraged by the core that has been sent to the
lab for analysis and we are eager to begin completion of the well,"
said CEO Mendel Ekstein. "The delay in the obtaining the
Stimulation crew is indicative of the rapid growth of drilling
activity in area. We continue to be very pleased with our decision
to diversify our resource base and expand into the United States.
Our goal now is to quickly move into the production phase of this
project."
During drilling of the well, Petrolympic penetrated 7 oil and
gas bearing horizons with the initial target horizon for production
being the Georgetown. The Chitham Ranch well is being drilled by
Petrolympic as part of an earn in agreement with Texas HBP and
Shell Western E&P, pursuant to which Petrolympic has the right
to earn a 50% working interest (yielding a 37.5% net revenue
interest) in the Chittim Ranch property. (For further details,
please refer to the Company's press release of May 11, 2011,
available at www.petrolympic.com)
Gerrard Keiffer, M.Sc., P.Geol., a qualified reserves
auditor/evaluator as that term is defined in National Instrument
51-101, has reviewed the technical information in this press
release.
About Petrolympic Ltd.
Petrolympic Ltd. (PCQ.V) is a Canadian junior oil and gas
company actively exploring for premium light crude oil and natural
gas in North America. The Company is presently focused on its
near-term oil production 8,000+ acre asset in the prolific Maverick
Basin of Texas, USA. The company also holds an interest in a total
754,216 hectares (1,863,668 acres) of oil and gas exploration
permits in the Appalachian Basin of Quebec that include holdings in
the St. Lawrence Lowlands and Gaspe Peninsula. The Company's
holdings in the St. Lawrence Lowlands are a 30% interest in 217,370
hectares (536,941 acres) through a joint venture with Resources
& Energie Squatex Inc.; a 12% interest in 8,000 hectares
(19,768 acres) through a Farmout Agreement with Canbriam Energy
Inc., as well as a 100% interest in 56,622 hectares (139,913 acres)
located over the Lowlands shallow carbonates platform on the south
shore of the St. Lawrence River, less than 30 kilometres southwest
of Montreal. These properties represent a major position in the
Utica-Lorraine and Trenton-Black River Plays. Petrolympic also
maintains holdings in the Gaspe and Bas-St. Lawrence regions,
including a 30% interest in 431,339 hectares (1,065,839 acres)
through a joint venture with Squatex and a 100% interest in a block
of exploration permits totalling 40,885 hectares (101,029 acres)
located between Rimouski and Matane prospective for hydrothermal
dolomite hosted light oil.
Forward-Looking Statements
This press release includes certain "forward-looking
information" within the meaning of the Securities Act (Ontario),
including, but not limited to, statements as to timing and extent
of exploration programs and the availability of exploration
results. As such, forward-looking information addresses future
events and conditions and so involves inherent risks and
uncertainties, as disclosed under the heading "Risk Factors" and
elsewhere in Petrolympic documents filed from time to time with the
Ontario Securities Commission and other regulatory authorities.
Actual results could differ significantly from those currently
projected as a result of, among those factors, adverse weather,
regulatory changes, delays in receiving permits, accidents and
delays in completing exploration activities not all of which are in
the control of Petrolympic. The forward-looking information
contained herein is Petrolympic's reasonable estimate today of
future events and conditions, but no assurance can be given that
such events or conditions will occur. The reader is cautioned not
to rely on these forward-looking statements. Petrolympic disclaims
any obligation to update these forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility of the adequacy or accuracy of this news
release.
Contacts: Petrolympic Ltd. Mendel Ekstein President and CEO
(845) 656-0184 exis@petrolympic.com www.petrolympic.com For
Investor Relations Inquiries please contact: Cutler McCarthy
Miranda McCarthy Investor Relations Consultant (647) 722-5342
miranda@cutlermccarthy.com
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