|By PR Newswire||
|April 11, 2014 06:42 PM EDT||
BROSSARD, QC, April 11, 2014 /CNW Telbec/ - Ressources & Énergie Squatex Inc. ("Squatex" or "The Company") and their partner Petrolympic Ltd. ("Petrolympic") (TSXV: PCQ) are pleased to announce the results of an independent resource evaluation carried out by Sproule Associates Limited ("Sproule") on a structure drilled on their joint venture property in the Lower St. Lawrence area (the "Property") located in the Appalachian Basin of Quebec. Squatex holds an interest in 656 093 hectares (1 621 241 acres) of the Property of which it is the operator, through its joint-venture with Petrolympic.
The results of this independent evaluation (as shown in Table 1 below) are based on the data gathered when drilling the Massé No.1 core hole. The results of the evaluation builds on the data released by Squatex in it's press release dated November 15, 2013 (filed on www.sedar.com). Paul Laroche, Chief Geologist with Squatex provides the following comments: "The well revealed a reservoir hosted in the Silurian Sayabec Formation and consisting of a 10 meter-thick interval of hydrothermally dolomitized limestone with high porosity and permeability values up to 20.8% and 1624 mD, respectively (as shown in Table 2 below). Contrary to shale gas, these types of reservoirs do not require hydraulic fracturation. The analysis of the gas charge of the reservoir indicated it is composed of 89% methane and devoid from hydrogen sulfide."
Jean-Claude Caron, President and CEO of Squatex draws a comparison between the Property and St. Flavien reservoir in the St. Lawrence Lowlands - one of the only two reservoirs that have produced natural gas in economic quantities in Quebec: "The parameters reported from Massé No.1 core hole are similar to St. Flavien reservoir, which is also hosted in hydrothermally dolomitized limestone with thickness varying between 1 and 8 meters, porosity values ranging from 2.5-10% (average between 3-5%). St. Flavien reservoir has produced 5.7BCFG prior to being converted into an underground gas storage facility that is still in operation since 1998."
The results obtained by Squatex and Petrolympic in the Lower St. Lawrence are encouraging and present additional opportunities since the evaluation is focused on only one of the three hydrocarbon-bearing zones identified in the well. Furthermore, several seismic anomalies with characteristics similar to Massé No.1 core hole have also been highlighted by the proprietary seismic data within the limits of the Property. This is not included in the Sproule resource evaluation and presents significant upside to the potential of the Property, further validating the pioneering efforts of Squatex and Petrolympic in exploring the potential of the area.
Squatex and their partner Petrolympic are now designing a drilling program to validate the potential of the Massé Structure, and are preparing an exploration program to further document and test other prospective structures identified within the Property."The timing is right for demonstrating the producibility of a natural gas conventional reservoir in the Lower St. Lawrence, since economic growth in the area will be likely stimulated by the recent election of a majority government in the province, and clean energy sources will be in high demand on close local markets", says Mendel Ekstein, President and CEO of Petrolympic.
Table 1: Results of the resource evaluation as presented in Sproule's report.
Summary of Project Gross Unrisked Undiscovered Unrecoverable Gas Initially-in-Place (GIIP)
Sayabec Formation of the Massé Structure, Lower St. Lawrence Area, Québec, Canada1,2
Estimated by Sproule Associates Limited, As of February 28, 2014
|1.||Undiscovered Petroleum Initially-in-place (equivalent to undiscovered resources) is the quantity of petroleum that is estimated, on a given date, to be contained in accumulations yet to be discovered. The recoverable portion of undiscovered petroleum initially in place is referred to as "prospective resources", the remainder as "unrecoverable". Only the in-place volumes are presented here as a development project to recover any hydrocarbons discovered has not been defined. There is no certainty that any portion of these unrisked undiscovered GIIP will be discovered and, if discovered, there is no certainty that it will be developed or, if it is developed, there is no certainty as to either the timing of such development or whether it will be commercially viable to produce any portion of these resources.|
|2.||These are the project gross unrisked undiscovered petroleum initially in place volumes (i.e. 100% project gross) estimated for the Sayabec Formation of the Massé Structure without any adjustments for working interest and before deduction of any royalties.|
|3.||"BCF" is billions of cubic feet, "MMboe" is millions of barrels of oil equivalent.|
|4.||Low Estimate is considered to be a conservative estimate of the quantity that will actually be in-place. It is likely that the actual remaining quantities in-place will exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the quantities actually in-place will equal or exceed the low estimate.|
|5.||Best Estimate is considered to be the best estimate of the quantity that will actually be in-place. It is equally likely that the actual remaining quantities in-place will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually in-place will equal or exceed the best estimate.|
|6.||High Estimate is considered to be an optimistic estimate of the quantity that will actually be in-place. It is unlikely that the actual remaining quantities in-place will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually in-place will equal or exceed the high estimate.|
|7.||Statistical aggregation is the process of probabilistically aggregating distributions that represent estimates of resource quantities at the reservoir, prospect, or portfolio level. Arithmetic summation and statistical aggregation of the means yield similar results. Arithmetic summation of the Low Estimate, Best Estimate and High Estimate are not statistically appropriate. Both the statistical and arithmetic summation of the unrisked prospects may be misleading because it assumes success for each of the prospect entities. The chance of this occurring is extremely unlikely. Actual recovery is likely to be less and may be zero.|
Table 2: Core laboratory analyses from the Massé No.1 core hole, as reviewed by Sproule and used as input parameters in the resource evaluation.
|SQUATEX RESSOURCE ET ENERGIE SQUATEX MASSE #1||File No. : 52131-13-0145|
|Field :||Formation :||Date : 2013-07-26|
|Province : QUEBEC||Coring equip :||Analysts : DJB|
|License :||Coring fluid : WATER BASE MUD||Core Dia : 48 mm|
|CORE ANALYSIS RESULTS|
|FD 1||1845.2||0.11||0.02||0.01||<0.01||0.037||2710||2810.||dol i ppv sv mv|
|FD 2||1847.1||0.07||1624.||1584.||<0.01||0.208||2220||2800.||dol i ppv sv|
|FD 3||1848.0||0.09||0.01||0.01||<0.01||0.013||2780||2810.||dol i sv|
|FD 4||1856.0||0.05||0.06||0.02||0.02||0.007||2640||2660.||ss vf f vfrac|
|FD 5||1873.5||0.04||<0.01||<0.01||<0.01||0.002||2640||2640.||ss vf f|
|Results of five core sample analyses for the Massé # 1 well. The Company determined an average porosity estimate of 4,1% for the dolomitized zone of interest using results from Samples FD-1 (1,845.2 m; 3,7%), FD-2 (1,847.1 m; 20,8%), and FD-3 (1,848.0 m;1,3%). A porosity of 4,1% over a net pay thickness of 5 m (4,7m = ~3%; 0,3 m = 20,8%) is a mathematical average that assumes the Massé # 1 well is representative of the average petrophysical characteristics for the entire Massé Structure -which in reality is likely not the case (Estimation du Gaz en Place - Structure Massé, September 2013).|
About Ressources & Energie Squatex
Ressources & Energie Squatex is an oil and gas exploration company created in on April 12, 2002 under the Canada Business Corporation Act having its main office located at 7055, Boul. Taschereau, suite 500, Brossard (Québec) J4Z 1A7. Squatex is a reporting issuer only in the province of Québec. Its shares are not traded in any formally organized stock exchange market. The main objective of the company is, as the operator, to carry out exploration work in order to evaluate the oil and gas potential of a territory under leases covering 656 093 Ha. Squatex owns in the St. Lawrence Lowlands a 70% interest over 217 370 Ha under a joint venture agreement with Petrolympic Ltd (TSXV: PCQ) and a 28% interest over 8000 Ha that were farmed out to Canbriam Energy Inc. Squatex also owns a 70% interest over 431 339 Ha in the Lower St. Lawrence under its joint operation agreement with Petrolympic Ltd.
About Petrolympic Ltd.
Petrolympic Ltd. is a Canadian junior oil and gas company actively exploring for premium light crude oil and natural gas in North America. The Company is presently focused on its near-term oilproduction asset in the prolific Maverick Basin of Texas, USA. The Company also holds an interest in a total of 754,216 hectares (1,863,668 acres) of oil and gas exploration permits in the Appalachian Basin of Quebec that include holdings in the St. Lawrence Lowlands and Gaspe Peninsula. The Company's holdings in the St. Lawrence Lowlands consist of a 30% interest in 217,370 hectares (536,941 acres) through a joint venture with Squatex Energy and Resources Inc. ("Squatex"), a 12% interest in 8,000 hectares (19,768 acres) through the Farmout Agreement with Canbriam Energy Inc., and a 100% interest in 56,622 hectares (139,913 acres) located over the Lowlands shallow carbonates platform on the south shore of the St. Lawrence River, less than 30 kilometers southwest of Montreal. These properties represent a major position in the Utica Lorraine and Trenton-Black River Plays. Petrolympic also maintains holdings in the Gaspé and Lower St. Lawrence regions, including a 30% interest in 431,339 hectares (1,065,839 acres) through a joint venture with Squatex and a 100% interest in a block of exploration permits totalling 40,885 hectares (101,029 acres) located between Rimouski and Matane prospective for hydrothermal dolomite hosted light oil.
Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of Squatex and carry known and unknown risks, uncertainties and other factors that may appreciably affect their results, economic performance or accomplishments when considered in light of the content or implications or statements made by Squatex. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Squatex does not intend and undertakes no obligation to update these forward-looking statements.
SOURCE Ressource et énergie Squatex
"eFolder does a lot of different things but we protect data and we are focused on protecting data no matter where it resides," explained Carlo Tapia, Product Marketing Manager at eFolder, in this SYS-CON.tv interview at Cloud Expo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 1, 2015 04:00 PM EST
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Dec. 1, 2015 04:00 PM EST Reads: 506
Cloud computing is unquestionably one of the driving forces of DevOps, as the automation of operations transforms enterprise software development. DevOps, however, is more than a technology trend, as it represents a move toward silo-busting, self-organizing horizontal teams that drive business velocity. At the same time, enterprise Digital Transformation represents an upheaval across the enterprise, as customer preferences and behavior drive enterprise technology decisions. This transformation ...
Dec. 1, 2015 03:45 PM EST
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Dec. 1, 2015 03:00 PM EST Reads: 385
Most of the IoT Gateway scenarios involve collecting data from machines/processing and pushing data upstream to cloud for further analytics. The gateway hardware varies from Raspberry Pi to Industrial PCs. The document states the process of allowing deploying polyglot data pipelining software with the clear notion of supporting immutability. In his session at @ThingsExpo, Shashank Jain, a development architect for SAP Labs, discussed the objective, which is to automate the IoT deployment proces...
Dec. 1, 2015 03:00 PM EST Reads: 146
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
Dec. 1, 2015 02:45 PM EST Reads: 448
In demand-intensive mobile and web applications, an emerging pattern is to host the Systems of Engagement in the cloud (for maximum responsiveness) but keep the Systems of Record with the other important business systems in the company datacenter, often on a tightly secured mainframe. But what about the space in between? In this IBM Redpaper publication, we show that the IBM Bluemix cloud platform offers technologies that make it easy for cloud-based SoEs to securely connect to on-premises IBM...
Dec. 1, 2015 02:45 PM EST
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
Dec. 1, 2015 02:15 PM EST Reads: 451
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Dec. 1, 2015 02:00 PM EST Reads: 549
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Dec. 1, 2015 01:45 PM EST Reads: 358
OpsHub, Inc. has announced enhanced support for DevOps and Migration for both Team Foundation Server and Visual Studio On-line in a heterogeneous environment. With added support for build and release entities in OpsHub Integration Manager (OIM) Microsoft customers can now leverage Visual Studio build and release services to manage DevOps processes in a heterogeneous environment. With the enhanced support customers can manage the DevOps process in Team Foundation Server while undertaking activit...
Dec. 1, 2015 01:42 PM EST
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Dec. 1, 2015 01:15 PM EST Reads: 310
SYS-CON Events announced today that Catchpoint, a global leader in monitoring, and testing the performance of online applications, has been named "Silver Sponsor" of DevOps Summit New York, which will take place on June 7-9, 2016 at the Javits Center in New York City. Catchpoint radically transforms the way businesses manage, monitor, and test the performance of online applications. Truly understand and improve user experience with clear visibility into complex, distributed online systems.Founde...
Dec. 1, 2015 12:15 PM EST
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
Dec. 1, 2015 12:00 PM EST Reads: 311
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
Dec. 1, 2015 12:00 PM EST Reads: 234