TSX Venture Exchange Symbol FNR
SASKATOON, Dec. 12, 2012 /CNW/ - 49 North Resources Inc. ("49 North" or
the "Company") (TSXV: FNR) announces 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
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.
Ashley Drobot P.Geo, the President and CEO of Allstar states "We are
very pleased with the drilling outcome of the first two wells in the
six well program. The results aid in proving our thesis that the areal
extent of oil in place in the Riverside field is extensive, as shown in
the interpreted 3D seismic data".
49 North is a Saskatchewan focused resource investment company with
strategic operations in financial, managerial and geological advisory
services and merchant banking. Our diversified portfolio of assets
includes direct project involvement in the resource sector, as well as
investments in shares and other securities of junior and intermediate
mineral and oil and gas exploration companies. Additional information
about 49 North is available at www.sedar.com.
Forward Looking Information: This release contains forward-looking
information within the meaning of applicable Canadian securities
legislation. In particular but without limitation, this press release
includes references to discovered and undiscovered oil and natural gas
resources and Allstar's future drill program. There is no certainty
that any portion of the resources will be discovered. If discovered,
there is no certainty that it will be commercially viable to produce
any portion of the resource. There is no certainty the drill program
will be fully or partially completed. Forward-looking information
involves known and unknown risks, uncertainties and other factors that
may cause actual results or events to differ materially from those
expressed or implied by such forward-looking information, including the
availability of adequate and secure sources of funding to complete,
equip and bring the new well on-stream, prevailing commodity prices and
the performance of 49 North personnel. In addition, the forward-looking
information contained in this release is based upon what management
believes to be reasonable assumptions. Readers are cautioned not to
place undue reliance on forward-looking information as it is inherently
uncertain and no assurance can be given that the expectations reflected
in such information will prove to be correct. The forward-looking
information in this release is made as of the date hereof and, except
as required under applicable securities legislation, 49 North assumes
no obligation to update or revise such information to reflect new
events or circumstances.
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.
SOURCE: 49 North Resources Inc.
For further information:
49 North Resources Inc.
President and Chief Executive Officer
306-653-2692 or email@example.com