CALGARY, May 9, 2012 /CNW/ - Anatolia Energy Corp. (the "Company") (TSX-V: AEE) is pleased to provide an update regarding recent third party activities focused on the Dadas Shale in the Southern Anatolia Basin of southeast Turkey.
Activities focused on the Dadas Shale have increased recently as flow tests have been reported by other operators in the Bismil-Diyarbakir area in the Southern Anatolia Basin of southeast Turkey. Turkish Petroleum ("TPAO"), the national oil company of Turkey, recently disclosed that light oil or condensate was tested from the Dadas Shale in a drillstem test in their Ciksor-3 well. (TPAO Exploration Department, March 21, 2012, TUROGE Conference, Ankara Turkey) This flow test was conducted in a vertical well from an unstimulated interval in the Dadas Shale and reportedly flowed 19 barrels of 60° API oil. Similarly, in 2011, TransAtlantic Petroleum tested gas and condensate from the Dadas Shale in their Goksu well.
In the same TPAO disclosure, TPAO estimates the Diyarbakir Basin could contain 110 billion barrels of undiscovered original oil in place (OOIP). Anatolia has the right to earn a 50% interest in approximately 264,000 gross acres (132,000 net) in the shale prospective Bismil and Sinan licences in the Diyarbakir Basin. Anatolia also has the right to earn a 50% interest in approximately 478,000 gross acres (239,000 net) in the shale prospective Antep Basin. There is no certainty that any portion of these resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.
The above described two flow tests, coupled with Anatolia's recent analysis of the Dadas Shale core as reported on May 3, 2012, leads Anatolia's management to believe that the Dadas Shale may have the potential to produce commercial quantities of high quality light, sweet crude with the use of horizontal wells and multi stage hydraulic fracturing technology.
In addition to the increased Dadas Shale operational activity, the Dadas Shale is also attracting attention from some of the world's largest oil and gas companies. In November 2011, TPAO and Shell announced an agreement in which Shell will drill five wells into the Dadas Shale formation in an area located approximately 30 km north of Anatolia's Bismil licences. (Reuters - November 23, 2011) In March 2012, TPAO also announced that it is in discussions with Exxon Mobil to jointly explore for shale gas in the country. (Reuters - March 12, 2012)
"Anatolia Energy management is very encouraged by the recent flow tests which have indicated that unstimulated hydrocarbons can flow freely within the unstimulated Dadas Shale reservoir. The recent entrance by Shell in the basin also substantiates our shale strategy" stated Anatolia Energy CEO, Bob Spring.
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
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