Solimar update on California kreyenhagen shale oil play
Friday, Dec 07, 2012Solimar Energy (TSX VENTURE:SXS)(ASX:SGY) ("The Company") provides the following update for the Company's 100% owned Kreyenhagen shale oil project in the San Joaquin Basin, California. The Kreyenhagen shale is a world class oil source rock that has been typed to approximately 3 bboe oil and gas from the surrounding fields, notably Kettleman North and Middle Dome and Coalinga. Solimar holds 9,146 net acres within this prospective unconventional shale fairway that has recently attracted significant attention from major international oil companies on offsetting acreage in the San Joaquin Basin. The naturally fractured Kreyenhagen shale has historically produced from work overs of vertical wells at both Kettleman North and Middle Dome fields.
Will Satterfield, CEO of Solimar, commented, "We are very pleased that following Zodiac's initial foray last year into the Kreyenhagen shale oil play which provided proof of concept, major companies are now entering the play. We anticipate that with further drilling activity and learnings over the course of 2013 in the Kreyenhagen shale, the commerciality of the large oil play will significantly improve."
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Reader Advisory: Potential resource estimates and forward-looking statements
This news release contains forward-looking information relating to adding to reserves and resource estimates, planned development and exploration activities on the properties in which the Company has interests, and other statements that are not historical facts. Such forward-looking information is subject to important risks, uncertainties and assumptions. The results or events predicated in this forward-looking information may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on this forward-looking information.
Forward-looking information is based on certain factors and assumptions regarding, among other things, the impact of increasing competition; the timely receipt of any required regulatory approvals; the ability of the Company to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects which the Company has an interest in to operate the field in a safe, efficient and effective manner; the ability of the Company to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development of exploration; the timing and costs of pipeline, storage and facility construction and expansion and the ability of the Company to secure adequate product transportation; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its oil and natural gas products, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
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