Caiterra International Energy Updates Drilling Program on Faust Property
12 3월 2014 - 5:48AM
Marketwired
Caiterra International Energy Updates Drilling Program on Faust
Property
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 11, 2014) -
CaiTerra International Energy Corporation ("CaiTerra" or the
"Company") (TSX-VENTURE:CTI) is pleased to announce an update on
its planned three well program on its property in the Faust area of
north central Alberta (the "Faust Property"). The Faust Property is
located just north of the prolific Swan Hills oil field and west of
Black Pearl Resources Inc.'s Mooney producing oil field and south
of the Town of Slave Lake. CaiTerra currently holds a 50% working
interest in the Faust Property.
The Company drilled its first well vertically through the
Bluesky formation to test the presence of the Bluesky sand oil zone
and logged the well to determine reservoir characteristics. The
Bluesky zone has been identified as an economic oil producing zone
in the Mooney oil field located to the east of the Faust Property.
The well was then drilled horizontally. The first well was drilled
at 5-28-72-10-W5M, with a bottom-hole target of 5-29-72-10-W5M and
reached a total depth of 1,986 metres. Completion of the well has
commenced.
The Company is currently drilling a second well, located at
5-29-71-10-W5M, and has reached a depth of 1,055 metres. This well
was also drilled vertically through the Bluesky formation and
proved the presence of the Bluesky sand oil zone. Procedures have
now begun to prepare the second well for horizontal drilling.
The third well is planned for 1-33-72-10-W5M however timing will
be dependent on weather conditions and accessibility prior to
spring breakup.
Cautionary
Statements
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.
A Note Regarding
Forward-Looking Information
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "will", "expects",
"believe", "plans", "potential" and similar expressions are
intended to identify forward-looking statements or information.
More particularly and without limitation, this press release
contains forward looking statements and information concerning
the plans and timing for the Company's drilling program. The
Company cautions that there are no assurances or guarantees that
the transaction will be completed as proposed or at all.
Although the Company believes that the expectations and
assumptions on which such forward looking statements and
information are based are reasonable, undue reliance should not be
placed on the forward-looking statements and information because
the Company can give no assurance that they will prove to be
correct.
Since forward-looking statements and information address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks. These include, but are not limited to, the risks
associated with the oil and gas industry in general such as
operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of
reserve and resource estimates; the uncertainty of estimates and
projections relating to reserves, resources, production, costs and
expenses; health, safety and environmental risks; commodity price
and exchange rate fluctuations; marketing and transportation; loss
of markets; environmental risks; competition; incorrect assessment
of the value of acquisitions; failure to realize the anticipated
benefits of acquisitions; ability to access sufficient capital from
internal and external sources; changes in legislation, including
but not limited to tax laws, royalties and environmental
regulations, actual production from the acquired assets may be
greater or less than estimates; failure to obtain the necessary
regulatory approval, stock exchange and other regulatory approvals
on the timelines planned. Management has included the
above summary of assumptions and risks related to forward looking
information provided in this press release in order to provide
security holders with a more complete perspective on the Company's
future operations and such information may not be appropriate for
other purposes.
The forward-looking statements and information contained in
this press release are made as of the date hereof and the Company
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
CaiTerra International Energy CorporationCraig RobsonChief
Executive Officer and Director(778) 329-9629
CaiTerra International Energy (TSXV:CTI)
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