CALGARY, May 3, 2012 /CNW/ - Anatolia Energy Corp. (the "Company") (TSX-V: AEE) is pleased to report that the core analysis from the five cores extracted from the Dadas Shale formation in the Caliktepe-2 well in January 2012 has been completed. The analysis was completed in Calgary by a division of Trican Well Services Ltd. The results from the geochemical and reservoir data analysis for the Dadas Shale in southeast Turkey compare favourably with many of the world's well-known shale oil plays including the Eagle Ford, Barnett and Niobrara shale resource plays in the U.S. and the Vaca Muerta Shale in Argentina.
The detailed core analysis indicates that the Dadas Shale is an organic rich shale with marine Type II kerogen in the middle of the oil generation window. The porosity and rock evaluation measurements indicate that the shale has generated oil that is contained in the Dadas Shale formation. Anatolia has the right to earn a 50% interest in approximately 371,000 net acres in the shale prospective Bismil, Antep and Sinan licences.
The core analysis focussed on analyzing numerous critical components required for a shale oil reservoir. Porosity was calculated at between 2% and 10%, thus proving the shale reservoir's capability to store hydrocarbons. Permeability of up to 1 millidarcy at reservoir pressure was measured, thus affirming that the shale reservoir has the ability to naturally flow hydrocarbons. The quartz content ranged between 20% and 30% in most of the core samples, thus indicating a fairly brittle reservoir which is preferred for fracture stimulation effectiveness. Furthermore, a sample of high quality 50.9° API light-sweet oil was extracted from the Dadas Shale core.
The table below provides the rock evaluation measurements from the shale core analysis as well as comparables to currently producing shale oil basins:
|Barnett||Eagle Ford||Niobrara|| Vaca Muerta
|Depth (ft)||5,000 - 8,000||7,500 - 11,000||4,000 to 8,000||5,500 - 15,000||8,000|
|TOC%||4 to 5||4 to 14||4 to 7||1.1 to 4||3 to 7|
|Porosity%||4 to 5||6 to 14||6||6 to 10||2 to 10|
|Quartz content (%)||25-50||10-25||-||-||20-30|
|API||35 to 40||30 to 40||30 to 40||35 to 40||50|
|OOIP (mmbbl/section)||50||35||25||110||TBD ²|
|EUR/well (mbbl)||up to 450||300||300||452 Vt/1,280 Hz||200-300³|
Note: The geochemical properties listed above are estimates and are derived from a number of publicly available data sources. They are not the estimates of Anatolia Energy.
1.) As measured under applied stress.
2.) An OOIP estimate will be completed by an independent engineering firm in an NI 51-101 compliant report expected in May 2012.
3.) Anatolia Energy management estimates.
"We were encouraged by the potential of the Dadas Shale prior to commencing the coring program and these lab results have greatly strengthened our belief in the economic potential of the Dadas Shale in southeast Turkey" stated Anatolia Energy CEO, Bob Spring. The Company is planning to evaluate the Dadas Shale oil resource potential through hydraulic fracturing flow tests in the Bismil and Antep licences in the next 6 to 9 months and the Sinan licence in the next 15 months.
In conjunction with the new core analysis, Anatolia has engaged an independent engineering firm to provide Anatolia with an NI 51-101 compliant resource evaluation of the Company's Dadas Shale oil play. The report will include new data from the Caliktepe-2 well in addition to 115 km of 2D and 206 km² of new 3D seismic data at Bismil as well as 377 km of new 2D seismic data at Antep. The report is expected to be completed in May 2012.
New Corporate Presentation
Anatolia is also pleased to announce that it has updated its corporate investor presentation on its website at www.anatoliaenergy.com.
About Anatolia Energy Corp.
Anatolia is an international oil and gas company engaged in the exploration and development of oil and gas assets in Turkey. Anatolia has the right, pursuant to its joint venture agreements with Calık Enerji, the wholly-owned oil and gas subsidiary of the large Turkish conglomerate Çalık Holding A.Ş., to earn working interests between 25% and 50% in two development licences and 50% in six exploration licences covering 795,866 gross acres of land in Turkey's proven Southeastern oil basin. Anatolia is focused on four play types in Turkey namely the Silurian Dadas shale oil trend, Paleozoic Bedinan sand trend, Cretaceous Mardin strike slip trend and Garzan reef trend. The Silurian Dadas shale oil play in Turkey is the major source rock throughout the Middle East.
Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. There is no certainty that it will be commercially viable to produce any portion of the prospective resources.
Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to, information with respect to: ultimate viability of the Dadas Shale, operational decisions and the timing thereof, and timing for drilling and exploration plans on the properties of Anatolia. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect. Although Anatolia believes that the expectations reflected in such forward-looking information is reasonable, undue reliance should not be placed on forward-looking information because Anatolia can give no assurance that such expectations will prove to be correct. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used. Anatolia undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, unless required by law. For further information on the Company and the risks associated with its business, please see the Company's MD&A dated April 25, 2012, which is available on SEDAR. The reader is cautioned not to place undue reliance on this forward-looking information.
Neither the 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.
For further information:
Peter Argiris, VP Business Development
Anatolia Energy Corp.
403.802.0770 ext. 225