CALGARY, Canada--(BUSINESS WIRE)--Octagon 88 Resources, Inc. (OCTX) is pleased to announce the drilling operations of the first well announced March 11, 2013 has successfully reached a total depth of 500 meters - the coring operations have now begun.
The first of the 3 wells is located in the Manning area of the Peace River block of north-western Alberta. Octagon 88 and partners are targeting the Bluesky/Gething zone, an area known to be a consistent producer of conventional Heavy Oil by companies like Shell, Murphy, Baytex and Pennwest.
The cores will be tested in designated laboratories to confirm the properties of the sands, oil and cap rock, establishing the Bluesky/Gething well through laboratory analysis.
Thereafter extensive simulations are carried out for the best economic recovery rates with the different types of development appropriate to each of the projects.
In 2012 / 2013 Octagon 88 Resources, Inc. has acquired substantial light and conventional heavy oil assets in Northern Alberta. The acquired projects have been substantially de-risked which leads the company to emerge as a development stage oil and gas company as of January 22, 2013. The company’s intention is to grow shareholder value through mergers and acquisitions opportunities available to the company.
The current program schedule entails working with the operator of these properties to bring on production and cash flow through the company’s direct working interests, and indirect investments spread throughout the projects.
This press release contains forward-looking statements concerning future events and the Companies’ growth and business strategy. Words such as "expects," "will," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations on such words and similar expressions are intended to identify forward-looking statements. Although the Companies believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Forward looking statements in this press release include statements about our drilling development program. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the above mentioned Companies. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the timing and results of our 2013 drilling and development plan. Additional factors include increased expenses or unanticipated difficulties in drilling wells, actual production being less than our development tests, changes in the Companies business; competitive factors in the market(s) in which the Companies operate; risks associated with oil and gas operations in the United States; and other factors listed from time to time in the Companies’ filings with the Securities and Exchange Commission including the Company's Annual Reports on Form 10-K for the year and their recent Quarterly Reports on Form 10-Q. Both Companies expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Companies’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.