MOO: TSX Venture Exchange
CALGARY, Aug. 26 /CNW/ - Mooncor Oil & Gas Corp. ("Mooncor") wishes to
provide clarification on the findings of the report prepared by BOE Solutions
Inc. ("BOE") of Calgary, Alberta, details of which were provided in Mooncor's
news release dated August 25, 2009. A copy of the report will be posted on
Mooncor's website at www.mooncor.com.
Mooncor's Hamburg shale gas resource play is in the very early stages of
evaluation and assessment. Work undertaken by Mooncor to date has been to
conduct a pilot test on a vertical well to determine elements of reservoir
quality in the Muskwa zone and establishing a land position comprised of 162
sections of 100% working interest lands. BOE is an independent consulting firm
that was retained as technical advisors to Mooncor. The principals behind BOE
have extensive technical and operating experience with a number of
unconventional resource plays including Coal Bed Methane ("CBM"), and the
Montney and Horn River Basin unconventional gas plays in northeast British
Columbia. The main objective of the BOE study was to compare Mooncor's Muskwa
Formation shale gas play at Hamburg in northwest Alberta with the better-known
and highly-publicized shale gas discoveries in the Horn River Basin of
northeast British Columbia.
The principals of BOE are registered professional engineers with the
Association of Professional Engineers, Geologists and Geophysicists of Alberta
("APEGGA"). Their qualifications are provided in the report to be posted on
Mooncor's website. DeGolyer and MacNaughton Canada Limited is Mooncor's
independent reserves evaluator under National Instrument 51-101 ("NI 51-101").
The reference to "estimated ultimate recoverable gas", a frequently used
term in the oil and gas industry, is not a recognized term under NI 51-101,
there is no resource category for such term and is a value derived from the
BOE simulation modeling. The reader is also cautioned that reference to normal
economic indicators such as "a before-tax rate of return" does not indicate
profitability as profitability has yet to be proven and relates to numerous
variables including costs and commodity pricing. There is no certainty that it
will be commercially viable to produce any portion of the resources.
Business of Mooncor Oil & Gas Corp.
Mooncor Oil & Gas Corp. is a junior oil and gas exploration and
development company with unconventional shale gas, light oil and heavy oil
projects in Saskatchewan, Alberta and South Western Ontario. Mooncor is
focusing on its shale gas opportunities with a current emphasis on the high
impact proven shale gas play in the Western Canadian Sedimentary Basin.
The information in this news release includes certain information and
statements about management's view of future events, expectations, plans and
prospects that constitute forward looking statements. These statements are
based upon assumptions that are subject to significant risks and
uncertainties. Because of these risks and uncertainties and as a result of a
variety of factors, the actual results, expectations, achievements or
performance may differ materially from those anticipated and indicated by
these forward looking statements. Although Mooncor believes that the
expectations reflected in forward looking statements are reasonable, it can
give no assurances that the expectations of any forward looking statements
will prove to be correct. Except as required by law, Mooncor disclaims any
intention and assumes no obligation to update or revise any forward looking
statements to reflect actual results, whether as a result of new information,
future events, changes in assumptions, changes in factors affecting such
forward looking statements or otherwise.
Neither 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:
For further information: Richard Cohen, Vice-President (Corporate
Development), Mooncor Oil & Gas Corp., Tel: (905) 882-4422,
firstname.lastname@example.org; Jason Monaco, First Canadian Capital Corp., Tel: (416)