Production Expected Onstream Within the Next Two Weeks
CALGARY, Alberta, April 4 /CNW/ -- Source Petroleum, Inc. (OTC Bulletin
Board: SOPO) is pleased to announce the production tie in for its gas
discovery at Woking, Alberta is nearly complete and expect production by mid
The gas pipeline to the facility has been constructed and is currently
being put through pressure and integrity testing. Upon successful completion
and/or modification, the Company and its joint venture partner will begin
production from its recent discovery.
Expected production from this well is estimated at an initial restricted
rate of 500-1000 mcf/day with NGLs of approximately 20 bbl/mmcf due to
This production will ensure steady long term cash flow for the Company
Source Petroleum holds a 37.5% interest in the Woking discovery.
Evaluation and testing on the successfully drilled horizontal heavy oil
well at Harmon Valley are currently ongoing and further information will be
given as it comes due.
An Independent third party resource report on the Harmon Valley Heavy Oil
Asset has assigned NPV of $217.5 Million and Contingent Resources of 247
Million Barrels with a P10 Estimate of 323 Million Barrels.
Source has a 50% working interest on the Harmon Valley Heavy Oil asset,
Peace River Arch, Alberta.
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 the works to tie
in the well in Woking, Alberta will take 2 weeks pending pipeline modification
and that the expected production from this well is estimated at a rate of 500
- 1000 mcf/day with NGLs of approximately 20 bbl/mmcf and we believe there may
be an estimate of 9 billion barrels oil in place at the Peace River Oil Sands
District, that there is a potential ooip reserve of up to 260 - 450 million
barrels on the our Peace River property are 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
Sam Charanek, President and CEO
Source Petroleum Inc.
620, 304 8th Ave SW.
Calgary AB. T2P-1C1
IR INQUIRIES: Toll free 866 913 SOPO (7676)
For further information:
For further information: Sam Charanek, President and CEO of Source
Petroleum Inc., +866-913-SOPO (7676), or firstname.lastname@example.org