Petrolympic's Maverick Basin Appraisal Well Responds Well to Completion
23 Agosto 2011 - 5:30AM
Marketwired
Petrolympic Ltd. (TSX VENTURE: PCQ) ("Petrolympic" or the
"Company") is pleased to announce the completion of the Acid
Stimulation on the 80-2V well located on the Chittam Ranch property
in the Texas Maverick Basin. The operator, "Big Shell Oil &
Gas, Inc.", stimulated the lowest level reservoir and will appraise
the reservoir characteristics of multiple stacked oil bearing
horizons starting with the bottom and working its way up. The
target reservoir is now on test and Petrolympic expects to announce
production rates in the near term.
"Well 80-2V responded extremely well to our stimulation
techniques which included the use of new acids that were
specifically designed to maximize production," commented Robert
Kinsey, Petrolympic's Chief Engineer. "We are currently testing and
expect to have production numbers out in the near future. I am very
pleased with our progress to date and we hope to discover
additional untapped potential as we work our way up through the
multiple hydrocarbon bearing horizons."
"This was a low cost vertical well which we were able to
complete in a relatively short period," said CEO Mendel Ekstein.
"The geology which underlies well 80-2V is prevalent throughout the
property and if the oil production rate warrants expansion our goal
is to drill multiple wells at 40 acre spacing on the 8,000 acre
Chittam Ranch Property which would provide for significant
production."
During drilling of the well, Petrolympic penetrated 7 oil and
gas bearing horizons. The Chittam 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 Chittam 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
Petrolympic (TSXV:PCQ)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Petrolympic (TSXV:PCQ)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024