The technical team continues to evaluate and compile data on Petro One's remaining properties in preparation for farmouts, joint ventures, and partnerships. Based on the discovery of oil at Milton, Bromhead, and Rosebank, and strong supporting data continuing to come in from its other properties, the team is confident that its other assets will continue to provide additional oil discoveries.
"The Company is very pleased with the excellent oil volumes produced by the Bromhead farmout to date, which have substantially increased Petro One's cash flow and oil production, and will add significantly to the Company's reserve base", said Petro One President Peter Bryant. "Seismic and geological evidence indicate that several additional horizontal development wells are justified, based on the results of the first well. In addition, we look forward to developing the Upper Viking at Milton, where drill core has confirmed we have oil throughout the formation. This zone has the potential to deliver good volumes of water-free oil using the same horizontal drilling techniques that are working very successfully for other producers in the area. The Company is in ongoing discussions with several interested parties on many of its parcels, and looks forward to continued growth using the farmout model and with its own drilling, to unlock the full value of its fourteen Saskatchewan and Manitoba properties that total 14.9 sections (9,536 acres - 3859 hectares). Petro One also looks forward to releasing three month IP rates and updated reserve status for Bromhead as soon as they become available."
The Company's unaudited financial statements and MD&A for its third quarter ended January 31, 2013 will be issued on or about March 28, 2013, and will be available for viewing under the Company's profile at www.sedar.com.
NATIONAL INSTRUMENT 51-101 DISCLOSURE
Oil production during a period is generally expressed in terms of "barrels per day" or "BOPD", 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 PetroOneEnergy.com, follow the Company's tweets at Twitter.com/PetroOneEnergy.
Certain statements contained herein constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation, including, but not limited to management's assessment of future plans and operations, including: drilling plans and potential locations; expected production levels; development plans; reserves growth; production and operating sales and expenses; reservoir characteristics; the results of applying certain operational development techniques; certain economic factors; and capital expenditures.
Forward looking statements are typically identified by words such as "anticipate", "estimate", "expect", "forecast", "may", "will", "project" and similar words suggesting future events or performance or may be identified by reference to a future date. In addition, statements relating to oil and gas reserves and resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves or resources described, as the case may be, exist in the quantities predicted or estimated and can be profitably produced in the future. With respect to forward looking statements herein, the Company has made assumptions regarding, among other things; future capital expenditure levels; future oil and natural gas prices; ability to obtain equipment and services in a timely manner to carry out development activities; ability to market oil and natural gas successfully to current and new customers; the ability to obtain financing on acceptable terms; and the ability to add production and reserves through development and exploitation activities. Although the Company believes that the expectations reflected in the forward-looking statements contained herein, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included herein, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous risks and uncertainties that contribute to the possibility that the forward-looking statements will not occur, which may cause the Company's actual performance and financial results in future periods to differ materially from any estimates or projections. The forward-looking statements contained herein are made as of the date hereof. The Company does not undertake any obligation to, nor does it intend to, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained herein are expressly qualified by this cautionary statement. In addition, readers are cautioned that historical results are not necessarily indicative of future performance.
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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