Super Nova Enters Into Option Agreement to Earn 90 Working Interest in McAfee Well Located in Pearsall Field Frio County, Texas
February 19, 2014 --
The McAfee Project is a multi-lateral horizontal re-entry oil drilling project, with a potential tremendous economic upside.
The McAfee Project is part of the major producing Austin Chalk Oil/Gas Trend. The Austin Chalk Trend has produced in excess of 200 million bo and 100 bcfg.
The McAfee Project is located in the Pearsall Field - the Pearsall Field was discovered in 1934 and oil production is approaching 75 million barrels.
The Pearsall Field was originally drilled with vertical wells until the mid to late 1980's. The Austin Chalk reservoir is considered a "fractured" reservoir, and oil production is dependent upon the amount of fracturing encountered. Note: after gathering data from numerous wells in the field, it was discovered that the fractures were near "vertical" - therefore, drilling a "horizontal" well would encounter more "fractures" and hence, a better productive well.
Recently, operators have been re-entering horizontal wells and drilling Austin Chalk reservoirs left behind from previous companies. The Pearsall Austin Chalk has four (4) major productive zones (see Austin Chalk Type Log”) a majority of operators only drilled horizontal in one (1) zone, prior to selling or abandoning the well. Analysis of numerous wells indicate most horizontal wells were drilled in the upper zones of the Austin Chalk Upper Austin Chalk, Austin Chalk B1, and Austin Chalk B2. http://media3.marketwire.com/docs/SNPimage1.pdf
The majority of the wells in the vicinity of the McAfee Project were drilled in the Austin Chalk B2 Zone (see "Production Map" and "HZ Well Schematics"). The Austin Chalk B2 Zone has been a prolific oil producer - production statistics from the numerous offset wells to the McAfee #1 well, indicate cumulative production of 56,000 - 245,000+ bo per well - and an average daily production rate of up to 150+ bo for the first three (3) years. http://media3.marketwire.com/docs/SNPimage2.pdf
The following are production statistics of three (3) direct offset wells to the McAfee Project:
- Basin 32648 Well
- IP = 962 bopd
- Produced 152,000+bo
- Fenn 31967 Well
- IP = 1071 bopd
- Produced 245,000+ bo
- Dale 32739 Well
- IP = 752 bopd
- Produced 123,000+ bo
The McAfee #1 well was only completed in the Austin Chalk B1 Zone and produced 24,000+ bo. Therefore, based on the production results of the surrounding Austin Chalk B2 Zone wells - the McAfee #1 well is a perfect opportunity to re-enter and horizontally drill the Austin Chalk B2 Zone
Based on the above production statistics - it would not be unreasonable to expect similar results for the McAfee #1 well.
The McAfee #1 well, also has the potential to drill another horizontal lateral, in the "lower Austin Chalk Zone, at later date, upon depletion of the Austin Chalk B2 Zone.
All information regarding historic production of the Pearsall Field in Frio County, Texas, were provided by the Texas Rail Road Commission (Regulators in Texas for all matters related to hydrocarbons.)
There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.
This news release was reviewed by Charles Chapman, P. Eng., of Chapman Petroleum Engineering Ltd.
On behalf of the Board of Directors:
SUPER NOVA MINERALS 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Super Nova Minerals Corp.
Mitteilung bermittelt durch IRW-Press.com. Fr den Inhalt ist der Aussender
Kostenloser Abdruck mit Quellenangabe erlaubt