Realm Energy Announces Shale Concessions in Poland and Partnership With Source Energy Partners
16 Juin 2010 - 3:00PM
Marketwired
Realm Energy International Corporation ("Realm Energy" or the
"Company") (TSX VENTURE: RLM) (www.realmenergy.ca) is pleased to
announce it has been awarded three concessions in Poland.
Collectively, the areal extent of these lands, held by the Company,
is gross 635,541 acres (2,572 km2) and net 464,918 acres (1,881
km2). One concession, "Gniew", is held 100% by Realm Energy and the
other two concessions "llawa" and "Wegrow" are held 50% by Realm
Energy and 50% by Source Energy Partners ("SEP"), a Denver,
Colorado based private shale company. All concessions are located
in the Eastern European Craton, targeting natural gas in Silurian,
Ordovician and Cambrian Shales. For more detailed information on
the location of these concessions, please view the maps on Realm
Energy's website www.realmenergy.ca.
In the Baltic Depression, northern Poland, the Gniew concession,
comprising 294,296 acres (1,191 km2), held 100% by Realm Energy,
lays 70km south of Gdansk. The Company has committed to an
exploration program that, at a minimum, requires reprocessing
existing seismic data and conducting a new 100 km, 2D seismic
program.
The llawa concession, 161,109 acres (652 km2) lays 134km south
east of the city of Gdansk and is held 50% by Realm Energy and 50%
by SEP. In connection with receiving Ilawa, Realm Energy and SEP
have committed to an exploration program that, at a minimum,
requires reprocessing existing seismic data and conducting a new 50
km, 2D seismic program. Lands contiguous to Gniew and llawa are
expected to undergo significant shale gas exploration activity in
the near term. Some of the industry players holding adjoining lands
include San Leon Energy Plc/Talisman Energy Inc., Marathon Oil
Corporation and Lane Energy/Conoco.
The Wegrow concession, 180,136 acres (729 km2), located in
southeast Poland in the Podlasie Sedimentary Basin is held 50% by
Realm Energy and 50% by SEP and lies approximately 70 km northeast
of Warsaw. In connection with receiving Wegrow, Realm Energy and
SEP have committed to an exploration program that, at a minimum,
requires conducting 50 km of new 2D seismic and a well commitment
to a depth of 2,750 meters within 3.5 years. The Silurian shales
may lie at optimal depths for maturity and natural gas recovery,
with TOC (Total Organic Carbon) measured by the Polish Geological
Institute ranging from 1% to 17%. Lands, contiguous to Wegrow, have
recently been licensed for hydrocarbon exploration by Exxon Mobil
Corp., EurEnergy Resources Corporation and Cuadrilla Resources
Holding Ltd.
Craig Steinke, Executive Chairman, comments on the SEP
partnership. "SEP's senior executives have, in the past,
demonstrated their ability to conduct highly efficient, low cost
and profitable oil and gas operations in Europe. This history, in
combination with a proven track record of building significant
value in the Barnett and Fayetteville shales in North America,
provides Realm with a valuable partner, well suited for proving
substantial value through shale development in Europe."
About Source Energy Partners
Source Energy Partners is a private equity backed, well
capitalized oil and gas enterprise focused on onshore Europe. The
company is led by Mr. Paul Favret and Mr. Jerry Sommer who have a
proven track record of building significant value in oil and gas
opportunities all over the world. Through its capable technical and
operational organization, the Source Energy team is dedicated to
once-again creating substantial value for its investors, partners
and the European countries it serves.
About Realm Energy
Realm Energy International Corporation is a Canadian domiciled
global energy company focused on driving the exploration and
development of major shale plays throughout Europe and emerging
countries. The Company is in the process of acquiring petroleum and
natural gas rights in large contiguous tracts which it has
identified as high potential, and is committed to leveraging the
most advanced shale technology to bring these resources into
production.
Visit Realm Energy's website at www.realmenergy.ca.
REALM ENERGY INTERNATIONAL CORPORATION
Craig A. Steinke, Executive Chairman
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This
news release includes certain "forward-looking statements" within
the meaning of applicable Canadian provincial securities
legislation. Forward-looking statements are necessarily based upon
estimates and assumptions that, while considered by the Company's
management to be reasonable, are subject to known and unknown
risks, uncertainties, and other factors which may cause the actual
results and future events to differ materially from those expressed
or implied by such forward-looking statements. Such factors
include, but are not limited to: general business, economic,
competitive, political and social uncertainties; or delay or
failure to receive regulatory approvals. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law or the policies of the TSX
Venture Exchange.
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.
Contacts: Media Contact: Curve Communications Brian Paterson
(604) 684-3170 ext. 102 or C: (778) 319-4165
brian@curvecommunications.com Investor Relations: Contact Financial
Keir Reynolds (604) 689-7422 keir@contactfinancial.com Corporate
Enquiries: Kevin Rathbun Chief Financial Officer (604) 637-4974
ext. 33 info@realmenergy.ca www.realmenergy.ca
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