News Column

Westcore Provides an Update on Drilling Activities at Riverside Oil & Gas Property

Dec 13 2012 12:00AM

Marketwire

LogoTracker

SASKATOON, SASKATCHEWAN -- (Marketwire) -- 12/13/12 -- WESTCORE ENERGY LTD. - (TSX VENTURE: WTR) ("Westcore" or the "Company") is pleased to announce the commencement of a 6 well drilling program (the "program") on the Riverside property owned by Allstar Energy Limited ("Allstar"), a 100% owned subsidiary of 49 North Resources Inc.

The target locations were selected in the Success formation based on the results of the 3D seismic testing announced on September 25, 2012. Using this interpreted 3D seismic data, the first well in the program was drilled 400 meters north of a producing recompleted well in the southwestern portion of the Riverside land package. Drilling encountered an oil bearing zone of approximately 40 meters. The second well in the program was drilled a further 600 meters north of the first well (1,000 meters north of the recompleted well) and encountered an oil bearing zone of approximately 32 meters.

Drilling of the 6 well program is anticipated to be completed by the end of December 2012. Production completions will be initiated next week.

Pursuant of the Farm-In Agreement with Allstar, Westcore had spent approximately $1,000,000 on aforementioned 3D seismic survey. In exchange for the completion of the seismic, Westcore will earn a 60% working interest on a pro rata basis of $1,000,000 applied against total drilling costs on the Riverside Lands in this program. In addition, Westcore has been granted an ongoing right of first refusal to participate in additional programs on the Riverside Lands, whereby Westcore will fund 100% of drilling operations (to a maximum amount of $1 million) for a further 60% working interest in such programs.

Paul Conroy, the President and CEO of Westcore states "We are encouraged with the preliminary results of the first two wells of the six well program. The interpreted 3D seismic data has proven as an extremely valuable tool to help define the economic oil potential at Riverside".

Reader Advisory

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, the use of the net proceeds of the offering. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

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:
Westcore Energy Ltd.
Paul Conroy
President and Chief Executive Officer
(306) 649-0600
www.westcoreenergy.ca





Source: Marketwire


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters