CALGARY, ALBERTA--(Marketwire - Sept. 5, 2012) - Eaglewood Energy Inc. ("Eaglewood") (TSX VENTURE:EWD) is pleased to provide an update on the unitisation of the Stanley Hydrocarbon pool that encroaches into Eaglewood's Petroleum Prospecting License 259 in Papua New Guinea.
The Corporation acquired two 2D dip seismic lines over the western extent of the Stanley Field in April 2012. Following the interpretation of these lines and a review of data from wells drilled in Petroleum Retention Licence 4 (Joint Venture participants: Horizon Oil Ltd. ("Horizon"): Mitsubishi Corporation: Talisman Energy Inc.; ("Talisman")), Gaffney, Cline & Associates ("GCA"), an independent qualified reserves evaluator, prepared a resource estimate for the Corporation. While the in-place numbers are currently being reviewed by the Corporation, GCA did confirm an encroachment of the Stanley Field into PPL 259.
Following receipt of the GCA study, the Corporation received correspondence from the PNG Department of Petroleum and Energy ("DPE") advising that a Petroleum Development Licence ("PDL") application for the Stanley Field has been lodged by Horizon, the operator of PRL 4. This correspondence further advised that this PDL application will not be processed by the DPE until such time as the unitisation issue with the PPL 259 Joint Venture has been satisfactorily resolved. The Corporation has provided the PRL 4 Joint Venture with the GCA study and now awaits receipt of equivalent studies from the PRL 4 Joint Venture. This data will allow the Corporation to develop a complete picture of the Stanley Field, including resource volumes and classifications as well as the resultant equity position held by the PPL 259 Joint Venture.
CEO Brad Hurtubise commented "We are happy to be progressing with the unitisation and are pleased with the support we have received from the PNG Government. Given that both Talisman and Horizon have publicly announced Stanley Final Investment Decisions and the PRL 4 Joint Venture has already applied for a PDL, we hope to finalise unitisation in a timely manner and look forward to formalising our equity participation in the Stanley Field."
Eaglewood is a junior Canadian oil and gas exploration company that trades on the TSX Venture Exchange under the symbol "EWD".
This document may contain "forward-looking statements" within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and Eaglewood does not intend, and does not assume any obligation, to update these forward-looking statements, other than as required under Canadian securities legislation.
Forward-looking statements relate to future events or future performance and reflect management of Eaglewood's expectations or beliefs regarding future events. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Eaglewood to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of oil and gas; accidents, labour disputes and other risks of the oil and gas industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in Eaglewood's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. In particular, this press release contains forward-looking statements including, but are not limited to, statements with respect to the characteristics of the Stanley Field, the proposed unitisation of the Stanley field with PPL 259 and a potential equity participation by Eaglewood in such field. Although Eaglewood has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward looking statements.
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