Welcome!

News Feed Item

Super Nova Petroleum Corp. Increases Financing from $420,000 to $600,000

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/16/14 -- Wolf Wiese, President of Super Nova Petroleum Corporation, (CSE:SNP)(PINKSHEETS:SNOVF) (the "Company" or "Super Nova"), www.SuperNovaMinerals.com, would like to update Shareholders on several developments regarding the current capital raise as well as oilfield operations.

FINANCING-

The company has closed the first tranche of a non-brokered private placement of $224,398.00 consisting of 3,739,966 units made up of one $0.06 common share and one whole warrant to purchase a common share of the company at $0.075. $0.10 and $0.125 over years 1 through 3 respectively. The proceeds will be used for working capital and re-entering the Company's McAfee well located in Frio County, Texas. The company now intends on increasing the previously announced $420,000 private placement to $600,000 in order to fully complete this well work-over to completion.

FIELD OPERATIONS-

McAfee Project, Frio County, Texas:

In the beginning of April the company's operator Core 54 Oil and Gas LLC completed clearing the well site pad area, the tank battery and jack has been painted, and the production facility has been fenced. The well was re-entered to remove all caving that has occurred below the casing at a depth of 6,686 feet. The company and its partner spent roughly $150,000 on this work which should dramatically reduce the overall completion costs.

Total probable developed light oil reserves of 90 MSTB have been estimated for the B2 Zone, possible incremental reserves of 125 MSTB have been estimated for the B2 member of the McAfee well.

In the probable case it is estimated that production will commence at 741 STB/d and average 137 STB/d over the first year In the probable plus possible case it is anticipated that production will commence at 1288STB/d and average 238STB/d over the first year. The Company will acquire a 90% working interest in the above mentioned reserves by paying the costs of the re-drill, which will revert to a 50% working interest after project payout.

Once this additional financing is closed, the company intends to start the new drilling to total depth (TD) of approximately 7,000 feet and then drill horizontally through the B2 zone.

Milford Colony Project, Lewis and Clark County, Montana:

Upon successfully achieving production on the McAfee Well, the company will re-mobilize their driller, Faith Drilling, to the Milford Colony 13-11 well. Last summer this well was permitted, site prepped and drilled / cased to 880 ft. The well located on the Alberta-Bakken Fairway in Lewis and Clark County.

The company has received a best estimate N.I. 51-101 compliant of 18 Bcf of prospective natural gas on this property at 2500 ft. in the pervasive Eagle Sands. Best and worst case scenarios on prospective gas are valued at $368,000,000 and $9,000,000 respectively. There is a pipeline adjacent to the property with excess capacity to potentially sell gas into. (THE MILLFORD COLONY PROSPECTIVE GAS RESOURCE MAY NOT BE DISCOVERED AND IF DISCOVERED THE RESOURCES MAY NOT BE ECONOMICAL.).

Based on discussions with the company's driller, it is estimated that the cost of drilling, casing, perforating and testing the Eagle formation in the partially completed Milford 13-11 well will cost approximately $150,000. The Company feels it will be able to fund this first well and possible subsequent wells in Montana with cash-flow produced from the McAfee project.

The company is still encouraged by the potential to test the Bakken formation for oil reservoirs below this shallow gas at roughly 8,800 feet.

DIGITAL UPDATES-

All current and prospective Shareholders are encouraged to visit the Company's website at www.SuperNovaMinerals.com to view the two new presentations on the company and its projects.

Over the coming days and weeks the company will be updating the website to include much more information as well as an e-newsletter signup-interested parties are encouraged to check back for these important updates.

On behalf of the Board of Directors:

SUPER NOVA PETROLEUM CORP.

Wolf Wiese, President

THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. NEITHER CSE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS DOCUMENT CONTAINS CERTAIN FORWARD LOOKING STATEMENTS WHICH INVOLVE KNOWN AND UNKNOWN RISKS, DELAYS, AND UNCERTAINTIES NOT UNDER THE COMPANY'S CONTROL WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE RESULTS, PERFORMANCE, OR ACHIEVEMENTS IMPLIED BY THESE FORWARD LOOKING STATEMENTS. WE SEEK SAFE HARBOR.

Contacts:
Super Nova Petroleum Corporation
Wolf Wiese
President
604-221-8936
[email protected]

Super Nova Petroleum Corporation
Tyler Troup
VP Corporate Development
866-865-2780
[email protected]
www.SuperNovaMinerals.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
Digital Transformation (DX) is not a "one-size-fits all" strategy. Each organization needs to develop its own unique, long-term DX plan. It must do so by realizing that we now live in a data-driven age, and that technologies such as Cloud Computing, Big Data, the IoT, Cognitive Computing, and Blockchain are only tools. In her general session at 21st Cloud Expo, Rebecca Wanta explained how the strategy must focus on DX and include a commitment from top management to create great IT jobs, monitor ...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
Cloud Expo | DXWorld Expo have announced the conference tracks for Cloud Expo 2018. Cloud Expo will be held June 5-7, 2018, at the Javits Center in New York City, and November 6-8, 2018, at the Santa Clara Convention Center, Santa Clara, CA. Digital Transformation (DX) is a major focus with the introduction of DX Expo within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive ov...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
You know you need the cloud, but you're hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You're looking at private cloud solutions based on hyperconverged infrastructure, but you're concerned with the limits inherent in those technologies. What do you do?
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams. In his session at 22nd Cloud Expo | DXWorld Expo, Daniel Jones, CTO of EngineerBetter, will answer: How can we improve willpower and decrease technical debt? Is the present bias real? How can we turn it to our advantage? Can you increase a team’s effective IQ? How do DevOps & Product Teams increase empathy, and what impact does empath...
"I focus on what we are calling CAST Highlight, which is our SaaS application portfolio analysis tool. It is an extremely lightweight tool that can integrate with pretty much any build process right now," explained Andrew Siegmund, Application Migration Specialist for CAST, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.