Petrolympic Reaches Target Depth & Confirms Positive Shows in Appraisal Well 80-2v, Maverick Basin, Texas, USA
21 Juin 2011 - 2:30PM
Marketwired
Petrolympic Ltd. (TSX VENTURE: PCQ) ("Petrolympic" or the
"Company")is pleased to report that drilling of its appraisal well
80-2v on the Chittim Ranch property has reached its target depth
(TD) of 3,980 feet. The well penetrated 7 oil and gas bearing
horizons with the initial target horizon for production being the
Georgetown where oil and gas showings have also been observed. The
Company is encouraged by the positive shows in the Georgetown and
other formations.
Petrolympic is currently evaluating Electric logs and side wall
cores from drilling. The well is scheduled for completion within
the week. The rig is currently running 7" casing to 3,980 feet.
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 Chittim
Ranch property. (For further details, please refer to the Company's
press release of May 11, 2011, available at
www.petrolympic.com)
"The next steps are to complete the well and monitor its
production rate," said CEO Mendel Ekstein. "Assuming the well
produces a minimum of 50 barrels a day for 60 consecutive days,
Petrolympic intends to make the financial commitment necessary to
earn in on the 8000+ acre Chittim Ranch property and transition
from being a pure oil & gas exploration company to a
producer."
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
& EnergieSquatex 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: Miranda McCarthy
Investor Relations Consultant (604) 628-1699
miranda@bradcapital.com
Petrolympic (TSXV:PCQ)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Petrolympic (TSXV:PCQ)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024