VANCOUVER, April 19 /CNW/ - Tearlach Resources Ltd., (www.tsx.com,
TSX.V: Symbol: TEA) announces returning to production of one of the worlds
giant oil fields (Klett, Schmoker, (2003)). The Company's approach and
technology breathes new production life into the old field, with million
barrels of oil that were left in the ground beyond reach.
The Kern Front Oil Field, already produced 165 million barrels of oil and
is estimated to have 500 million barrels of oil remaining in place (Link,
Helmold and Long, 1990), is contiguous with the Kern River Oil Field,
estimated to contain over 970 million barrels of oil remaining in place.
Together, the two fields offer a combined potential of 1.5 billion barrels of
oil remaining in place.
The Company's properties are located within the combined fields, and is a
joint development of Tearlach Resources Ltd. (60%) (www.tearlach.ca;
www.tsx.com; Symbol: TEA) and Western States International, Inc. (40%)
(www.wsius.com). United Pacific Energy Corporation is the project's Operator
Although the Kern Front Field and the Kern River Field are producing for
many years, the amount of oil they produced to date greatly exceeds original
reserve estimates. A December 20, 2006 article in Newsweek Magazine
(www.msnbc.msn.com/id/16288769/site/newsweek) which concerns the phenomenon of
underestimated oil reserve estimates notes that '(a) most astonishing
(example) is the Kern River Field in California, discovered in 1899. In 1942
its "remaining" reserves were estimated at 54 million barrels. Yet, from 1942
to 1986 it produced 736 million barrels, and still had another 970 million
More generally, Klett and Schmoker (2003) demonstrated that, from 1981 to
1996, the estimated volume of oil in 186 well-known giant fields in the world
increased on average from 617 to 777 million barrels of oil without new
The phenomenon of 'reserve growth' is directly impacted by 'four
fundamental elements: technology, price, political decisions and better
knowledge of existing fields - the last of these being possible only through
effective and intensive drilling' (Maugeri, 2004)
Together, the companies are developing the Kern Front with technology,
combining 3D and 4D geophysical modelling, planned well development, drilling,
and implementation of a total Enhanced Oil Recovery Development Plan.
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These statements are
not historical facts and are subject to risks and uncertainties which could
cause actual results and the timing of certain events to differ materially
from those set forth in or implied herein including, without limitation, risks
associated with oil and gas exploration, development and production operations
and other risks, uncertainties and other factors that are beyond the control
of the Company.
The TSX Venture Exchange has not reviewed this News Release and neither
approves nor disapproves of the contents hereof, which remain the sole
responsibility of the Company.
M. H. Link, K. P. Helmold and W. T. Long, 'Depositional Environments and
Reservoir Characteristics of the Upper Miocene Etchegoin and Chanac
Formations, Kern Front Field, California,' in J. G. Kuespert and S. A. Ried,
eds., Structure, Stratigraphy and Hydrocarbon Occurrences of the San Joaquin
Basin, California, AAPG, 1990.
T. R. Klett and J. W. Schmoker, 'Reserves Growth of the World's Giant Oil
Fields,' in M. T. Halbouty, ed., Giant Oil and Gas Fields of the Decade
1990-1999, AAPG Memoir 78, 2003, pp. 107-22.
Leonardo Maugeri, 'Oil: Never Cry Wolf - Why the Petroleum Age is Far
from Over,' in Science, 304, 5674, May, 21, 2004, pp. 1114-1115. See also Jad
Mouawad, 'Oil Innovations Pump New Life into Old Wells,' New York Times,
March 5, 2007.).
For further information:
For further information: Corporate Communications, Melissa Pelto: (604)
688-5007, Email: email@example.com