SCOTTSDALE, Ariz., April 8, 2013 /PRNewswire/ -- Mondial
Ventures, Inc. (OTCQB: MNVN) an emerging oil and gas
exploration, production and development company with concentration
in the Permian Basin West Texas, announced today future drilling
plans for the first of at least three new well locations on the
J.B. Tubb Leasehold Estate located in Ward County, Texas. Mondial Ventures, Inc.
initially owns 37.5 percent of the working interest and a 28.125
percent net revenue interest.
The Company earlier announced plans to drill its first deep well
are now being updated and expected to commence early this summer.
Plans include first targeting the Ellenburger formation on the
Company's J.B. Tubb Leasehold Estate at approximately 8,300' foot
depth, with a CAPEX requirement now set at approximately
$1.6 million.
These plans are included for proposed development of the
Company's South 40 Participation Agreement with its working
interest partners, and based on recommendations by independent
Certified Geologist. As previously reported, Mondial plans to drill
up to three more wells on the South 40 location via its option
rights Participation Agreement. First objective is to drill the
Ellenburger well on the South 40, and Geologically updip location.
The Crawar Field that the J.B. Tubb Leasehold Estate has multiple
producing horizons. According to Geologists, the Ellenburger
formation sits along a fault plane increasing viability noted below
6,200' and viable at approximately 8,300' -8,400' feet. The second
and third target well locations are in the Waddel formation to
7,700-7,900' foot depth, and for the Wolfcamp formation at
approximately 6,200' foot depth, respectively with additional CAPEX
requirement of approximately 2.6 million.
"Both prospect wells are supported by solid well control and are
targeting a minimum of 40,000 to 50,000 barrels of oil equivalent
(BOE) recoverable per well, net to our interest," said Jeru Morgan, the Company's Operator and Partner,
and President of Success Oil Co., Inc. "Each well should have at
least 3-5 potentially productive zones, substantially increasing
the likelihood of achieving a commercially producing well."
Dennis Alexander, Mondials CEO
stated, "We believe our business plan is fully consistent with our
earlier announcements, and moving ahead we are focusing exclusively
on financing and our drilling and development plans. Our goal is to
build a dynamic portfolio of oil and natural gas programs that
range from seismic-supported exploration projects, to drilling
locations with proved reserves, to fully producing properties."
About Mondial Ventures Inc.
Mondial Ventures, Inc. is Oil and Gas Producer engaged in the
acquisition of Oil and Gas properties and assets that can be
developed into revenue producing assets. The Company has put an
emphasis on acquiring existing Oil fields with proven reserves or
by the rehabilitation of oilfields with potentially high
throughput. The Company's goal through their successful operators
utilize the latest technologies and equipment with the goal to
bring operating production costs down to 20% in an industry of that
averages 35% and up, thus yielding higher margins.
Safe Harbor
This release contains statements that constitute forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These statements appear in a number of places
in this release and include all statements that are not statements
of historical fact regarding the intent, belief or current
expectations of Mondial Ventures Inc., its directors or its
officers with respect to, among other things: (i) financing plans;
(ii) trends affecting its financial condition or results of
operations; (iii) growth strategy and operating strategy. The words
"may," "would," "will," "expect," "estimate," "can," "believe,"
"potential" and similar expressions and variations thereof are
intended to identify forward-looking statements. Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, many of which are beyond Mondial Ventures Inc.'s
ability to control, and that actual results may differ materially
from those projected in the forward-looking statements as a result
of various factors. More information about the potential factors
that could affect the business and financial results is and will be
included in Mondial Ventures Inc.'s filings with the Securities and
Exchange Commission.
CAUTIONARY NOTE TO UNITED
STATES INVESTORS
The United States Securities and Exchange Commission permits oil
and gas companies, in their filings with the SEC, to disclose only
proved reserves that a company has demonstrated by actual
production or conclusive formation tests to be economically and
legally producible under existing economic and operating
conditions. We use certain terms, such as prospective resource or
Original Oil in Place (OOIP) or Petroleum Initially In Place
(PIIP), that the SEC's guidelines strictly prohibit us from
including in filings with the SEC. U.S. Investors are urged to
consider closely the disclosure in our Form 10K. Additional
information may be found at the following web site:
http://www.sec.gov/divisions/corpfin/guidance/cfoilgasinterps.htm
Public Relations and Shareholder Information
Joseph Vazquez
754-204-4549 or
EMAIL: infinityglobalconsulting@gmail.com
and
Jason Torres
415 480 9093 or
Email: jason@mondialoilventures.com
SOURCE Mondial Ventures, Inc.