MOO: TSX Venture Exchange
CALGARY, Jan. 6 /CNW/ - Mooncor Oil & Gas Corp. ("Mooncor") is pleased to announce that it has received National Instrument 51-101 compliant reports from its independent qualified reserves evaluator, DeGolyer and MacNaughton Canada Limited related to its entire shale gas acreage located in the Hamburg area of Northwest Alberta. The first report provides an estimate of Contingent Resources and the second report provides an estimate of Prospective Resources for Mooncor's entire 162 section Hamburg area Devonian shale gas play.
DeGolyer and MacNaughton Canada Limited have provided a National Instrument 51-101 compliant estimate of Contingent plus Prospective Resources for Mooncor at Hamburg of up to 10.57 TCF Original Gas-in-Place. The total Contingent plus Prospective Recoverable Gas-in-Place is estimated to be up to 2.57 TCF.
Mooncor continues to assess its options and is holding discussions with several interested parties in respect to development of its Hamburg resources and further details will be communicated in due course, as appropriate.
Business of Mooncor Oil & Gas Corp.
Mooncor Oil & Gas Corp. is a junior oil and gas exploration and development company. Mooncor is focusing on its shale gas opportunities with a current emphasis on its high impact proven Muskwa shale gas play at Hamburg, Alberta as well as structuring a spinoff of the Company's Southwest Ontario assets into a new entity.
The contingent resources estimated herein are those volumes of petroleum that are potentially recoverable from the known accumulation but which are not currently considered to be commercially recoverable. Because of the uncertainty of commerciality, the contingent resources estimated herein cannot be classified as reserves. The contingent resources estimates in this report are provided as a means of comparison to other contingent resources and do not provide a means of direct comparison to reserves. The contingent resources estimated in the DeGolyer and MacNaughton Canada Limited report have an economic status of "Undetermined."
The prospective resources estimated herein are those quantities of petroleum that are potentially recoverable from prospects yet to be discovered. Because of the uncertainty of commerciality and the lack of sufficient exploration drilling, the prospective resources estimated herein cannot be classified as contingent resources or reserves. The prospective resources estimates in this report are not provided as a means of comparison to contingent resources or reserves. There is no certainty that any portion of the prospective resources estimated herein will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the prospective resources evaluated. There is no certainty that it will be commercially viable to produce any portion of the resources. The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although Mooncor believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, Mooncor disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise. 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 Mooncor Oil and Gas Corp.
For further information: For further information: Richard Cohen, Vice-President (Corporate Development), Mooncor Oil & Gas Corp., Tel: (905) 882-4422, firstname.lastname@example.org; Jason Monaco, First Canadian Capital Corp., Tel: (416) 742-5600, email@example.com