DENVER, May 6, 2013 /PRNewswire/ -- Brinx Resources
Ltd. (OTCQB: BNXR) ("Brinx Resources" or "Brinx" or the "Company")
is pleased to provide this corporate update and discussion
regarding the near term prospects of the Company.
Brinx Resources is an exploration and production company focused
on developing oil and gas resources within the United States and internationally.
Brinx is currently producing oil and gas from several wells drilled
and completed with its partners in Oklahoma from 2009 to 2011. The Company's
current focus remains in Oklahoma,
as the long awaited and newly named Oklahoma-2013 Project is about to initiate a
new multi-well drilling campaign. An outline of these projects as
well as information on previous projects is as follows:
Oklahoma-2013.
As previously announced in 2010, Brinx and its partners entered
into an agreement to participate in a significant 3d Seismic
Exploration Project. The completion of the shoot and the subsequent
analytics and evaluations were completed in 2011. Since this time,
Brinx and its partners have been engaged in a leasing and land
acquisition process that has taken much longer than expected.
However, the project has now advanced such that initial drill
targets have been confirmed, and the commencement of drilling is
imminent.
Specifically, as a result of seismic analytics and evaluations
Brinx and its partners have now identified and confirmed eight
initial prospects that will constitute Phase-1 of the Oklahoma-2013 Project. The drilling of the
first well (OK-13-1) is expected to being this week, and further
drilling of the remaining 7 wells is expected to continue
throughout the summer. Brinx will be updating performance and
upcoming drill dates for all aspects of Phase-1 with regularity as
the project proceeds.
The drilling objectives at Oklahoma-2013 are to potentially target 2nd
Wilcox sand, 1st Wilcox sand, Trenton dolomite, Simpson dolomite, Viola
limestone, Hunton limestone, Bartlesville sand and Redfork sand. In
addition to locating and developing new productive structures from
the sands, dolomites and limestones mentioned above, it is also
believed that deeper productive structures could be found in the
Tulip Creek sand, McLish sand, Oil Creek sand, Joins sands and
Arbuckle limestone.
Oklahoma-2009-2011
Brinx is currently producing oil and gas from several wells
drilled and completed with its partners in Oklahoma from 2009 to 2011. These projects
continue to provide revenue to the company, and are expected to do
so for the foreseeable future. The most notable results from these
projects are as follows: Brinx maintains a 5% working interest in
the Okalahoma-2009 program. As of October, 2013 total production
from the two producing wells at this project totaled 134,474 Bbls
of oil and 34,999 Mcf of natural gas. Total production from these
two producing wells for the three months ending January 31, 2013 totaled 206 Bbls of oil and nil
Mcf of natural gas. Brinx maintains a 5% working interest in the
Okalahoma-2010 program. As of October, 2013 total production from
the two producing wells at this project totaled 104,007 Bbls of oil
and 19,519 Mcf of natural gas. Total production from these wells
for the three months ended January 31,
2013 was 407 Bbls of oil and 123 Mcf of natural gas.
California - King City
In late 2011, the Company and its partners participated in a
potential new oil and gas discovery at the King City Project in
California. Drilling and log data from the discovery well
("SBV-2–32″) initially indicated potential promise for the
production of commercial quantities of hydrocarbons. However, as a
result of further and in-depth evaluation and consultation, Brinx
has elected not to participate any further at King City as it deems the project not to be
economically viable and is currently being plugged.
Summary
The primary agenda for Brinx moving forward in 2013 will be
two-fold. First, and of primary importance will be the continued
maturation of the Oklahoma-2013
Drill Program. The Company has been patiently awaiting commencement
of the drilling program, and will now focus it resources towards
development and production at this highly regarded project.
Secondly, the Company will focus on the advancement and development
of its portfolio with an eye towards new opportunities both
domestically and internationally. The Company has potentially
identified several projects of interest, and will continue to
further discussions and negotiations in this regard.
"With the news that drilling is about to begin at the new
Oklahoma-2013 Drilling Program
there is a re-invigorated enthusiasm for this exciting and
hopefully prosperous chapter in the development of our Company,"
stated Ken Cabianca, of Brinx
Resources. "There is no question that the process of developing
this project has taken longer than expected, but all the hard work
and patience is expected to pay off now that the commencement of
drilling is imminent. Furthermore, the Company continues to pursue
new opportunities with the intent to expand the Company's portfolio
in order to advance the revenue stream and provide value to its
shareholders."
About Brinx Resources
Brinx Resources is an expanding exploration company focused on
developing onshore North American oil and natural gas reserves. The
Company's current focus is on the continued exploration and
development of its current land portfolio in Oklahoma, as well as the drilling and
production of the new Oklahoma-2013 Project (5% interest). Brinx
Resources is seeking to further expand its portfolio to include
additional interests in North
America and internationally.
Investor Contact
LiveCall Investor Relations for Brinx Resources
E-mail: info@brinxresources.com
Brinx Corporate: www.brinxresources.com
Investor Community: www.livecallir.com
Toll-Free: (877) 226-8002
Safe Harbor Statement: Statements which are not historical facts
are forward-looking statements. The Company makes forward-looking
public statements concerning its expected future operations,
performance and other developments. Such forward-looking statements
are necessarily estimates reflecting the Company's best judgment
based upon current information and involve a number of risks and
uncertainties, and there can be no assurance that other factors
will not affect the accuracy of such forward-looking statements. It
is impossible to identify all such factors but they include and are
not limited to the existence of underground deposits of commercial
quantities of oil and gas; cessation or delays in exploration
because of mechanical, operating, financial or other problems;
capital expenditures that are higher than anticipated; or
exploration opportunities being fewer than currently anticipated.
The Company has no official gas or oil reserves at this time and
may not have sufficient funding to thoroughly explore, drill or
develop its properties. Factors which could cause actual results to
differ materially from those estimated by the Company include, but
are not limited to, government regulation, managing and maintaining
growth, the effect of adverse publicity, litigation, competition
and other factors which may be identified from time to time in the
Company's public announcements and filings.
SOURCE Brinx Resources Ltd.
