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KELOWNA, BC, Jan. 30, 2012 /CNW/ - Trincan Capital Corp. ("Trincan") (TRN:-V) is pleased to announce that it has acquired approximately 1 ¾ Sections of land in North West Alberta in a recent Crown Land Sale. Trincan has one hundred per cent working interest in the project.
The project involves a step out from existing Devonian light oil production from a well that has produced over 240,000 bbls of light oil. The first well to be drilled has been identified and the approximate cost to drill, complete and equip a 1700 m well is approximately $850,000. The estimated pool potential is up to seven new wells and could receive benefit from waterflood.
Trincan is currently assessing a formal development plan for this acreage including infrastructure, facilities, and marketing considerations.
This land acquisition is a major strategic move in the growth of Trincan to drill and participate, as operator, in a lower risk/high-growth, high potential, light oil potential development/exploration opportunities.
Trincan is a Canadian natural resource corporation engaged in the acquisition, exploration and development of oil and gas properties in Western Canada. The Common Shares trade on the TSX Venture Exchange under the symbol TRN.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority has approved nor disapproved the information contained herein.
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations are exploration risks detailed from time to time in the filings made by the Corporation with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Trincan. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Trincan does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
|Burkhard Franz, President and Chief Executive Officer|