CALGARY, Alberta, March 28 /CNW/ -- Source Petroleum, Inc. is pleased to
announce that it has been notified by the operator and joint venture partner,
that the first well of a multi-well program at Harmon Valley, in the Peace
River Oil Sands district, HZ Peace River 1-29-83-19 W5M, was successfully
drilled to appraise the reservoir characteristic and to delineate the
The first well of the proposed program, HZ Peace River 1-29-83-19 W5M,
targeted the Bluesky - Gething formation. The Core information and a
horizontal leg will assist in developing a plan for a possible primary and
secondary oil recovery scheme.
The well confirmed and encountered 12 meters/ 36 feet of net pay in the
Blue Sky formation.
Lab analysis of further oil samples should be available within the next
The remaining wells of the program are expected to be drilled during 2007
to allow for interpretation of the drilling results from this well. The
Bluesky - Gething formation is believed to contain an estimated 9 billion
barrels of oil in place in the Peace River Oil Sands District. The well was
drilled to a total vertical depth of 680 meters, and a horizontal leg of 745
Historical wells and well log data show that there could be up to 200 -
250 million barrels of original oil in place (OOIP) at the Harmon Valley
asset. Historical wells and well log data have also displayed excellent core
porosities and log porosities of 29% and 31% respectively with estimated
permeability of up to 5,000 milliDarcies.
The Harmon Valley asset is situated 12 KM S.W. from Baytex Energy's heavy
oil project, 20 KM S.S.W. of Shell Canada's Cadotte heavy oil project and 25
KM S.W. of BlackRock's Ventures heavy oil Project which was recently sold to
Except for the historical and present factual information contained
herein, the matters set forth in this release include statements of
management's current expectations. Statements identified by words such as
"expects," "projects," "plans," "believes," "estimates," "may" and similar
expressions are forward-looking statements within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements, include the statements that there could be
up to 200 - 250 million barrels of original oil in place at the Harmon Valley
asset, the estimated permeability being up to 5,000 milliDarcies, and the
remaining wells being expected to be drilled in late 2007, are all subject to
risks and uncertainties that may cause actual results to differ materially,
including the possibility that the historical data may be inaccurate or
misinterpreted, and the anticipated benefits from our operations cannot be
fully realized, all as detailed from time to time in the company's reports
filed with the SEC. Source Petroleum disclaims any responsibility to update
these forward-looking statements.
Contact: Sam Charanek, President and CEO of Source Petroleum Inc.,
+866-913-SOPO (7676), or email@example.com.
For further information:
For further information: Sam Charanek, President and CEO of Source
Petroleum Inc., +866-913-SOPO (7676), or firstname.lastname@example.org