TORONTO, ONTARIO--(Marketwire - Oct. 15, 2012) - Further to its press release of July 3 and August 22, 2012, Nitinat Minerals Corporation (TSX VENTURE:NZZ) ("Nitinat") is pleased to announce that it has received approval from the TSX Venture Exchange for its acquisition of all of the issued and outstanding securities in the capital of Taman Petroleum Corporation ("Taman"). For complete details regarding the acquisition of Taman, please refer to Nitinat's earlier press releases.
In order to complete the acquisition, Taman will be calling a special meeting of shareholders to approve the transaction. It is expected that the special meeting of Taman shareholders shall occur on or before October 26, 2012. The closing of the acquisition will occur shortly after the shareholders' meeting provided that Taman receives the requisite approval from its shareholders.
FOR THE PURPOSE OF PROVIDING INFORMATION RELATING TO THE TEMRYUK OIL & GAS EXPLORATION-EXPLOITATION LICENCE, THE CORPORATION IS RELYING ON HISTORICAL INFORMATION. ALL INFORMATION PERTAINING TO THE TEMRYUK OIL & GAS EXPLORATION-EXPLOITATION LICENCE WAS DERIVED FROM HISTORICAL GEOLOGICAL REPORTS AND HAS NOT BEEN VERIFIED.
Taman, a private Alberta Canada company, owns 8% of the South Temryuk Oil & Gas Exploration-Exploitation Licence located in the mature Azov-Kuban petroleum region of southwest Russia (the "Project"). Taman owns its interest in the Project through its 8% interest in Techniton LLC, a Russian private company, which owns 100% of the Project; covering an estimated 4,000 hectares. Taman, via its interest in Techniton has a formal participation, option and purchase agreement to govern the option and rights to revenues from the production from the Project. Taman has a right to earn an additional 20% of the Project by purchasing an additional 20% equity interest in Techniton for an aggregate purchase price of $2 million or $1 million for each 10% allotment. To date, Taman has paid an aggregate of $250,000 to Techniton for the purchase of the first additional 10% equity interest in Techniton.
The Project is situated four kilometres south of the community of Temryuk (Krasnodar Krai Russia), located between the Black Sea and the Sea of Azov. The Azov-Kuban petroleum basin region is a mature oil and gas producing region with ready access to both pipelines and ocean tankers. The South Temryuk license is sandwiched between two mature producing oilfields, the Kurchanskoye and the Strelchanskoye; controlled by the major petroleum company Rosneft. Reports indicate that estimated historical production from Kurchanskoye is 80 million barrels (mmb) of oil and 170 billion cubic feet (bcf) of natural gas, while Strelchanskoye production estimates are 30 mmb oil and 30 bcf natural gas.
In March 2008, well 'ST-1' was drilled on the Project to a depth of 3,840 metres, targeting priority geophysical anomalies which are the projected equivalents to regional production horizons. The well confirmed the presence of the main Sarmat oil horizon and also discovered the deeper Chokrak gas condensate horizon. Proposed near term work will re-evaluate well ST-1. Additionally, the Project has a number of other untested geological-geophysical targets which offer future exploration targets.
Azov-Kuban Petroleum Basin
The Azov-Kuban Petroleum Basin encompasses about 161,000 square kilometers northeast of the Black Sea, in both southeast Ukraine and southwest Russia. In June 2011, the U.S. Geological Survey, using a geology-based assessment methodology, estimated mean volumes of technically recoverable, conventional, undiscovered petroleum resources at 218 million barrels of crude oil, 4.1 trillion cubic feet of natural gas, and 94 million barrels of natural gas liquids for the Azov-Kuban Basin (USGS Fact Sheet 2011-3052). Note that this estimate is for the basin as a whole and does not address the economic recoverability of these estimated resources.
This update contains "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward looking statements can be identified by the use of forward looking terminology such as "plans", "anticipated", "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 state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Nitinat is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward looking statements contained in this release. Nitinat cannot assure investors that actual results will be consistent with these forward looking statements and Nitinat assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.