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Odd... bought some of this and it was never printed in L2 now it shows up in my account holdings as being under the TSX-V. Can anyone enlighten me?
WYN DEVELOPMENTS REVIEWS PROPHET RIVER MISSISSIPPIAN SHUNDA FORMATION RESERVE ESTIMATES
Vancouver, British Columbia – May 13th, 2008 – Wyn Developments Inc. (“Wyn Developments” or the “Company”) reports that after an Alberta Securities Commission (ASC) review of the Company’s National Instrument 51-101 compliant Economic Evaluation of Certain Natural Gas Reserves and Prospective Land Holdings (dated January 31, 2007 and prepared by Reliance Engineering Group Ltd.), the ASC has informed the Company that in their interpretation, the drainage area applied to the Mississippian Shunda zone of the Prophet River d-60-E/94-G-15 well is overstated in the report and could be misleading to the investing public. Consequently, the Company advises the January 31, 2007 report (published September 18, 2007) may require adjustment and should not be relied upon at this time.
The ASC is concerned with the extent of the drainage area used in the volumetric determination of reserves for this single well Shunda Formation pool. The ASC utilizes the Alberta Energy and Utilities Board (EUB) Alberta Single-Well Gas Pool Drainage Area Study, dated December 2004 as a guide for such determinations. This EUB report indicates an approximate 32 hectare average drainage area for Mississippian Shunda Formation natural gas pools in the Province of Alberta.
In comparison, the Operator, the British Columbia Oil and Gas Commission (BCOGC) and Reliance Engineering Group Ltd. (“Reliance”) assigned a 270 hectare drainage area to the Company’s Shunda Formation discovery. In spite of the limited un-stabilized natural gas flow tests of up to 7.93 million cubic feet per day (equivalent) only minor (4-6%) porosity was identified in the Formation. Upon review of all available well data, these parties accepted the Formation as fractured, justifying a broader drainage area.
The Company has submitted all available technical data and correspondence to the ASC to justify the original estimates, however, the ASC remains concerned with the interpretation. The Company is pursuing additional technical data to confirm the original estimates, however, in the absence of said data which may not be readily available, the Company will adjust the d-60-E Shunda Formation estimates in the Company’s upcoming National Instrument 51-101 compliant Economic Evaluation of Certain Natural Gas Reserves and Prospective Land Holdings (dated January 31, 2008) per the guidance of the ASC and the December 2004 EUB report. As of this writing, the ASC has not communicated any concerns with the Company’s reserve estimates for the Triassic Halfway Formation identified in the Prophet River, Bougie Trutch, and Trutch East projects.
This release has been reviewed by Anant Shah P.Eng of Reliance Engineering Group Ltd. and Thom Bainbridge P.Geol, both independent consultants and both qualified persons under NI 51-101.
For more information or to sign up for our email list, please visit www.wyndevelopments.ca or call 1.888.685.5851.
ABOUT WYN DEVELOPMENTS INC.
Wyn Developments is a western Canada focused junior resource exploration, development and production company with both mineral and natural gas assets. The Company is ‘spinning-out’ its mineral assets into Wyn Metals Inc. and restructuring to focus on natural gas exploration, development and production, through currently owned assets and will seek additional natural gas exploration opportunities through possible future mergers and acquisitions.
On Behalf of the Board,
WYN DEVELOPMENTS INC.
“David McMillan”
_______________________
David McMillan
President & CEO
Bighorn Petroleum Ltd., Flying a Petroleum Ltd., Tenaka Drilling Consortium Ltd. and Wyn Developments Inc. Announce 51-101 Reserves Estimates and Sign a Binding Amalgamation Agreement
Wednesday September 19, 12:15 am ET
VANCOUVER, British Columbia--(BUSINESS WIRE)--Bighorn Petroleum Ltd. (TSXV: BHP), "Bighorn," Flying A Petroleum Ltd. (TSXV: FAB), "Flying A," Tenaka Drilling Consortium Ltd. ("Tenaka") and Wyn Developments Inc. (TSXV: WL) (FWB: YXE) (OTCBB: WYDPF - News), "Wyn," (collectively the "Partners"), have received Reliance Engineering Group Ltd.'s ("Reliance") independent national instrument 51-101 compliant property reserve evaluation for all drilled sections of the Prophet River, Bougie Trutch, and Trutch East land holdings. The Company also announces the Partners have signed a binding amalgamation agreement, the particulars of which are also outlined in this news release.
51-101 RESERVES ESTIMATES
Foreword
The following tables summarize the data contained in the Reliance Report and as a result may contain slightly different numbers than the Reliance Report due to rounding. All future cash flows are stated prior to provision for income taxes and indirect costs and after deduction of royalties, estimated future capital expenditures and well abandonment costs. It should not be assumed that the present worth of estimated future cash flows shown below is representative of the fair market value of the reserves. There is no assurance that such price and cost assumptions will be attained and variances could be material. The Company's recovery and reserve estimates of natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein. Political and economic uncertainties domestically and internationally may result in forecast prices different from those used in the report.
This Reliance report does not provide estimates or reserves for the approximately 50 square miles across all properties that have not been drilled and are considered highly prospective. The Reliance 51-101 F1 reserve statement only estimates proven and probable reserves on all drilled lands which comprise of 1 full Prophet River section (approx. 1 square mile), 4 half spacing sections at Bougie Trutch (approx. 2 square miles) and 1 half section at Trutch East (approx. 1/2 of 1 square mile). The 51-101 F1 statement does not contain any possible reserves which have been allocated to any sections. The complete 51-101 F1 Statement of Reserves Data, dated as of the Partners' fiscal year ends and prior to any production, is available at www.sedar.com.
Key Definitions
Proved Reserves
Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. There is a 90% probability that at least the estimated proved reserves will be recovered.
Probable Reserves
Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. There is a 50% probability that at least the sum of the estimated proved reserves plus probable reserves will be recovered.
Possible Reserves
Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves. There is a 10% probability that at least the sum of the estimated proved reserves plus probable reserves plus possible reserves will be recovered.
Further definition and explanation of the terms and methods utilized in this calculation can be found in section 5 of the Canadian Oil and Gas Evaluation Handbook.
Pricing Assumptions
Forecast Prices and Costs
Reliance used the following pricing, exchange rate and inflation
rate assumptions as of January 31, 2007 in estimating the Partners'
reserves data using forecast prices and costs.
Crude Oil Natural NGLs
Gas
---------------------------------------------
Edmon- Bow
ton Par River
Price Medium British
WTI 40 25.3 Columbia Infla-
Cushing degrees degrees NGL Exchange tion
Oklahoma API API Spot Mix Rate Rate
-------------------------------------------------------------
($US/ ($/ ($/ ($/ ($/ ($US/ (%/
bbl) bbl) bbl) MMBtu) bbl) $Cdn) Year)
2007 62.00 70.25 49.00 7.05 59.10 0.87 1.50
2008 60.00 68.00 49.00 7.30 55.85 0.87 1.50
2009 58.00 65.75 48.75 7.60 54.05 0.87 1.50
2010 57.00 64.50 48.25 7.65 53.00 0.87 1.50
2011 57.00 64.50 49.00 7.70 53.00 0.87 1.50
2012 57.50 65.00 49.50 8.00 53.35 0.87 1.50
2013 58.50 66.25 50.25 8.12 54.15 0.87 1.50
2014 59.75 67.75 51.50 8.24 54.96 0.87 1.50
2015 61.00 69.00 52.50 8.37 55.79 0.87 1.50
2016 62.25 70.50 53.50 8.49 56.62 0.87 1.50
2017+ 63.50 71.75 54.50 8.62 57.47 0.87 1.50
-----------------------------------------------------------------
Escalation Rate of 1.5% thereafter
BIGHORN 51-101 RESERVE ESTIMATES
Bighorn's Summary of Oil and Natural Gas Reserves - Forecast
Prices and Costs
Gross Reserves Net Reserves
--------------------------------------------------------
Light Light
and Natural and Natural
Medium Natural Gas Medium Natural Gas
Oil Gas Liquids Oil Gas Liquids
(Mbbl) (MMcf) (Mbbl) (Mbbl) (MMcf) (Mbbl)
-----------------------------------------------------------------
Proved
Developed
Producing - - - - - -
Developed
Non-
Producing - 733 - - 528 1.3
Undeveloped - - - - - -
-----------------------------------------------------------------
Total Proved - 733 - - 528 1.3
Probable - 2133 - - 1430 1.8
-----------------------------------------------------------------
Total Proved
Plus Probable - 2866 - - 1958 3.1
-----------------------------------------------------------------
-----------------------------------------------------------------
Bighorn's Net Present Value of Future Net Revenue - Forecast
Prices and Costs
After Income Taxes, Discounted at (%/Year)
-------------------------------------------
0 5 10 15 20
-----------------------------------------------------------------
(M$) (M$) (M$) (M$) (M$)
Proved
Developed
Producing - - - - -
Developed
Non-Producing 2,269 1,751 1,391 1,131 940
Undeveloped - - - - -
-----------------------------------------------------------------
Total Proved 2,269 1,751 1,391 1,131 940
Probable 6,034 4,643 3,688 3,004 2,494
-----------------------------------------------------------------
Total Proved
Plus Probable 8,303 6,394 5,079 4,135 3,434
-----------------------------------------------------------------
-----------------------------------------------------------------
The Company's non-capital losses of previous years combined with
the Corporate Tax Pools results in no income tax being paid, and
therefore the before tax present values are the same as the after
tax present values. Bighorn's report is dated as of January 31st,
2007, not Bighorn's December 31st, 2007 year end as the Company
had no revenue from production nor reserves as of that date. The
January 31st, 2007 51-101 report is being used to value Bighorn's
natural gas assets at the same date as the other amalgamation
Partners.
FLYING A 51-101 RESERVE ESTIMATES
Flying A's Summary of Oil and Natural Gas Reserves - Forecast
Prices and Costs
Gross Reserves Net Reserves
--------------------------------------------------------
Light Light
and Natural and Natural
Medium Natural Gas Medium Natural Gas
Oil Gas Liquids Oil Gas Liquids
(Mbbl) (MMcf) (Mbbl) (Mbbl) (MMcf) (Mbbl)
-----------------------------------------------------------------
Proved
Developed
Producing - - - - - -
Developed
Non-
Producing - 1287 10.0 - 839 7.2
Undeveloped - - - - - -
-----------------------------------------------------------------
Total Proved - 1287 10.0 - 839 7.2
Probable - 2943 14.5 - 1891 10.5
-----------------------------------------------------------------
Total Proved
Plus Probable - 4230 24.5 - 2730 17.7
-----------------------------------------------------------------
-----------------------------------------------------------------
Flying A's Net Present Value of Future Net Revenue - Forecast
Prices and Costs
After Income Taxes, Discounted at (%/Year)
--------------------------------------------
0 5 10 15 20
-----------------------------------------------------------------
(M$) (M$) (M$) (M$) (M$)
Proved
Developed
Producing - - - - -
Developed
Non-Producing 3,586 2,844 2,317 1,931 1,641
Undeveloped - - - - -
-----------------------------------------------------------------
Total Proved 3,586 2,844 2,317 1,931 1,641
Probable 8,976 6,725 5,199 4,120 3,330
-----------------------------------------------------------------
Total Proved
Plus Probable 12,562 9,569 7,516 6,051 4,971
-----------------------------------------------------------------
-----------------------------------------------------------------
The Company's non-capital losses of previous years combined with
the Corporate Tax Pools results in no income tax being paid, and
therefore the before tax present values are the same as the after
tax present values.
TENAKA 51-101 ROYALTY ESTIMATES
Summary of Oil and Natural Royalties - Forecast Prices and Costs
Gross Reserves Net Reserves
--------------------------------------------------------
Light Light
and Natural and Natural
Medium Natural Gas Medium Natural Gas
Oil Gas Liquids Oil Gas Liquids
(Mbbl) (MMcf) (Mbbl) (Mbbl) (MMcf) (Mbbl)
-----------------------------------------------------------------
Proved
Developed
Producing - - - - - -
Developed
Non-
Producing - - - - 126 1.3
Undeveloped - - - - - -
-----------------------------------------------------------------
Total Proved - - - - 126 1.3
Probable - - - - 253 1.8
-----------------------------------------------------------------
Total Proved
Plus Probable - - - - 379 3.1
-----------------------------------------------------------------
-----------------------------------------------------------------
Net Present Value of Future Net Revenue - Forecast Prices and
Costs
Before Income Taxes, Discounted at (%/Year)
---------------------------------------------
0 5 10 15 20
-----------------------------------------------------------------
(M$) (M$) (M$) (M$) (M$)
Proved
Developed
Producing - - - - -
Developed
Non-Producing 892 706 578 486 418
Undeveloped - - - - -
-----------------------------------------------------------------
Total Proved 892 706 578 486 418
Probable 1,756 1,336 1,055 858 714
-----------------------------------------------------------------
Total Proved
Plus Probable 2,648 2,042 1,633 1,344 1,132
-----------------------------------------------------------------
-----------------------------------------------------------------
WYN 51-101 RESERVE ESTIMATES
Wyn's Summary of Oil and Natural Gas Reserves - Forecast Prices
and Costs
Gross Reserves Net Reserves
--------------------------------------------------------
Light Light
and Natural and Natural
Medium Natural Gas Medium Natural Gas
Oil Gas Liquids Oil Gas Liquids
(Mbbl) (MMcf) (Mbbl) (Mbbl) (MMcf) (Mbbl)
-----------------------------------------------------------------
Proved
Developed
Producing - - - - - -
Developed
Non-
Producing - 1208 8.5 - 784 6.1
Undeveloped - - - - - -
-----------------------------------------------------------------
Total Proved - 1208 8.5 - 784 6.1
Probable - 2827 12.4 - 1811 9.0
-----------------------------------------------------------------
Total Proved
Plus Probable - 4035 20.9 - 2595 15.1
-----------------------------------------------------------------
-----------------------------------------------------------------
Wyn's Net Present Value of Future Net Revenue - Forecast Prices
and Costs
After Income Taxes, Discounted at (%/Year)
----------------------------------------------
0 5 10 15 20
-----------------------------------------------------------------
(M$) (M$) (M$) (M$) (M$)
Proved
Developed
Producing - - - - -
Developed
Non-Producing 3,320 2,625 2,132 1,772 1,500
Undeveloped - - - - -
-----------------------------------------------------------------
Total Proved 3,320 2,625 2,132 1,772 1,500
Probable 8,571 6,425 4,970 3,942 3,190
-----------------------------------------------------------------
Total Proved
Plus Probable 11,891 9,050 7,102 5,714 4,690
-----------------------------------------------------------------
-----------------------------------------------------------------
The Company's non-capital losses of previous years combined with
the Corporate Tax Pools results in no income tax being paid, and
therefore the before tax present values are the same as the after
tax present values.
FUTURE DEVELOPMENT POTENTIAL
The Partners have also analyzed all known data of the Prophet River, Bougie Trutch and Trutch East Lands (including 2D and 3D seismic) to determine their future development potential. The aforementioned reserves estimates only pertain to proven and probable reserves on all drilled lands which comprise of 1 full Prophet River section (approx. 1 square mile), 4 half spacing sections at Bougie Trutch (approx. 2 square miles) and 1 half section at Trutch East (approx. 1/2 of 1 square mile). The 51-101 F1 statement does not contain any possible reserves which have been allocated to any sections. The Partners have identified approximately 54 additional prospective development locations across all earned and optioned lands, broken down as follows:
- 5 additional Mississippian/Halfway Formation dual production
targets on the combined Prophet River lands.
- 9 additional Halfway Formation targets on the combined
Prophet River lands.
- 27 additional Halfway Formation targets on the Bougie Trutch
lands.
- 13 additional Halfway Formation targets on the Trutch East
lands based on earned and optioned lands.
- Multiple Slave Point Formation targets at Prophet River and
Bougie Trutch for future consideration.
The Company is on schedule to start drilling these additional development locations this 2007/2008 winter season. More detail on these development plans will be provided once finalized.
THE CANADA GAS CORP. AMALGAMATION
The Partners continue to progress on the proposed business
combination to create a new junior Canadian natural gas development
company, having signed a binding Letter of Amalgamation on
September 12, 2007. The name of the amalgamated company shall be
"Canada Gas Corp." and will be referred to as such henceforth.
Current Share Structures
Warrant Fully
Outstanding & Options Diluted
Bighorn Petroleum Ltd. 27,693,079 11,812,217 39,505,296
Flying A Petroleum Ltd. 76,324,570 26,721,284 103,045,854
Tenaka Drilling
Consortium Ltd. 100 NIL 100
Wyn Developments Inc. 79,965,609 21,611,729 101,577,338
The aggregate assets and liabilities of the Partners', Prophet River, Bougie Trutch and Trutch East assets will become the assets and liabilities of Canada Gas Corp., save and except for Wyn Developments Inc.'s mineral assets together with the accompanying respective liabilities. Wyn Developments will enter into an agreement with an entity created by them (the "Newco") to transfer the Excluded Assets and Liabilities to their Newco in a manner that results in their respective securityholders becoming securityholders of the Newco immediately prior to the effective date of the Amalgamation. Bighorn Petroleum Ltd. and Flying A Petroleum Ltd. will also follow this methodology upon the successful acquisition of a secondary asset prior to the amalgamation. Currently, neither Bighorn Petroleum Ltd. or Flying A Petroleum Ltd. have secondary assets which would constitute qualifying properties for their respective spinout Newcos to obtain a listing on the TSX Venture Exchange. There can be no assurance that they will obtain such assets and be able to proceed and complete plans of arrangement in time for the Partners to meet their planned time line for completion of the amalgamation. These spin outs are all subject to TSX Venture Exchange approval.
The Partners have agreed to the approximate share exchange ratios predicated upon the independent reserve analysis and subsequent determination of net asset value of oil and gas assets in aggregate. The Partners' shareholders will receive approximate share exchange ratios equivalent to the following:
Canada Gas Corp. Share Exchange Ratios(1):
Bighorn 1.563 Bighorn shares
Petroleum Ltd. for 1 CGC share equals 22,004,150
Flying A 1.9387 Flying A shares
Petroleum Ltd. for 1 CGC share equals 39,368,100
Tenaka Drilling All Tenaka shares
Consortium Ltd. for CGC shares equals 4,298,886
Wyn Developments 2.3294 Wyn shares
Inc. for 1 CGC share equals 34,328,870
Total Canada Gas Corp. common shares
to be issued on the Effective Date: 100,000,000
Number of Canada Gas Corp. Warrants to be held by each Partner's
warrant holders after share exchange(2)(4):
Bighorn Petroleum Ltd. 3,270,633
Flying A Petroleum Ltd. 12,441,998
Tenaka Drilling Consortium Ltd. Nil
Wyn Developments Inc. 7,560,629
Total Canada Gas Corp. Warrants
outstanding on Effective Date: 23,273,260
Number of Canada Gas Corp. Options to be held by each Partner's
option holders after share exchange(3)(4):
Bighorn Petroleum Ltd. 1,760,332
Flying A Petroleum Ltd. 3,149,448
Tenaka Drilling Consortium Ltd. 343,909
Wyn Developments Inc. 2,746,311
Total Canada Gas Corp. Options: 8,000,000
Number of new Canada Gas Corp. Options reserved for grant to
officers, senior management, employees and consultants:
2,000,000
Number of performance shares reserved for issuance to senior
management:
2,000,000
Total Number of Canada Gas Corp. Options, New Options and
Performance Shares granted or available for grant or issue on the
Effective Date of the amalgamation:
12,000,000
Canada Gas Corp. Fully Diluted Share Structure as at the
Effective Date(x):
135,273,260
(x) The fully diluted issued capital as at the effective date of
the amalgamation may vary from the number contained in this
release as a result of share issuances that could occur that are
not contemplated at this time or amendments which may occur to
the terms of the amalgamation agreement.
(1) No fractional shares will be issued pursuant to the
Amalgamation. In the event that the conversions contemplated by
the Amalgamation would result in a shareholder being entitled to
a fractional share, the number of shares to be issued to each
such shareholder will be rounded down to the next whole number of
shares. The ratios are subject to change as a result of audit
reviews dated July 31, 2007 and any other adjustments prior to
the effective date.
(2) Total number of Warrants to be outstanding on the Effective
Date will vary depending on the predecessor warrant expiry,
exercise or issue between the Agreement date and the Effective
Date.
(3) Total number of Options to be outstanding at closing of the
Amalgamation will vary depending on the predecessor option expiry
or exercise between the Agreement date and the Effective Date.
(4) All outstanding share purchase warrants of the Partners will,
at the Effective Date, be adjusted in accordance with the terms
of the certificates representing such warrants, to equivalent
amounts of Canada Gas Corp. warrants and exercise prices based
upon the Share Exchange Ratios described above. The number of
shares underlying each outstanding stock option of each of the
Partners will also be adjusted using this methodology. Upon the
Effective Date, Canada Gas Corp. will undertake to re-price the
outstanding stock options and warrants described subject to
regulatory approvals as well as the acceptance of the TSX Venture
Exchange at either the future financing price or the five day
trading average, provided that such undertaking will not be a
condition to the Amalgamation.
The Partners have proposed that the Board of Directors of Canada Gas Corp. be comprised of 7 Directors including, a nominee from each of the Partners and 3 nominees to be agreed upon by the Partners. The Partners are evaluating opportunities for experienced oil and gas industry personnel to join Canada Gas Corp. on the Board of Directors and as Management, although no decisions have yet been made in this regard. The Partners are also in discussions with interested investment firms respecting proposals for financing Canada Gas Corp. concurrently with the closing of the amalgamation. More information on this financing will be provided when available.
Research Capital Corporation has been engaged to prepare an opinion as to the fairness of the transaction, from a financial point of view, for the shareholders of each of Wyn Developments Inc., Bighorn Petroleum Ltd. and Flying A Petroleum Ltd. ahead of respective information circulars and shareholders meetings on the transaction.
The Partners are anticipating shareholder meetings on the transaction to be held in mid November 2007, and the Canada Gas Corp. amalgamation to close shortly thereafter, ahead of a productive winter 2007/2008 drill season, barring any unforeseen delays.
Dave McMillan, President, CEO, and Director of Wyn Developments Inc. offers the following commentary in relation to the aforementioned items:
"The partners continue working diligently to protect the
investments of and create value for all shareholders. The reserve
evaluations have been performed per industry standard and provide
a starting point towards realizing the full potential of these
natural gas assets. The numerous prospective development
locations across these lands offer an attractive natural gas
weighted growth model for investors moving forward. By combining
the assets, attracting experienced oil and gas management,
financing towards a sustainable growth model, and initiating an
aggressive development plan, Canada Gas Corp. shareholders will
benefit from a strong entity well positioned to realize this
growth and seize upon new opportunities."
ABOUT CANADA GAS CORP.
The Partners are currently active in three natural gas projects;
the Prophet River, Bougie Trutch, and Trutch East natural gas
development projects, all located in the Foothills region of the
prolific natural gas bearing Western Canadian Sedimentary Basin,
northeastern British Columbia, Canada. The Western Canadian
Sedimentary Basin is home to many world-class oil and gas fields, and
features extensive logistical infrastructure. The combined assets of
Canada Gas Corp. will include:
- A combined revenue stream from existing wells in production.
- A 100% working interest in the Prophet River 'A' lands
(approx. 11 square miles).
- A right to earn a 65% working interest in the Prophet River
'B' lands (approx. 10 square miles).
- A 100% ownership of the Prophet River 'A' and 'B' land 3D
seismic data.
- A 100% interest in the recently drilled d-60-E/94-G-15
Prophet River well, which as previously announced, yielded an
initial unstabilized gas flow of up to 7.943 MMcf.d. from the
Mississippian Horizon and excellent gas detection in the
Triassic Halfway Formation. This well has been confirmed a
'new pool discovery' by the British Columbia Oil and Gas
Commission.
- A 32.5% gross working interest in the Bougie Trutch and
Trutch East lands, including a third party overriding
royalty, subject to various terms.
- Milestone third party bonuses and stock payments from third
parties for successful tie-in on the Trutch East lands.
- A 32.5% interest in 14,217 meters of six inch pipeline from
the Tommy Lake field to the c-36-A well, and a total of
1,688 meters of four inch pipeline from c-36-A to the b-56-A
and c-25-A wells.
- A 32.5% gross working interest 5 Triassic Halfway Formation
wells: Three Triassic Halfway wells producing since February
2007, one well currently shut-in and another suspended until
the 2007/2008 winter season's completion program.
- A combination of approximately $29 million in tax pools, plus
government royalty and exploration credits.
- A British Columbia Oil and Gas Commission issued Operator's
license.
The transaction is subject to the parties completing final due diligence and entering into a further definitive agreement providing for the specific mechanics to complete the transaction, as well as all requisite regulatory, court and shareholder approvals and acceptances, and the satisfaction of all conditions precedent and other conditions customary in transactions of this nature.
Mr. Thomas W. Bainbridge P.Geol., is the qualified consultant for the Company's natural gas projects and has reviewed and verified the contents of this news release.
Mr. A.J. Shah, P.Eng, of Reliance Engineering Group Ltd. has prepared these reserves evaluations in compliance with national instrument 51-101 policy.
For more information on the Partners, please visit www.wyndevelopments.ca, www.bighornpetroleum.com and www.flyingapetroleum.com.
On Behalf of the respective boards,
WYN DEVELOPMENTS INC. FLYING A PETROLEUM INC.
"David McMillan" "Nash Meghji"
------------------ ------------------
David McMillan Nash Meghji
President & CEO President and CEO
BIGHORN PETROLEUM LTD. TENAKA DRILLING CONSORTIUM LTD.
"Darren Stevenson" "Alistair MacLennan"
------------------ ------------------
Darren Stevenson Alistair MacLennan
President & CEO President and CEO
COMPANY CONTACT INFORMATION
BIGHORN PETROLEUM LTD.
Suite 605, 535 Howe Street
Vancouver, B.C. Canada V6C 2Z4
Tel: (604) 683-7837
Fax: (604) 683-7881
info@bighornpetroleum.com
FLYING A PETROLEUM LTD.
Penthouse, 535 Howe Street
Vancouver, B.C. Canada V6C 2Z4
Tel: (604) 683-0466
Fax: (604) 685-8474
Toll Free: (800) 665-3250
info@flyingapetroleum.com
TENAKA DRILLING CONSORTIUM LTD.
Suite 718-744 West Hastings st.
Vancouver, BC, Canada V6C 1A5
Tel: (604) 684-1007
Fax: (604) 684-3033
alistair@urg.ca
WYN DEVELOPMENTS INC.
Wyn Developments Inc.
520 - 700 West Pender Street
Vancouver, BC, V6C 1G8
(604) 685-5851 or Toll Free: (888) 685-5851
Fax: (604) 685-7349
Email: chad@urg.ca
Bighorn Petroleum Ltd., Flying a Petroleum Ltd., Tenaka Drilling Consortium Ltd. and Wyn Developments Inc. Sign Non-Binding Letter of Intent to Combine Into a New Canadian Natural Gas Company
Monday April 30, 12:15 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Apr 30, 2007 -- Bighorn Petroleum Ltd. (CDNX:BHP.V - News), Flying A Petroleum Ltd. (CDNX:FAB.V - News), Tenaka Drilling Consortium Ltd. and Wyn Developments Inc. (CDNX:WL.V - News)(Other OTC:WYDPF.PK - News)(Frankfurt:YXE.F - News), collectively the "Parties", are pleased to announce that they have entered into a non-binding letter of intent ("LOI") dated April 27, 2007, to enter into negotiations to formalize a business combination.
The terms of the LOI provide that the parties complete a due diligence review of each others' interests for a period of 120 days. During this due diligence period, it is anticipated that a NI 51-101 compliant reserves evaluation report will be prepared for all properties owned by the parties. The final structure of the business combination will be determined by the parties upon a review of tax, accounting, corporate and securities law issues.
The share exchange ratio and/or other consideration to be tendered by each party will be determined through negotiation between the parties upon receipt of all due diligence materials and in compliance with regulatory policies. The LOI provides that all share purchase warrants of the parties outstanding immediately prior to the closing of the business combination will be transferred to an equivalent number of warrants of the agreed upon successor entity.
The parties have agreed to negotiate with each other for the 120 day due diligence period and to exchange confidential information with a view to completing their due diligence investigations and settling a definitive agreement as soon as possible. If a definitive agreement is reached, it is expected to contain typical conditions for a transaction of this type, including the approval of the parties' shareholders and all necessary regulatory and court approvals.
The parties will provide news releases with updates on their progress with respect to this transaction in a timely manner during the coming months.
The parties are currently active partners on three property areas; the Prophet River, Bougie Trutch, and Trutch East natural gas development projects, all located in the Foothills region of the prolific natural gas bearing Western Canadian Sedimentary Basin, in northeastern British Columbia, Canada. The Western Canadian Sedimentary Basin is home to many world-class oil and gas fields, featuring extensive logistical infrastructure. The combined assets of all participants include:
- A 100% working interest in the Prophet River 'A' lands.
- A 65% working interest in the Prophet River 'B' lands.
- A 32.5% gross working interest in the Bougie Trutch lands, including a third party overriding royalty, subject to various terms.
- A 19.5% working interest in the Trutch East lands, including third party overriding royalty, subject to various terms.
- Milestone bonuses and stock payments for successful tie-in on the Trutch lands and minimum proven reserves on the Prophet River project.
- A British Columbia Oil and Gas Commission issued Operator's license.
- A combination of tax pools, government royalty credits, exploration credits, etc.
- A 32.5% interest in 14,217 meters of six inch pipeline from the Tommy Lake field to the c-36-A well, and a total of 1,688 meters of four inch pipeline from c-36-A to the b-56-A and c-25-A wells.
- A 100% ownership of the Prophet River 'A' and 'B' land 3D seismic data.
- The recently drilled d-60-E/94-G-15 Prophet River well, which as previously announced, yielded an initial unstabilized gas flow of up to 7.943 MMcf.d. from the Mississippian Horizon and excellent gas detection in the Triassic Halfway Formation, earning 11 square miles of leases from the surface to the Sulphur Point Formation (The British Columbia Oil and Gas Commission has recently reclassified the d-60-E/94-G-15 well as an 'exploratory wildcat' well, and the Mississippian formation as a 'new pool discovery').
- The right to earn an additional 10 square miles on the Prophet River 'B' Lands.
- 4 Triassic Halfway Formation wells: Two Triassic Halfway wells are currently producing since February 2007 which include the c-36-A/94-G-15 'new pool discovery' which the Operator has advised averaged 1.154 MMcf.d and b-56-A/94-G-15 which averaged 807.3 Mcf.d according to February 2007 production figures. The two other Triassic Halfway Formation wells are a-13-B/94-G-15 which tested 827.8 Mcf.d and b-086-A/94-G-15 which was recently drilled and cased.
- The producing c-25-a/94-G-15 Trutch East Halfway well which the Operator advised averaged 1.4 MMcf.d according to February 2007 production figures.
This transaction is subject to shareholder and regulatory approval.
Thomas W. Bainbridge, P.Geol., is the qualified consultant for the Company's natural gas projects and has reviewed and verified the contents of this news release.
For more information on the parties, please visit www.bighornpetroleum.com, www.flyingapetroleum.com, and www.wyndevelopments.ca.
On Behalf of the respective boards,
WYN DEVELOPMENTS INC. FLYING A PETROLEUM INC.
David McMillan, President and CEO Nash Meghji, President & CEO
BIGHORN PETROLEUM LTD. TENAKA DRILLING CONSORTIUM LTD.
Darren Stevenson, President & CEO Alistair Maclennan, President and CEO
Wyn Developments Inc. Spring 2007 Update
Apr 16, 2007 1:03:00 PM
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 16, 2007) - Wyn Developments Inc (the "Company")(TSX VENTURE:WL)(OTCBB:WYDPF)(FRANKFURT:YXE) is providing an update of recent activities, including the Company's natural gas exploration and development programs.
THE TRUTCH b-A86-A/94-G-15 TRIASSIC HALFWAY DEVELOPMENT WELL
The Company announces the b-A86-A/94-G-15 Triassic Halfway development well has been drilled to target depth. Casing has been run and the rig has been released. By drilling this well, the Company has now earned an additional six sections (6 drill spacing units). On the Bougie Trutch lands, the Company has now earned a total of 18 Halfway focused sections (18 drill spacing units) from the surface to above the Slave Point Formation.
THE PROPHET RIVER NATURAL GAS EXPLORATION AND DEVELOPMENT PROJECT
A thorough review of all known data from the Prophet River Lands, including 2D and 3D seismic and the d-60-E/94-G-15 exploratory well data has continued since the crew left the drill site late January 2007. Upon the Operator's interpretation of pressure, seismic, petrophysical and petrographic data, and confirmation of the results by the British Columbia Oil & Gas Commission, the d-60-E/94-G-15 well has been re-classified as an 'Exploratory Wildcat Well' and new pool discovery.
According to the British Columbia Oil and Gas Handbook, "an Exploratory Wildcat classification is assigned when the proposed well is greater than seven kilometers from a designated oil or gas pool. Exploratory Wildcat well information is held confidential for one year after the rig release date," although this is at the discretion of the Company.
A "pool", as defined in the Petroleum and Natural Gas Act, "is an underground reservoir containing an accumulation of petroleum or natural gas, or both, separated or apparently separated from another reservoir or accumulation."
According to the British Columbia Oil and Gas Handbook, a "Discovery" well classification is best described as one in which "geological, geophysical and engineering data and...interpretive analysis, (have) clearly demonstrate(d) that a new pool has been discovered." The Company will benefit from three years of government royalty free production as a result of this discovery well classification, a credit offered as an exploration incentive due to the higher cost and lower success rates of such projects.
Two additional developments have also occurred on the Prophet River project. The Operator, per the option agreement on the property, has elected to convert its 35% working interest to a 12.5% non-convertible gross overriding royalty on Block A of the Prophet River project lands. This election to convert now increases the Company's working interest in the Prophet River Block A lands from 21 2/3% to 33 1/3%. Further, the Company has confirmed its election to drill on the 10 square mile Prophet River option Block B, and has selected the first location. The Company is required to spud a well on the Block B lands by March 31, 2008.
PRIVATE PLACEMENT UP TO CAD $1,000,000
In order to meet current obligations and proceed with adequate working capital for strategic initiatives, the Company is announcing a private placement of up to 4 million units at CAD $0.25 for gross proceeds of up to CAD $1,000,000. Each unit consists of one share and one purchase warrant exercisable at $0.35 for a period of two years from closing.
Thomas W. Bainbridge P.Geol., is the qualified consultant for the Company's natural gas projects and has reviewed and verified the contents of this news release.
For more information on the Bougie Trutch and Trutch East natural gas development projects, visit www.wyndevelopments.ca.
On Behalf of the Board,
WYN DEVELOPMENTS INC.
David McMillan, President & CEO
FORWARD LOOKING STATEMENTS
This press release may contain forward-looking statements including expectations of future production. More particularly, this press release contains statements concerning Wyn Developments Inc. future production estimates, expansion of oil and gas property interests, exploration and development drilling, regulatory applications, payout estimates, capital expenditures, and drilling locations to be drilled in 2006. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional information on these and other factors that could affect Wyn's operations or financial results are included in Wyn Development's reports on file with Canadian securities regulatory authorities. The forward-looking statements or information contained in this news release are made as of the date hereof and Wyn Developments undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Oil and Gas Advisory. This press release contains disclosure expressed as "Boe/d". All oil and natural gas equivalency volumes have been derived using the ratio of six thousand cubic feet of natural gas to one barrel of oil. Equivalency measures may be misleading, particularly if used in isolation. A conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Wyn Developments Inc.
Tom Brady
North America
(604) 685-5851 or Toll Free: 1-888-685-5851
Wyn Developments Inc.
Chad McMillan
North America
(604) 685-5851 or Toll Free: 1-888-685-5851
Wyn Developments Inc.
Dave McMillan
North America
(604) 685-5851 or Toll Free: 1-888-685-5851
Fax: 604) 685-7349 (FAX)
Email: ir@urg.ca
Website: www.wyndevelopments.ca.
Small Cap Invest Ltd.
Alexander Friedrich
Europe
49 (0) 69-24 24 93 49 or 49 (0) 12 12 544 71 04 62
Email: afriedrich@small-cap-invest.com
Yes International Inc.
Rich Kaiser
United States
(757) 306-6090 or 1-800-631-8127
Fax: (757) 306-6092 (FAX)
Email: rich@yesinternational.com
Source: Wyn Developments Inc.
----------------------------------------------
Wyn Developments Inc.
Tom Brady
North America
(604) 685-5851 or Toll Free: 1-888-685-5851
Wyn Developments Inc.
Chad McMillan
North America
(604) 685-5851 or Toll Free: 1-888-685-5851
Wyn Developments Inc.
Dave McMillan
North America
(604) 685-5851 or Toll Free: 1-888-685-5851
Fax: 604) 685-7349 (FAX)
Email: ir@urg.ca
Website: www.wyndevelopments.ca.
Small Cap Invest Ltd.
Alexander Friedrich
Europe
49 (0) 69-24 24 93 49 or 49 (0) 12 12 544 71 04 62
Email: afriedrich@small-cap-invest.com
Yes International Inc.
Rich Kaiser
United States
(757) 306-6090 or 1-800-631-8127
Fax: (757) 306-6092 (FAX)
Email: rich@yesinternational.com
Wyn Developments Inc. Announces Trutch Production Figures
Thursday April 5, 12:15 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Apr 5, 2007 -- Wyn Developments Inc. (the "Company") (CDNX:WL.V - News)(Other OTC:WYDPF.PK - News)(Frankfurt:YXE.F - News) has received the initial production summary from the three producing Trutch Triassic Halfway wells. The summary concerns the period of February 7th to 28th, 2007.
c-25-A/94-G-15 produced approximately 1.4 Million Cubic Feet per day (MMcf.d).
c-36-A/94-G-15 produced approximately 1.154 MMcf.d.
b-56-A/94-G-15 produced approximately 807.3 Thousand Cubic Feet per day (Mcf.d).
These wells have not produced any water.
The total approximate production for February equals 3.361 MMcf.d over the 21 day period for approximate gross production 70.58 MMcf. The Company's first compensation pursuant to its 15% gross working interest in these wells is anticipated late April.
Given known geological, geophysical and geochemical data of the Triassic Halfway Formation, including the production characteristics of other nearby Triassic Halfway wells, the Company reasonably estimates a prospective resource estimate of 4 to 5 Billion Cubic Feet OGIP in the Triassic Halfway Formation per drilling spacing unit (DSU). The Company has successfully drilled wells on 4 DSUs to date within the Bougie Trutch and Trutch East lands, and is currently drilling a 5th. In addition, on earned and optioned lands, the Company has established this prospective resource estimate in the Triassic Halfway Formation over an additional 14 DSUs. The Bougie Trutch and Trutch East lands are located adjacent to the Tommy Lake Triassic Halfway field, which serves as a comparable measure of regional Triassic Halfway well production characteristics.
Thomas W. Bainbridge, P.Geol., is the qualified consultant for the Company's natural gas projects and has reviewed and verified the contents of this news release.
For more information on the Bougie Trutch and Trutch East natural gas development projects, visit www.wyndevelopments.ca.
On Behalf of the Board,
WYN DEVELOPMENTS INC.
David McMillan, President & CEO
Wyn Developments Begins Producing Natural Gas at Bougie-Trutch/Trutch-East
Thursday March 15, 12:15 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Mar 15, 2007 -- Wyn Developments Inc. (the "Company") (CDNX:WL.V - News)(Other OTC:WYDPF.PK - News)(Frankfurt:YXE.F - News) has continued work on the Bougie-Trutch/Trust East lands during the 1st quarter of 2007, marking significant milestones in the Company's northeastern British Columbia natural gas exploration and development program.
Early March, the Operator informed the Company that three Bougie-Trutch/Trutch East Triassic Halfway wells are on-stream and have been producing sweet natural gas since February 7, 2007. Per industry standard, The Company will disclose the production details of FET et al. Tommy c-25-A/94-G-15, FET et al. Tommy c-36-A/94-G-15, and FET et al. Tommy b-56-A/94-G-15 late March upon receipt of the first production summary.
Also at Bougie-Trutch, the Company will spud Tenaka et al. Bougie b-A086-A/94-G-15 later this week. Tenaka Drilling Consortium Ltd. has secured all necessary approvals to proceed with this project, and is Operator of the well.
Thomas W. Bainbridge P.Geol., is the qualified consultant for the Company's natural gas projects and has reviewed and verified the contents of this news release.
More information on the Company's natural gas projects is available at www.wyndevelopments.ca.
On Behalf of the Board,
WYN DEVELOPMENTS INC.
David McMillan, President & CEO
Forward-Looking Statements
found this calculation on Wyn gas output
Here you go. If you have any questions in regards to the MMCFD conversion formula as RIGPIG.
Trutch Flying A
Projected MMCFD 5,600,000
divide by 35.3146667
158,574.34
divide by = GJ 26.9
GJ 5894.956915
Spot Gas $7.00
revenue per day $41,264.70
per year $15,020,350.22
Rights 17.5% $2,628,561.29
10 year revenue $26,285,612.88
Dilution 61 mil $0.43
each well will flow @ 1.6 mmcfd for the first
3 years then encounter a 12% decline
Prophet
Projected MMCFD 40,000,000.00
divide by 35.3146667
1,132,673.86
divide by = GJ 26.9
GJ 42,106.84
Spot Gas $7.00
revenue per day $294,747.85
per year $107,288,215.85
Rights 21% $22,530,525.33
10 year revenue $225,305,253.29
Dilution 61 mil $3.69
Share price $4.12
then I found this
There is roughly 1 Gj of energy in 1000 cubic feet of Methane C1
So price of gas is $7.5/ Gj.
7.9 MMscf/d of Methane would have about 7900 Gj of energy...
$59 000/day
nice volume also,...1.7M. lookin' good :)
WL.v up 25% lets see what the day brings, but this could be the start of this companies recognition as a player in the oil and gas industry
Wyn Developments Completes the Prophet River d-60-E/94-G-15 Exploratory Well
Monday January 29, 12:15 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jan 29, 2007 -- Wyn Developments Inc. (the "Company") (CDNX:WL.V - News)(Other OTC:WYDPF.PK - News)(FWB: YXE) announces the Prophet River d-60-E/94-G-15 exploratory well has been successfully completed.
After perforating and coiled acid wash, the Mississippian reservoir yielded an initial unstabilized gas flow of up to 7.943 MMcf.d. Pressure recorders are currently in the wellbore to determine pressure buildup while the well is shut in and provide insight into the scale of this new Mississippian discovery. The pressures and gas returns, coupled with known seismic and geological data suggests likely communication between d-60-E and the d-19-E Dome well (flow tested 9 MMcf.d.) five kilometers to the southeast as well as the Unocal-Suncor d-65-L (flow tested 10.779 MMcf.d.) approximately 24 kilometers to the South of d-60-E. The seismic data also suggests this gas charged reservoir extends to the northwest.
In addition, excellent gas detection also occurred in the Triassic Halfway Formation as the well encountered 23 meters of prospective pay. The gas shows, log analysis, and seismic data suggest this Triassic Halfway Formation extends northwest and southeast toward the c-97-D Amoco well (3 MMcf.d), approximately seven kilometers from the d-60-E well.
This well control with seismic interpretation suggests the Company could drill an additional four Mississippian and four Triassic Halfway development wells on the 11 square mile Prophet River 'A' lands, in which Wyn has earned its 21 2/3% interest.
The Company also has an option to drill a well on the Prophet River 'B' lands by committing 33 1/3% of the costs to earn a 21 2/3% interest in 10 square miles of land to the total depth drilled. The 'B' lands drilling decision deadline has been extended until March 30th, 2007, with the spudding deadline extended until March 30th, 2008. Well control with seismic interpretation suggests the Company could drill an additional three Mississippian and three Triassic development wells on the 10 square mile Prophet River 'B' lands.
This equates to a potential of seven additional Mississippian and seven additional Triassic Halfway development wells across the 21 square mile Prophet River lands.
The Company has concluded this Mississippian and Triassic Formation development is the appropriate direction for the Prophet River lands which includes the potential to dual produce from these zones. The Company intends to apply for several Mississippian drilling permits and commence a Prophet River development program this summer. With success, production infrastructure could be in place on the Prophet River lands in early 2008.
Thomas W. Bainbridge, P.Geol., is the qualified consultant for the Company's natural gas projects and has reviewed and verified the contents of this news release.
On Behalf of the Board,
WYN DEVELOPMENTS INC.
David McMillan, President & CEO
Wyn Developments completes Prophet River well
Wyn Developments Inc (C:WL)
Shares Issued 66,575,301
Last Close 1/25/2007 $0.38
Friday January 26 2007 - News Release
Mr. David McMillan reports
WYN DEVELOPMENTS COMPLETES THE PROPHET RIVER d-60-E/94-G-15 EXPLORATORY WELL
Wyn Developments Inc.'s Prophet River d-60-E/94-G-15 exploratory well has been successfully completed.
After perforating and coiled acid wash, the Mississippian reservoir yielded an initial unstabilized gas flow of up to 7,943,000 cubic feet per day. Pressure recorders are currently in the wellbore to determine pressure build-up, while the well is shut in, and provide insight into the scale of this new Mississippian discovery. The pressures and gas returns, coupled with known seismic and geological data suggest likely communication between d-60-E and the d-19-E Dome well (flow tested nine million cubic feet per day) five kilometres to the southeast as well as the Unocal-Suncor d-65-L (flow tested 10,779,000 cubic feet per day) approximately 24 kilometres to the south of d-60-E. The seismic data also suggest this gas-charged reservoir extends to the northwest.
In addition, excellent gas detection also occurred in the Triassic halfway formation as the well encountered 23 metres of prospective pay. The gas shows, log analysis and seismic data suggest this Triassic halfway formation extends northwest and southeast toward the c-97-D Amoco well (three million cubic feet per day), approximately seven kilometres from the d-60-E well.
This well control with seismic interpretation suggests the company could drill an additional four Mississippian and four Triassic halfway development wells on the 11-square-mile Prophet River A lands, in which Wyn has earned its 21-2/3-per-cent interest.
The company also has an option to drill a well on the Prophet River B lands by committing 33-1/3 per cent of the costs to earn a 21-2/3-per-cent interest in 10 square miles of land to the total depth drilled. The B lands drilling decision deadline has been extended until March 30, 2007, with the spudding deadline extended until March 30, 2008. Well control with seismic interpretation suggests the company could drill an additional three Mississippian and three Triassic development wells on the 10-square-mile Prophet River B lands.
This equates to a potential of seven additional Mississippian and seven additional Triassic halfway development wells across the 21-square-mile Prophet River lands.
The company has concluded this Mississippian and Triassic formation development is the appropriate direction for the Prophet River lands which includes the potential to dual produce from these zones. The company intends to apply for several Mississippian drilling permits and commence a Prophet River development program this summer. With success, production infrastructure could be in place on the Prophet River lands in early 2008.
Thomas W. Bainbridge, PGeol, is the qualified consultant for the company's natural gas projects and has reviewed and verified the contents of this news release
This company is one of my major holdings, I took a position here because of the Profit River well drilling, and it holds a working position with a major oil company that has not been announced. The general rumor is that the major (who is rumored to be Shell Oil) will not announce drill results until after they have acquired the surrounding land. This makes a lot of sense if the major wants to pick up cheap property.
The affiliation with the Focus Energy Trust on the three Trutch area Triassic Halfway Development wells are proceeding into production, a new Trutch area Triassic Halfway Development well is now planned for this winter season, we should see gas flowing first Q of 07.
At Prophet River, the evaluation of the d-60-E/94-G-15 Slave Point Exploratory well resumed January 3rd, following the Christmas break. The Company will offer more information on the project once this evaluation is complete; a process that may require another two to three weeks.
This could be a major new gas find in Eastern British Columbia.
World Class Gas Find May Now Be Within Reach
http://www.wyndevelopments.ca/press/news06/Wyn-PDF-Handout.pdf
WYN DEVELOPMENTS Inc SUMMARY
Natural Gas Exploration and Development
Wyn Developments’ natural gas holdings are strategically located in the prolific oil and gas lands of the Western Canadian Sedimentary Basin, northeastern British Columbia, Canada, on trend with the East to West expansion of regional pipeline and support infrastructure. The Peace River Region is a hydrocarbon-rich area where many world-class natural gas fields have been discovered: Clarke Lake (1957), Cranberry (1974), Hamburg (1983), Adsett, Ladyfern (2000), and Tommy Lake. Since 2004, the Company has been acquiring working interest rights to explore and develop promising natural gas prospects in this area. Project Operators include three North American oil and gas companies with multi billion dollar market capitalizations, and one energy trust with over a billion dollar market capitalization. The Company has also retained knowledgeable oil and gas advisors to asssist in these projects. Their experience and expertise are an integral piece of Wyn's commitment to professionalism and calculated risk taking on potential company making projects. Please refer to the Bougie Trutch, Prophet River and Trutch East pages specifically for a more in depth look at the fundamentals of these projects.
BOUGIE TRUTCH NATURAL GAS DEVELOPMENT (Late 2004 Acquisition)
The first natural gas development project for the Company, the Bougie Trutch leases represent a key aspect of Wyn’s future potential. The complete land package consists of 26 sections (26 square miles) in the active Peace River region, Northeastern British Columbia, Canada. Project development on the property is currently ongoing with major Canadian energy companies as operators.
Find out more about BOUGIE TRUTCH
http://www.wyndevelopments.ca/english/projects/naturalgas/bougie.htm
NEW info! PROPHET RIVER NATURAL GAS EXPLORATION (Early 2006 Acquisition)
The Prophet River project is another natural gas exploration acquisition integral to Wyn’s future. Located in the prolific Peace River region of Northeastern British Columbia, Canada, Wyn has a 21 2/3% working interest in approximately 21 square miles from the surface to the basement. A Slave Point exploratory well reached total depth late September. The Company will now complete the well, which includes testing, and results are anticipated in December 2006.
Find out more on PROPHET RIVER
http://www.wyndevelopments.ca/english/projects/naturalgas/prophet.htm
NEW info! TRUTCH EAST (Fall 2006 Acquisition)
The most recent acquisition in Wyn’s natural gas holdings, the 15 square mile Trutch East lands are also strategically located in Northeastern British Columbia, Canada. These leases adjoin the Bougie Trutch property on the east and southeast boundaries, and lie between the Company’s successful c-36-A Triassic Halfway Discovery well (1.65 MMcf) and Focus Energy Trust’s Triassic Halfway producing Tommy Lake field. Drilling on the property is anticipated to commence late November, 2006, weather permitting. With success, production is anticipated Q1 2007.
Find out more about TRUTCH EAST
http://www.wyndevelopments.ca/english/projects/naturalgas/trutcheast.htm
Wyn Developments Inc. to Produce From 3 Natural Gas Wells 1st Quarter 2007
Monday January 8, 12:15 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jan 8, 2007 -- Wyn Developments Inc. (the "Company") (TSX VENTURE:WL.V - News)(Other OTC:WYDPF.PK - News)(FWB: YXE) announces three Trutch area Triassic Halfway Development wells are proceeding into production, a new Trutch area Triassic Halfway Development well is now planned for this winter season, weather permitting, and work continues on the Prophet River d-60-E/94-G-15 Slave Point Exploratory well.
Both the FET et al Tommy c-25-A/94-G-15 and FET et al Tommy b-56-A/94-G-15 natural gas development wells have been successfully tested and completed, building upon the success of the FET et al Tommy c-36-A/94-G-15 Triassic Halfway discovery well, which test flowed 1.65 MMcf.d after stimulation. The Operator, Focus Energy Trust (FET), is now equipping the c-25-A, c-36-A and b-56-A wells for production, and is extending pipeline from their existing infrastructure at Tommy Lake. FET will run 14,217 meters of six inch pipe from Tommy Lake to the c-36-A well, followed by a total of 1,688 meters of four inch pipe from c-36-A to the b-56-A and c-25-A wells. The Company's total cash commitment for the pipeline is approximately CAD $400,000 (representing a 15% gross interest) with production forecast to begin late February 2007. Initial production rates will be provided at that time.
THE BOUGIE TRUTCH b-86-A/94-G-15 TRIASSIC HALFWAY EXPLORATORY WELL
The Company has initiated another Trutch area Triassic Halfway exploratory well to be drilled before breakup, weather permitting. The Company is seeking a license transfer for the b-86-A/94-G-15 well (WA20151) and is currently negotiating for a rig and qualified operator. The b-86-A application was approved by the BC Oil and Gas Commission last winter and is located north of the successful b-56-A well. By drilling b-86-A to total depth, the Company will earn an additional six sections (6 square miles) of the Bougie Trutch lands (for a total of 18 sections) from the surface to above the Slave Point Formation. The Company has already earned its interest in twenty-six sections (26 square miles) from the top of the Slave Point to the basement. In total, the Company retains an option to earn a 15% interest in up to forty-one sections (41 square miles) in the Bougie Trutch and Trutch East lands.
THE PROPHET RIVER PROJECT
At Prophet River, the evaluation of the d-60-E/94-G-15 Slave Point Exploratory well resumed January 3rd, following the Christmas break. The Company will offer more information on the project once this evaluation is complete; a process that may require another two to three weeks.
Thomas W. Bainbridge P.Geol., is the qualified consultant for the Company's natural gas projects and has reviewed and verified the contents of this news release.
On Behalf of the Board,
WYN DEVELOPMENTS INC.
David McMillan, President & CEO
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements including expectations of future production. More particularly, this press release contains statements concerning Wyn Developments Inc. future production estimates, expansion of oil and gas property interests, exploration and development drilling, regulatory applications, payout estimates, capital expenditures, and drilling locations to be drilled in 2006. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional information on these and other factors that could affect Wyn's operations or financial results are included in Wyn Development's reports on file with Canadian securities regulatory authorities. The forward-looking statements or information contained in this news release are made as of the date hereof and Wyn Developments undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Oil and Gas Advisory. This press release contains disclosure expressed as "Boe/d". All oil and natural gas equivalency volumes have been derived using the ratio of six thousand cubic feet of natural gas to one barrel of oil. Equivalency measures may be misleading, particularly if used in isolation. A conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
Wyn Developments Inc. - North America
Tom Brady
(604) 685-5851 or Toll Free: 1-888-685-5851
Wyn Developments Inc. - North America
Chad McMillan
(604) 685-5851 or Toll Free: 1-888-685-5851
Wyn Developments Inc. - North America
Dave McMillan
(604) 685-5851 or Toll Free: 1-888-685-5851
(604) 685-7349 (FAX)
Email: ir@urg.ca
Website: http://www.wyndevelopments.ca
Small Cap Invest Ltd. - Europe
Alexander Friedrich
49 (0) 69-24 24 93 49
49 (0) 12 12 544 71 04 62 (FAX)
Email: afriedrich@small-cap-invest.com
Yes International Inc. - United States
Rich Kaiser
(757) 306-6090 or Toll Free: 1-800-631-8127
(757) 306-6092 (FAX)
Email: rich@yesinternational.com
Source: Wyn Developments Inc.
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