No other results are available at this time. Petro One looks forward to releasing the three month IP rates, elections to drill by the farmin partner and updated reserve status as soon as they become available.
J5 Milton property
Viking production from two vertical oil wells on Petro One's J5 property at Milton, Saskatchewan has averaged 23 bopd over the last six months, returning a netback of approximately $59.00/bbl. The Company has carried out considerable research on other formations at J5 and, as a result, now plans to focus its resources on higher reward multi-zone targets in the Bakken and at the pre-Cretaceous unconformity. Based on seismic, and on production seen on adjacent properties, Petro One believes that drilling these high reward targets at J5 has excellent potential for success. The Viking presents a very a low risk target, but it is believed to be best exploited through horizontal drilling, and the company is exploring the possibility of farming out the Viking rights to develop these resources cost-effectively.
Pursuant to a recent seismic option (News Release August 28, 2012), Petro One completed a 6 kilometre seismic survey to earn a 100% interest in two more sections of Crown Land, expanding its Milton land base to 5 sections (total 1,295 hectares), and has elected to drill an 800 m earning well on or before June 30, 2013 to test these deeper targets. A former producer 600 metres north of Parcel J5 returned 950 ft oil (14.69 API) on drill stem test and 140 bbl on initial production testing, from a 12 metre zone of highly porous, oil stained vuggy dolomite. The oil is interpreted to be stratigraphically trapped in an erosional remnant of Mississippian dolomite against a Mannville channel that cuts down through the pre-Cretaceous unconformity. Seismic has shown that the trap extends across Petro One's property to the southeast, where a similar oil show in porous dolomite was identified from drill cuttings in an abandoned well located 650 metres south of the property, over an interval of 17 metres. Bakken oil in the area is structurally controlled, and the nearest production is only 500 m from the property. The best Bakken well in the area had a 3 month IP rate of 303 bopd and cumulative production of 275,382 bbl. Sites for both the earning well and a second Bakken well to test a clearly defined three dimensional structural closure on the original J5 block have been surveyed, and licensing procedures are underway in preparation for drilling.
J3 Kirkella property
Based on recommendations from its geologists, geophysicists, and engineers, who consider J3 to be a high reward target, Petro One intends to drill a minimum of one vertical well on its J3 property at Kirkella, Manitoba. The site has been surveyed, and licensing is underway in preparation for drilling. Interpretation by an independent geophysical company indicates favorable structure and porosity development in the Cruickshank Crinoidal beds, updip of a vertical well in the Kirkella field with a 3 month IP of 251.3 bopd. Two vertical wells in the same area with commingled Lodgepole-Bakken production have demonstrated that the Bakken is a potential secondary target. The new well is planned to test both formations.
Several other senior oil companies have expressed interest in other Petro One properties, and discussions are ongoing. The Company's assets currently include rights to 14 properties totaling 15.86 sections (4,108 hectares/10,152 acres). The Company plans to continue to build production and develop its assets with the drill bit, both with its own capital, and in collaboration with farm-in partners, and looks forward to exploiting the full potential of these properties.
Quoted production figures for all third party wells were obtained from IHS Accumap.
NATIONAL INSTRUMENT 51-101 DISCLOSURE
Oil production during a period is generally expressed in terms of "barrels per day", which indicates the total oil produced during a period divided by the number of hours that the well was in production during that period. "Barrels per day" is indicative of flow rate while a well is in production and does not mean that such well was in constant production during such period.
ON BEHALF OF THE BOARD
Peter Bryant, President & Director
For further information, please visit the company's website at www.PetroOneEnergy.com, follow the Company's tweets at Twitter.com/PetroOneEnergy">www.Twitter.com/PetroOneEnergy and contact Jeff Stuart of King James Capital Corporation, handling Investor Relations for the Company, by telephone at (604) 805 0375 or by email at email@example.com.
Neither 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.
King James Capital Corporation
(604) 805 0375
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