|By Marketwired .||
|April 16, 2014 02:32 PM EDT||
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.
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.
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.
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.
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).
Nov. 26, 2015 09:00 AM EST Reads: 471
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).
Nov. 26, 2015 08:45 AM EST Reads: 260
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...
Nov. 26, 2015 08:30 AM EST Reads: 182
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...
Nov. 26, 2015 06:45 AM EST Reads: 391
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...
Nov. 26, 2015 06:15 AM EST Reads: 298
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Nov. 26, 2015 06:00 AM EST Reads: 350
Continuous processes around the development and deployment of applications are both impacted by -- and a benefit to -- the Internet of Things trend. To help better understand the relationship between DevOps and a plethora of new end-devices and data please welcome Gary Gruver, consultant, author and a former IT executive who has led many large-scale IT transformation projects, and John Jeremiah, Technology Evangelist at Hewlett Packard Enterprise (HPE), on Twitter at @j_jeremiah. The discussion...
Nov. 26, 2015 03:45 AM EST Reads: 691
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Nov. 26, 2015 03:00 AM EST Reads: 303
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 ...
Nov. 26, 2015 02:00 AM EST Reads: 187
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound...
Nov. 26, 2015 01:30 AM EST Reads: 432
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facin...
Nov. 26, 2015 01:00 AM EST Reads: 435
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true ...
Nov. 26, 2015 12:00 AM EST Reads: 486
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company Logz.io. In the past, he was co-founder of social-trading platform Currensee, which...
Nov. 26, 2015 12:00 AM EST Reads: 155
PubNub has announced the release of BLOCKS, a set of customizable microservices that give developers a simple way to add code and deploy features for realtime apps.PubNub BLOCKS executes business logic directly on the data streaming through PubNub’s network without splitting it off to an intermediary server controlled by the customer. This revolutionary approach streamlines app development, reduces endpoint-to-endpoint latency, and allows apps to better leverage the enormous scalability of PubNu...
Nov. 26, 2015 12:00 AM EST Reads: 282
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, San...
Nov. 26, 2015 12:00 AM EST Reads: 525