Terrace Announces The Successful Completion Of A New Well In The Eagle Ford Shale
Vancouver, BC, December 2, 2013 – Terrace Energy Corp. (the “Company” or “Terrace”) (TSXV:TZR, OTCQX:TCRRF, FRANKFURT:2TR) is pleased to announce that the BlackBrush Terrace LP (“BBTLP”) has successfully drilled and completed its first well (the “Chittim Heirs 2-H” well) in the Eagle Ford Shale formation on its 147,000 acre Maverick County Project.
Chittim Heirs 2-H was drilled to a total depth of 9,389 feet, including a 4,100 foot horizontal lateral section, in the Lower Eagle Ford Shale. The well was completed in 15 stages using hydrocarbon-based hydraulic fracturing fluids. During the first 15 days of flow-back testing, using 5 ½” casing, the well produced more than 11,500 barrels of oil, which is approximately 765 barrels of oil per day, and minor amounts of associated gas. There can be no assurance that the flow rate will stabilize at current levels over time.
This successful use of hydrocarbon-based fracturing fluids represents a significant advancement in the development of the Eagle Ford Shale in the “black oil” window, which is defined by low gas-oil ratios found in the northern extension of the formation. Previous attempts, by other industry participants to develop commercial production in the black oil window of the Eagle Ford Shale, were made using high volume water-based fracturing fluids. This technique has generally not been commercially successful, despite the formation’s rock properties and hydrocarbon content, because the formation’s shallow depth and lower reservoir pressure make it difficult to recover and unload the large volumes of water used. Testing results to date indicate excellent formation productivity and there is no evidence that water resides within the formation.
BBTLP has now logged over 150 feet of Lower Eagle Ford Shale in each of two wells including the previously announced Chittim 1-H well and has established commercial hydrocarbon production in two wells including the previously announced successful re-entry of the Chittim F-1H well. BBTLP now has three strong data sets ranging over 10 miles that exhibit similar petrophysical and hydrocarbon characteristics associated with some of the most productive regions within the Eagle Ford area of South Texas. These data sets will assist BBTLP in advancing the future exploration and development of the Eagle Ford Shale potential on its Maverick County Project.
Dave Gibbs, the Company’s Chief Executive Officer commented: “We are very pleased with the results of the Chittim Heirs 2-H well to-date. Such results, together with the successful re-entry of the Chittim F-1H well, demonstrate we can successfully develop oil production from the Eagle Ford formation on the Maverick County Project. This creates a significant new opportunity for the Company.”
BBTLP is currently finalizing drilling plans and budgets to move aggressively forward in the Eagle Ford Shale and evaluate other high potential formations including the Buda Limestone, the Pearsall Shale, Glenrose, and Georgetown formations on the Maverick County Project.
About the Maverick County Project
BBTLP has the right to acquire, through a farm out agreement, a 50% working interest in the Maverick County Project, which comprises certain oil and gas leases covering approximately 147,000 net mineral acres in South Texas. The acreage includes potential reserves in the newly emerging Pearsall Shale Trend as well as the Eagle Ford Shale, Buda Limestone and several other intervals of Cretaceous age formations which have been proven productive on a regional basis
About Terrace Energy
Terrace is an oil & gas development stage company that is focused on unconventional oil extraction in onshore areas of the United States. Terrace holds, indirectly, a 50% partnership interest in BBTLP as well as varying working interests, through its operating subsidiaries, in other projects in South Texas.
ON BEHALF OF THE BOARD OF DIRECTORS
Dave Gibbs, CEO
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NexGen Energy Ltd.: Rook I Aerial Survey Identifies 5 Zones of Elevated U-Channel Radiometrics
NexGen Energy Ltd. (TSX-V:NXE) (“NexGen” or “the Company”) is pleased to announce initial results from the recently acquired aerial geophysical surveys along its southern Athabasca Basin margins, at the Rook and Dufferin areas (see Fig 1-5).
- At least 5 individual zones of elevated U-channel radiometrics have been identified along the Rook I claim block area (see Fig 1).
- Two of these zones are proximal to the area at Rook I drilled during the summer 2013 program, (see Fig 2 – U1 and U2). U1 and U2 are areas of focus for the upcoming winter drilling program commencing in January 2014.
- Regional and local basement structures are evident in the aeromagnetic data.
- Ground follow up of the U-channel zones is planned for next summer season to identify the sources of the elevated radiometrics. This will involve detailed ground radiometric surveys, and boulder mapping and sampling.
Leigh Curyer, President and CEO states, “Further detailed interpretation is ongoing with the data being integrated with the summer 2013 drill program results. We have the most dominant land position along the shallower sections of the south-western edge of the Athabasca Basin with multiple areas of exploration focus. We are well capitalized, and look forward to finalizing our exploration strategy at Rook I for 2014, which will incorporate following up on specific mineralized drill holes together with existing geophysical targets best accessible during the winter.”
Key Survey Information
The high sensitivity aeromagnetic, VLF-EM, and radiometric surveys were performed by Goldak Airborne Surveys (Goldak) on behalf of NexGen between June 20 and July 17, 2013. Seventeen flights, including calibrations and reflights, were required to complete the survey blocks. A total of 5,772 line kilometres of high resolution magnetic, VLF and radiometric data were collected, processed and plotted. The traverse lines were flown 117 degrees /307 degrees on a spacing of 200 metres, with perpendicular control lines flown at a separation of 2000 metres, and a nominal 120 metres mean terrain clearance. Data is being interpreted by Koch Geophysical Consultants of Saskatoon.
The Rook block survey covered claims in the Rook 1, Bishop 1, Bishop 2, and parts of R-Seven and Meanwell groups. The Dufferin survey covered claims in the Dufferin and Sandhill Lake groups.
For each area, the magnetic results are assisting in interpretation of the basement lithologies and structures. The 4-channel radiometric data (total count, uranium, thorium, and potassium channels) are being interpreted to assist in discovery of radioactive boulder trains which may exist in the region. The outcropping and subcropping uraniferous boulder trains at Fission/Alpha’s Patterson Lake South project are detectable by detailed aeroradiometric survey.
Detailed interpretation is ongoing, and ground follow-up is planned. The interpreted data will be additional to that obtained from the current summer drilling program at Rook 1, and will be invaluable in planning the proposed winter drilling programs.
For both survey blocks, maps shown include the total magnetic intensity (TMI) data, and the combined ternary radiometric data incorporating responses from the uranium, thorium, and potassium channels. Readers need to be aware that magnetic orientations and radiometric responses may result from a range of mineral concentrations within the overlying glacial cover sequence, rather than from basement lithologies and structures. Detailed ground examination is required.
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Andrew Browne, FAusIMM(CP), NexGen’s Vice President, Exploration & Development, is a “qualified person” for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and has reviewed and approved the contents of this news release.
NexGen is a British Columbia corporation with a focus on the acquisition, exploration and development of Canadian uranium projects. NexGen has a highly experienced team of exploration professionals with a track record in the discovery of unconformity-style uranium deposits in Canada.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Generally, but not always, forward looking information is identifiable by the use of words such as “will” and planned” and similar expressions. Forward-looking information is based on the then current expectations, beliefs, assumptions, estimates and forecasts about the Company’s business and the industry and markets in which it operates. Such information is not a guarantee of future performance and undue reliance should not be placed on forward-looking information. Assumptions and factors underlying the Company’s expectations regarding forward-looking information contained herein include, among others: that general business and economic conditions will not change in a material adverse manner; that financing will be available if and when needed on reasonable terms; that the Company’s current exploration activities can be achieved and that its other corporate activities will proceed as expected; that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. Further, mineralization on properties held by third parties adjacent to NexGen’s properties (including Patterson Lake South) are not necessarily indicative of mineralization on NexGen’s properties.
Although the assumptions made by the Company in providing forward looking information are considered reasonable by management at the time the forward-looking information is given, there can be no assurance that such assumptions will prove to be accurate. Forward-looking information also involves known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information, including, among others: risks related to the availability of financing on commercially reasonable terms and the expected use of the proceeds; changes in the market; potential downturns in economic conditions; industry conditions; actual results of exploration activities being different than anticipated; changes in exploration programs based upon results of exploration; future prices of metal; availability of third party contractors; availability of equipment and supplies; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks; changes in laws and regulations; community relations; and delays in obtaining governmental or other approvals or financing. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. NexGen undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
The TSXV has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
|November 19, 2013 – Troymet Exploration Corp. (TSXV:TYE) (“Troymet”) announced today that it has entered into an asset sale agreement (the “Sale Agreement”) with respect to the sale of Troymet’s 100% interest in the Key Property in British Columbia to New Gold Inc. (“New Gold”) (the “Proposed Transaction”).Pursuant to the Proposed Transaction, Troymet will sell its 100% interest in the Key Property, along with associated technical information and permits, for a purchase price of $2,000,000 cash. Troymet will also be granted a 2% net smelter returns royalty (“NSR Royalty”) on the Key Property, of which 1% (reducing the NSR Royalty from 2% to 1%) can be purchased by New Gold for $2,000,000 cash. In addition, pursuant to the Sale Agreement, New Gold has committed to spend $1,500,000 on the Key Property, with a minimum of $500,000 of expenditures on or before December 31, 2014 and the balance of $1,000,000 of expenditures on or before December 31, 2018, subject to certain conditions.
The completion of the Proposed Transaction is subject to a number of conditions including, approval of the TSX Venture Exchange. The closing of the sale is expected to occur in early December 2013.
Dr. Kieran Downes, President of Troymet, stated, “We are very pleased to have entered into this agreement with New Gold, which is continuing to advance the Blackwater gold deposit and is the dominant player in the emerging Blackwater district. We anticipate that exploration and development of the Key Property will continue to advance under New Gold’s direction and the 2% NSR retained by Troymet will ensure significant benefit to shareholders in the event of a commercial discovery. The sale of the Key Property puts Troymet in a strong financial position to advance its 100% owned Golden Eagle project, and to pursue other high impact mineral projects.”
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo.
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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 news release.
This press release may contain certain forward-looking information. In particular, this press release contains forward-looking information in respect of the Proposed Transaction, the use of proceeds from the Proposed Transaction and the potential development of the Key project. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and that actual results and future events could differ materially from those anticipated in such information. This forward-looking information reflects Troymet’s current beliefs and is based on information currently available to Troymet and on assumptions Troymet believes are reasonable. These assumptions include, but are not limited to, the ability of Troymet to fulfil conditions in the Sale Agreement, (including obtaining third party approvals), anticipated exploration costs and results of Troymet’s projects (including the Key project upon completion of the Proposed Transaction) and exploration and development of Troymet’s projects (including the Key project upon completion of the Proposed Transaction), other costs and expenses of Troymet and possible financing scenarios for future exploration and development by Troymet. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Troymet to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: difficulty in obtaining third party approvals for the Proposed Transaction, the early stage development of Troymet and its projects; general business, economic, competitive, political and social uncertainties; commodity prices; the actual results of current exploration and development or operational activities; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting Troymet; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. A description of other assumptions used to develop such forward-looking information and a description of other risk factors that may cause actual results to differ materially from forward-looking information may be found in Troymet’s disclosure documents on the SEDAR website at www.sedar.com. Troymet does not undertake to update any forward-looking information except in accordance with applicable securities laws.