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CALGARY, Sept. 19, 2011 /CNW/ - Griffiths Energy International Inc.
("Griffiths" or the "Company"), a privately held energy company, is
pleased to announce that a wholly-owned subsidiary of Griffiths has
entered into a production sharing contract ("PSC") with the Government
of Chad for the DOH (N'Donambo) block. The newly acquired block has, in
the opinion of management, the potential to contain resources and
commercially viable undeveloped oil reserves. Currently, prospects have
been identified by management on 2D seismic. To date, only one well,
N'Donambo-1, has been drilled by a prior operator in the DOH block.
The N'Donambo-1 well identified approximately 119 feet of net oil pay
in the Cretaceous B, C and D sands but was not tested by the previous
operator. The block covers approximately 826 km2 in Southern Chad within the Doba basin and is prospective for light
Mr. Gary Guidry, President and Chief Executive Officer of Griffiths said
"We are delighted to have secured the additional block through a
competitive process and increase our investment in the Republic of
Chad. A third party reserve engineering firm has been engaged to
evaluate the Company's interests in the new DOH block. The DOH asset
compliments the Company's portfolio of exploration and development
assets in the Republic of Chad."
The Company is also pleased to announce that information relating to its
reserves, contingent resources and prospective resources has been
posted on its website at www.griffithsenergy.com.
The information relating to reserves and contingent resources has been
evaluated by GLJ Petroleum Consultants Ltd. ("GLJ"), an independent
petroleum consulting firm located in Calgary, Alberta. Information
relating to prospective resources has been prepared by management of
About Griffiths Energy International Inc.
Griffiths is a privately held Canadian energy company involved in the
exploration, development and production of oil in the Republic of Chad
in Africa. Through wholly-owned subsidiaries, the Company is a party to
three production sharing contracts with the Government of Chad which
provide the Company with the exclusive rights to develop: (i) the
Chari-Ouest (Borogop) and Chari-Doseo blocks in Southern Chad in the
Doseo and Eastern Doba basin; (ii) the DOB (Mangara) and DOI (Badila)
blocks; and (iii) the DOH (N'Donambo) block.
Forward looking Statements or Information and Resource Advisory
Certain statements included in this press release constitute
forward-looking statements or forward-looking information under
applicable securities legislation. Such forward-looking statements or
information are provided for the purpose of providing information about
management's current expectations and plans relating to the future.
Readers are cautioned that reliance on such information may not be
appropriate for other purposes, such as making investment decisions.
Forward-looking statements or information typically contain statements
with words such as "anticipate", "believe", "expect", "plan", "intend",
"estimate", "propose", "project" or similar words suggesting future
outcomes, anticipated events or results or statements regarding an
outlook. Forward-looking statements or information in this press
release may include, but are not limited to, statements or information
with respect to potential reserves and resources; seismic results; oil
pay estimates; business strategy and objectives; and development and
exploration plans. Forward-looking statements or information are based
on a number of factors and assumptions which have been used to develop such
statements and information but which may prove to be incorrect.
Although the Company believes that the expectations reflected in such
forward-looking statements or information are reasonable, undue
reliance should not be placed on forward-looking statements because the
Company can give no assurance that such expectations will prove to be
correct. In addition to other factors and assumptions which may be
identified in this press release, assumptions have been made regarding,
among other things, the resource and reserve potential of the newly
acquired DOH block. Readers are cautioned that the foregoing list is
not exhaustive of all factors and assumptions which have been used.
Forward-looking statements or information are based on current
expectations, estimates and projections that involve a number of risks
and uncertainties which could cause actual results to differ materially
from those anticipated by the Company and described in the
forward-looking statements or information. The exploration, appraisal and development of crude oil reserves and resources is
speculative and involves a significant degree of risk. There is no
guarantee that exploration of the DOH block will lead to a commercial
discovery or, if there is commercial discovery, that the Company will
be able to realize reserves as intended. Few properties that are
explored are ultimately developed into new reserves. In addition, the
Company's operations are subject to all the risks normally incident to
the exploration for, and development and production of, crude oil,
including encountering unexpected formations or pressures, premature
declines in reservoirs, potential environmental damage, blow-outs and
The Company's interest in any resources and reserves which may ultimately be identified on the DOH block will be subject to the terms
and conditions of the PSC.
The forward-looking statements or 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 required by applicable securities laws. The forward
looking statements or information contained in this press release are
expressly qualified by this cautionary statement.
The common shares of Griffiths have not been and will not be registered
under the U.S. Securities Act of 1933, as amended (the "U.S. Securities
Act"), or the securities laws of any state, and may not be offered or
sold in the United States or to, or for the account or benefit of, U.S.
persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act
and all applicable state securities laws. This press release does not
constitute an offer to sell or the solicitation of an offer to buy the
common shares in the United States or to, or for the account or benefit
of, U.S. persons.
SOURCE Griffiths Energy International Inc.
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