|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.
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Jul. 23, 2016 09:15 AM EDT Reads: 985
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Jul. 23, 2016 09:00 AM EDT Reads: 799
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jul. 23, 2016 09:00 AM EDT Reads: 1,907
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Jul. 23, 2016 08:30 AM EDT Reads: 638
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Jul. 23, 2016 08:15 AM EDT Reads: 1,426
Much of IT terminology is often misused and misapplied. Modernization and transformation are two such terms. They are often used interchangeably even though they mean different things and have very different connotations. Indeed, it is somewhat safe to assume that in IT any transformative effort is likely to also have a modernizing effect, and thus, we can see these as levels of improvement efforts. However, many businesses are being led to believe if they don’t transform now they risk becoming ...
Jul. 23, 2016 08:00 AM EDT Reads: 1,031
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Jul. 23, 2016 08:00 AM EDT Reads: 1,223
When building large, cloud-based applications that operate at a high scale, it’s important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. “Fly two mistakes high” is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Lee...
Jul. 23, 2016 08:00 AM EDT Reads: 1,215
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
Jul. 23, 2016 08:00 AM EDT Reads: 1,382
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Jul. 23, 2016 07:45 AM EDT Reads: 1,040
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Jul. 23, 2016 07:45 AM EDT Reads: 945
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Jul. 23, 2016 07:30 AM EDT Reads: 2,006
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jul. 23, 2016 07:15 AM EDT Reads: 1,831
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 23, 2016 07:15 AM EDT Reads: 1,768
"Avere Systems is a hybrid cloud solution provider. We have customers that want to use cloud storage and we have customers that want to take advantage of cloud compute," explained Rebecca Thompson, VP of Marketing at Avere Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 23, 2016 07:00 AM EDT Reads: 1,877