|By Marketwired .||
|July 24, 2014 01:19 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/24/14 -- Super Nova Petroleum Corp., (CSE: SNP)(PINKSHEETS: SNOVF) (the "Company" or "Super Nova" or "SNP") reports that an agreement has been reached with Augusta Exploration LLC ("Augusta") of Montana, for Super Nova to participate in a southern Alberta Bakken Play oil and gas test well.
Augusta is a Montana based oil and gas firm, owned by Summit Exploration LLC, led by Kory McGavin and North-Dakota Development LLC, led by Robert Gavin & Daniel Hogan.
The well is to be drilled on the same well site as the Krone Shell well drilled in 1962 in Section 32 of Township 18N Range 5W. Our observation is that the Krone Shell well logs have similar data to several Elm Coulee logs; these wells have produced commercially viable hydrocarbons.
The Company will earn a 20% working interest in this well by issuing 7,000,000 common shares and 5,000,000 warrants exercisable at $0.10/share for the first year and $0.15/share for the second year. The common shares and warrants will be escrowed and turned over once the well has been drilled and the Bakken formation has been logged and cored. 50% will go to Summit Exploration LLC and the remaining 50% will go to North-Dakota Development LLC.
This well will be drilled, financed and operated by Augusta Exploration LLC. The Krone Shell well is located in Lewis & Clark County in Northwest Montana on the Bakken Fairway, approximately 3 miles Southwest of the Company's 12,000 acre farm-in lands and 100% owned Milford -East lands. The well will be logged and cored to test the Bakken formation expected at 7,000 ft. vertical and the shallow Eagle/Virgelle formation will be tested for natural gas expected to be at 1,400-3,000 ft. of vertical depth. Augusta Exploration will apply for all required approvals from Montana Board of Oil and Gas, along with the bonding requirements immediately post regulatory approvals.
In the event commercial Hydrocarbons are encountered in this well, confidence of discovery of commercial hydrocarbons on the nearby company's land position will increase significantly. Kory McGavin, CEO of Summit Exploration LLC, and Marcus Miller, COO of Summit Exploration and Co-Manager of Augusta Exploration, have expressed their enthusiasm of combining the talent of our companies for this joint venture.
Southern Alberta Bakken Play and Krone Shell Well:
The Bakken oil boom began with Elm Coulee oilfield on the Eastern side of Montana in 2000, when Lyco Energy Resources re-entered nine old wells and completed them in the Bakken formation. In 2006, the Parshall oilfield in North Dakota was discovered by observing an old well log in that area that had Bakken formation which looked very similar to the Elm Coulee logs. North Dakota has since produced 813 MM barrels of oil from the Bakken formation through December of 2013.
The emerging Alberta Bakken play extends from Canada down through the Western side of Montana to where the company has its leased lands. The prolific Williston Basin Bakken play was the Eastern side of a shallow sea. The currently emerging Alberta Basin Bakken play was the Western side of that same sea.
The Shell Krone well was drilled in 1962, before the so called Shale Revolution of the last decade. Thus, while encountered and logged in 1962 by Shell, the Bakken formation was simply ignored then, despite cuttings of the rock showing oil. With the application of modern drilling and completion techniques, the upcoming well may prove the viability of the Southern portion of the Alberta Bakken play.
A few key attributes of the Krone Shell Well:
-- The Bakken is relatively shallow here. In the Krone well, the Bakken is at 6,896 feet as compared to 9000 - 11,000 feet in the Williston Basin which we expect will translate to less expensive wells. -- In the Krone Shell well, 70 feet of Bakken formation was encountered with a well-developed middle member Sappington Formation that was 30 feet thick. These benchmarks compare favorably with the Williston Basin, where viable Bakken wells can have thickness in the range of 40 to 50 feet and middle member thickness of 10 to 15 feet. -- Resistivity of 400 ohms observed in the Krone Shell well indicates hydrocarbons. The Krone well is located in the prime thermal maturity zone, where Vitrinite Reflectance (Ro) is between 0.7% and 1.5%. This is where oil generation in the Bakken is at its highest level. -- The well site and surrounding acreage is largely gentle rolling hills and farmlands, easily accessible and serviced by highways. -- Northwest Energy gas pipeline is located approximately 10 miles to the Northwest from the Krone Shell Well, traversing Super Nova Milford East acreage. This nearby natural gas infrastructure is of utmost importance in the event that commercial gas is discovered.
Hydro carbons may not be discovered and if present they may not be commercially viable.
On behalf of the Board of Directors:
SUPER NOVA PETROLEUM CORP.
Wolf Wiese, CEO
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.
Super Nova Petroleum Corp.,
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).
Mar. 28, 2017 02:00 PM EDT Reads: 14,219
SYS-CON Events announced today that Auditwerx will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and atten...
Mar. 28, 2017 01:31 PM EDT
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
Mar. 28, 2017 01:15 PM EDT Reads: 1,576
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
Mar. 28, 2017 01:15 PM EDT Reads: 2,166
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
Mar. 28, 2017 12:45 PM EDT Reads: 3,101
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
Mar. 28, 2017 11:30 AM EDT Reads: 4,647
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Mar. 28, 2017 11:30 AM EDT Reads: 2,454
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Mar. 28, 2017 11:22 AM EDT Reads: 241
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buyers...
Mar. 28, 2017 11:00 AM EDT Reads: 3,679
Imagine having the ability to leverage all of your current technology and to be able to compose it into one resource pool. Now imagine, as your business grows, not having to deploy a complete new appliance to scale your infrastructure. Also imagine a true multi-cloud capability that allows live migration without any modification between cloud environments regardless of whether that cloud is your private cloud or your public AWS, Azure or Google instance. Now think of a world that is not locked i...
Mar. 28, 2017 10:54 AM EDT Reads: 237
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
Mar. 28, 2017 10:45 AM EDT Reads: 3,275
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to m...
Mar. 28, 2017 10:21 AM EDT Reads: 232
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Mar. 28, 2017 10:15 AM EDT Reads: 1,541
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Mar. 28, 2017 10:00 AM EDT Reads: 1,523
SYS-CON Events announced today that SD Times | BZ Media has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. BZ Media LLC is a high-tech media company that produces technical conferences and expositions, and publishes a magazine, newsletters and websites in the software development, SharePoint, mobile development and commercial UAV markets.
Mar. 28, 2017 09:45 AM EDT Reads: 4,417