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EEDG up over 92%
HUGE NEWS! Private Placement Set for Joint Venture of Up to $100,000,000 on 97 Net Drill Locations
Private Placement Set for Joint Venture of Up to $100,000,000 on 97 Net Drill Locations
Halted pending NEWS!!! AGAIN!
here's hoping that we get some kind of news release that's going to make us all happy.
GO GSR.v GO POP.v
Just sold off a bunch of my other stocks that were doing absolutely nothing...nada...zilch...etc...and threw all the $ from them into GSR.v
May be a foolish mistake but what the heck...nothing been happening with anything I owned for longest time anyway. Best of luck to me and anyone else holding POP and GSR.
Starting vacation tonight and will hopefully be plesently surprised when I return.
GLTA!
Getting really boring watching this lately. Wish GSR would catch back up to POP.
Been a long, long, looooong time. Howdy balihi!
Recognize a lot of those names. Still here holding a few MIL as well!
NEWS!!!
Petro One Books Best Case Prospective Resource of 1.8 MMbbl Recoverable Oil
PrintAlert
Petro One Energy Corp (TSXV:POP)
Intraday Stock Chart
Today : Wednesday 14 May 2014
Petro One Books Best Case Prospective Resource of 1.8 MMbbl Recoverable Oil
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 13, 2014) - Petro One Energy Corp. (TSX-VENTURE:POP) (FRANKFURT:C6K1) is pleased to report that McDaniel and Associates Consultants Ltd. has provided an NI 51-101 prospective resource estimate of 2.48 MMbbl of recoverable oil high case (P90), 1.80 MMbbl bestcase (P50) and 1.125 MMbbl low case (P10) on its J5 Milton property, based on 45 horizontal drilling locations in the Viking. This is in addition to 124,800 bbl of proved plus probable reserves that were reported in last week's news release (May 8, 2014).
"We are very pleased to receive this evaluation of recoverable prospective resources in addition to the reserves on our Milton property", said Petro One President Peter Bryant. "Recent horizontal drilling in the newly discovered Marengo field 3.2 kilometres south of Petro One's J5 property has a 100% success rate, with three month initial production ranging up to 75.5 bopd, and averaging 56 bopd, and licenses for 13 new horizontal wells have recently been issued. McDaniel has identified 45 horizontal drill locations in 10 metre-thick Viking sand with strong oil show confirmed in core, and this bodes well for future production. Petro One's Milton property covers more than 2500 acres, and we look forward to developing this asset with the drill bit."
Pursuant to clause 5.9(2) of NI 51-101, Petro One advises that McDaniel and Associates Consultants Ltd. has consented to the disclosure of the reserves information contained in this news release and to disclosure of its identity as the qualified reserves evaluator having prepared the estimate of reserves, and has advised Petro One that:
i.the effective date of the estimate is April 30, 2014;
ii.the estimate was prepared by a qualified reserves evaluator; and
iii.the estimate was prepared in accordance with the COGE Handbook.
NATIONAL INSTRUMENT 51-101 DISCLOSURE
BOE means barrels of oil equivalent. It may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip, and does not represent a value equivalency at the wellhead.
Oil production during a period is generally expressed in terms of "barrels per day", which indicates the total oil produced during a period divided by the number of hours that the well was in production during that period. "Barrels per day" is indicative of flow rate while a well is in production and does not mean that such well was in constant production during such period.
MMbbl means millions of barrels.
Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be sub-classified based on project maturity.
Discovered Petroleum Initially-In-Place (equivalent to Discovered Resources) is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of Discovered Petroleum Initially-In-Place includes production, reserves, and contingent resources; the remainder of the volume is unrecoverable.
Undiscovered Petroleum Initially-In-Place (equivalent to Undiscovered Resources) is that quantity of petroleum that is estimated, on a given date, to be contained in accumulations yet to be discovered. The recoverable portion of Undiscovered Petroleum Initially-In-Place is referred to as Prospective Resources; the remainder is classified as unrecoverable.
The resource described in this document are Undiscovered Petroleum Initially-In-Place. Pursuant to s. 5.9(d)(v) of NI 51-101, the Company cautions that that 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.
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.
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 + probable 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.
ON BEHALF OF THE BOARD
PETRO ONE ENERGY CORP.
Peter Bryant, President & Director
For further information, please visit the company's website at www.PetroOneEnergy.com, follow the Company's tweets at www.Twitter.com/PetroOneEnergy and contact Jeff Stuart of King James Capital Corporation, handling Investor Relations for the Company, by telephone at (604) 805 0375 or by email at jstuart@kingjamescapital.com.
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.
Forward-Looking Statements
Certain statements contained herein constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation, including, but not limited to management's assessment of future plans and operations, including: drilling plans and potential locations; expected production levels; development plans; reserves growth; production and operating sales and expenses; reservoir characteristics; the results of applying certain operational development techniques; certain economic factors; and capital expenditures.
Forward looking statements are typically identified by words such as "anticipate", "estimate", "expect", "forecast", "may", "will", "project" and similar words suggesting future events or performance or may be identified by reference to a future date. In addition, statements relating to oil and gas reserves and resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves or resources described, as the case may be, exist in the quantities predicted or estimated and can be profitably produced in the future. With respect to forward looking statements herein, the Company has made assumptions regarding, among other things; future capital expenditure levels; future oil and natural gas prices; ability to obtain equipment and services in a timely manner to carry out development activities; ability to market oil and natural gas successfully to current and new customers; the ability to obtain financing on acceptable terms; and the ability to add production and reserves through development and exploitation activities. Although the Company believes that the expectations reflected in the forward-looking statements contained herein, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included herein, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous risks and uncertainties that contribute to the possibility that the forward-looking statements will not occur, which may cause the Company's actual performance and financial results in future periods to differ materially from any estimates or projections. The forward-looking statements contained herein are made as of the date hereof. The Company does not undertake any obligation to, nor does it intend to, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained herein are expressly qualified by this cautionary statement. In addition, readers are cautioned that historical results are not necessarily indicative of future performance.
King James Capital Corporation
Jeff Stuart
Investor Relations
(604) 805 0375
jstuart@kingjamescapital.com
Petro One Energy Corp.
604 566 9089
IR: 604 805 0375
www.PetroOneEnergy.com
http://Twitter.com/PetroOneEnergy
Someone should organize a field trip to the plant.
Looks like there's at least 4 of us for the bus trip. LOL
Planning on taking an extra long weekend, so guess I had better get back to work so I can. Cheers!
Someone should organize a field trip to the plant.
Looks like there's at least 4 of us for the bus trip. LOL
Planning on taking an extra long weekend, so guess I had better get back to work so I can. Cheers!
Wonder how many board members from here will be unkowingly standing beside each other Saturday afternoon. Should plan a huge 4/20 party for next year on the Hill. LOL
Bridlewood to be specific. bigger LOL
You more towards TO or OT? Me...OT
I'm pretty sure it will now that those who wanted out are now out.
Watching chart indicators to turn up anytime soon.
Here we go...time to move up.
Yup! Time to move up. I feel bad for those who took a loss out of fear, but that's how the market moves I guess. Holding long and strong here.
Locked and loaded now. Came down further than I had expected…due to the weak hands which brought this back down... however, should see a nice bounce from here. I wish I could have predicted those that would sold so much in fear to drive this back down. I could have waited and fully loaded my position here, but that was a risk I was not betting on and then trying to chase this once it run. Oh well, loaded now. Just need to sit back and enjoy the ride up soon. Off to a meeting and hope to come back and see that all the weak are fully gone so we can move forward. GLTA
Very nice article Omen! Just getting caught up on reading through all the posts.
Not likely to see anything below $3.25. Very strong support now at $3.35 area. Next week I'm expecting it to test $4.75 and possibly break that to give a new high. JMHO
I am but extremely busy at work. Waiting for RBC Action Direct to call me to tell me I owe them $. My order went through 2X yesterday and there was only funds to cover the one order. (computer glitch). Waiting for a bit more of a rise before I sell to cover the amount I owe Action Direct. Playing the extra fill order (shares) with their $. As long as it stays above $3.40 I'm OK. Anything more is profit using someone elses $. If it drops....I'm screwed. LOL Cross that path if it happens.
Back to work...for a little while anyway.
Got my 3.39 today by using some patience. Actually got double what I had intended to buy (system glitch on the part of Action Direct). Had a double order go through by mistake and Action Direct allowed it to go through even though funds were not there. Not going to answer the phone until I sell some shares to cover the cost. LOL Up .35 so far which covers the mistake, but will leave it a bit longer to make a few extra $ using the brokers $. Surprised they haven't called me yet.
Onwards and upwards. Chart looking good so far. Give it a bit more time and should be able to really play this well once definite patterns are formed. Good luck DrGreenthumb.
Being waiting all morning to add and like the price now. Added at 3.39. Looks good to go forward now. JMHO
Bullish Harami showing in the charts supports your nicely detailed analysis DrGreenthumb. I bought in yesterday and was able to free up more $ at the end of the day in order to add to my TWD.v holdings today. Here's to an extremely GREEN future for all of us.
You are correct wang, it has found solid support. GSR.v has found it's support at .08 as well. I'm holding both and see GSR giving a better return once it does moves, JMHO but either way, both should move quite well once they do move. Good luck on your investments wang!
GO POP.v GO
GO GSR.v GO
GO *** GO
NEWS! Petro One Energy Corp. Warrants Extended
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 4, 2014) - Petro One Energy Corp. (the "Company") (TSX-VENTURE:POP) (FRANKFURT:C6K1) reports that the TSX Venture Exchange has consented to the extension of the exercise term of 1,922,892 outstanding share purchase warrants by two years. The warrants were originally exercisable until March 15, 2014. Each warrant is now exercisable to purchase one common share for $0.80 at any time prior to 4:30 p.m. on March 15, 2016 subject to an accelerated expiry if the average closing price of the common share is $1.20 or higher for 20 consecutive days.
ON BEHALF OF THE BOARD
Peter Bryant, President & Director
For further information, please visit the company's website at PetroOneEnergy.com, follow the Company's tweets at Twitter.com/PetroOneEnergy.
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.
Petro One Energy Corp.
604 566 9089 or Toll free: 877 566 9089
604 564 8003
www.PetroOneEnergy.com
King James Capital Corporation
Jeff Stuart
Investor Relations
(604) 805 0375
jstuart@kingjamescapital.com
What's up??? Over 180 MIL shares traded in last few minutes????
NEWS!!!!
This morning new release.
Petro One and Goldstrike Announce Drill Results from SR-1
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 24, 2014) - Petro One Energy Corp. (TSX-VENTURE:POP)(PINKSHEETS:CUDBF)(FRANKFURT:C6K1) and Goldstrike Resources Ltd. (TSX-VENTURE:GSR)(PINKSHEETS:APRAF)(FRANKFURT:KCG1) have completed drilling the first well of their joint venture announced on November 26, 2013 - the SR-1 vertical wildcat well at South Reston, Manitoba (5-17-6-26W1). Drilling encountered a large Waulsortian mound with a strong oil show in a 20 metre interval at the top of the Mississippian Lodgepole formation, which was the targeted formation. Cuttings from 790 to 810 metres drill depth had medium brown oil stain, vivid fluorescence and fluorescent cut, and emitted a strong petroliferous odor during sample wash. Parameters calculated by an independent petrophysicist for what he has indicated to be a newly discovered reservoir are 17 metres of indicated net pay, 10.34 per cent porosity, 50.89 per cent water saturation, and 0.63 mD permeability.
Due to the low permeability of the zone, Petro One's consulting geologists, engineers and petrophysicist have suggested that horizontal drilling will be necessary to recover oil from the zone encountered in the hole. The SR-1 well has been cased and left standing, and the companies are assessing their options.
ON BEHALF OF THE BOARD ON BEHALF OF THE BOARD
PETRO ONE ENERGY CORP. GOLDSTRIKE RESOURCES LTD.
"Peter Bryant" "Terrence E. King"
President & Director President & Director
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.
Forward-Looking Statements
Certain statements contained herein constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation, including, but not limited to management's assessment of future plans and operations, including: drilling plans and potential locations; expected production levels; development plans; reserves growth; production and operating sales and expenses; reservoir characteristics; the results of applying certain operational development techniques; certain economic factors; and capital expenditures.
Forward looking statements are typically identified by words such as "anticipate", "estimate", "expect", "forecast", "may", "will", "project" and similar words suggesting future events or performance or may be identified by reference to a future date. In addition, statements relating to oil and gas reserves and resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves or resources described, as the case may be, exist in the quantities predicted or estimated and can be profitably produced in the future. With respect to forward looking statements herein, the Company has made assumptions regarding, among other things; future capital expenditure levels; future oil and natural gas prices; ability to obtain equipment and services in a timely manner to carry out development activities; ability to market oil and natural gas successfully to current and new customers; the ability to obtain financing on acceptable terms; and the ability to add production and reserves through development and exploitation activities. Although the Company believes that the expectations reflected in the forward-looking statements contained herein, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included herein, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous risks and uncertainties that contribute to the possibility that the forward-looking statements will not occur, which may cause the Company's actual performance and financial results in future periods to differ materially from any estimates or projections. The forward-looking statements contained herein are made as of the date hereof. The Company does not undertake any obligation to, nor does it intend to, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained herein are expressly qualified by this cautionary statement. In addition, readers are cautioned that historical results are not necessarily indicative of future performance.
Investor Relations
King James Capital Corporation
Jeff Stuart
(604) 805 0375
jstuart@kingjamescapital.com
Petro One Energy Corp.
Telephone: 604 566 9089
IR: 604 805 0375
PetroOneEnergy.com
Twitter.com/PetroOneEnergy
Goldstrike Resources Ltd.
Telephone: 604 681 1820
IR: 604 805 0375
GoldStrikeResources.com
Twitter.com/GoldstrikeRes
Nice movement today. Hopefully we can continue moving up daily in the next short while to get back into at least the .20+ range to start.
GO GSR GO
GO POP GO
I hope so, been waiting a long, long time for things to transpire. Might have to start adding a few more while I wait.
EVEN IF SBFM DID ATTEND, in no way does it imply or mean that there may be a partnership or funding in the works.
P.S. I like your enthusiasm though and it would be nice if something did come of it but just look at the long list of other companies that attended last year: http://www.iirusa.com/cropartners/socialize.xml
Recent attending companies in 2013 included:
AxiiTRIALS
BARC Global Central Laboratory
Baxter Healthcare Corp
Bayer HealthCare
Bayer Schering Pharma
BBK Worldwide
BD Becton Dickinson & Company
Biocair
BioClinica
Biogen Idec
BioMarin
Biomedical Systems
BioPharm Insight
bioskin GmbH
Biostorage Technologies
BIOTEST AG
Biothera Pharma
Biotrial
Boehringer Ingelheim Pharmaceuticals Inc.
Bracket Global
Bristol-Myers Squibb
Brunel Lifesciences
CardioCore
Catalent
Celgene Corporation
Cephalon
CEPIA/Sanofi
Cetero Research
CFS Clinical
Chiltern
Chrome River
Clinical Ink
Clinical Professionals
Clinical Resource Network, SPG
ClinStar
Cognizant
Compleware
Coram Clinical Trials
Cordis Corporation
CoreLab Partners
Covidien
CRF Health
CRL -Clinical Reference Laboratory
Cubist Pharmaceuticals Inc
Daiichi Sankyo
Delve
Dyax Corporation
Eisai Inc
Elan Pharmaceuticals
Eli Lilly & Co
EMD Serono
EMEACR
EPS Global Research
ERT
Eurofins
Everest Clinical Research Services Inc.
Exco In Touch
Exelixis
Forest Laboratories Inc
Genentech
Gilead Sciences
GlaxoSmithKline
Greenphire
Grifols Therapeutics
Hemostasis Reference Laboratory
Hoffmann-La Roche
Human Genome Sciences
iCardiac Technologies
ICON Clinical Research
Idis Pharma
Illingworth Research
ImageIQ
ImClone Systems
ImmunoGen
Imperial CRS
IMS / TTC
Inamed
INC Research
Incyte
Infinity Pharmaceuticals
Intelsius
InterMune
International Dermotological Research (IDR)
Inventiv Health Clinical
Johnson & Johnson Vision Care
Kellman Pharmaceutical Services (KPS Life)
LabCorp
Laboratorio Hidalgo
Lionbridge
Macrogenics Inc
Marken
Masimo
Medidata Solutions
MedImmune
Mednet
Medpace
Merck
Merge Healthcare
MESM
MidLands IRB
Millennium: The Takeda Oncology Company
Mindways Software
monitorforhire.com
ndd Medical Technologies
NeuroVista Corporation
Norwich Clinical Research
Novartis
Novo Nordisk
Novotech
NowPos M-Solutions Inc.
nSpire Health
OBS Medical
Ocasa
OncoMed Pharmaceuticals
Orexo AB
Otsuka
Pamlab
Par Pharmaceutical Inc
Parexel
PCM Trials
Perrigo Co
Pfizer
Pharmasset
Pharmavoice
Pozen
PPD
PRA
PROMETRIKA
PSI
pSivida
Purdue Pharma
Quest Diagnostics
Quintiles
Quorum Review IRB
Reckitt Benckiser Pharmaceuticals
Regeneron Pharmaceuticals Inc
ResearchDx
Roche
Roche Diagnostics
Roxane Laboratories, Inc.
RPS
RxTrials
Sangart
Sanofi-Aventis
Scaritt Group
Schulman Associates IRB
Sentrx
SGS
Sharp Clinical Services
Social & Scientific Systems (S-3)
Spectra
Sterling IRB
Stiris Research
Streck
SUGIYAMA-GEN CO.
Sunovion Pharmaceuticals
Synsource
Tactical Therapeutics Inc
Takeda Pharmaceuticals
TATA Consultancy Services
Teva Pharmaceuticals
Theorem Clinical Research
Therapeutics, Inc.
Threewire
Trial Netwoks
Trifecta Multi-Media
Tudor Reilly
UBC
UCB Biosciences Inc
UL Life & Health
United Therapeutics Corporation
Uppsala Monitoring Centre
Valeritas
Vertex Pharmaceuticals
Viracor-IBT Laboratories
VirtualScopics
Vitalograph
Warner Chilcott
Watson Pharmaceuticals
Worldwide Clinical Trials
YM Biosciences
Yourway Transport
Y-Prime
Now maybe we can get the HALT removed from GSR.V and get things moving.
More NEWS!!!! TSX Venture Exchange Conditionally Approves Petro One / Goldstrike Joint Venture
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 9, 2014) - Goldstrike Resources Ltd. (TSX-VENTURE:GSR)(PINKSHEETS:APRAF)(FRANKFURT:KCG1) and Petro One Energy Corp. (TSX-VENTURE:POP)(PINKSHEETS:CUDBF)(FRANKFURT:C6K1) are pleased to report that the TSX Venture Exchange (the "TSXV") has conditionally approved Goldstrike's proposed joint venture with Petro One to drill a series of oil wells on leases controlled by Petro One in Southwestern Manitoba and Southeastern Saskatchewan.
Final approval will be subject to TSXV acceptance of the usual filings required under Policy 5.3, "Acquisitions and Dispositions of Non-cash Assets", including (i) a Geological Report on the South Reston property, where the first well is proposed to be drilled; (ii) a Financial Plan or other evidence that demonstrates that Goldstrike has or will have on closing the financial resources to close the transaction; and (iii) evidence of value supporting Goldstrike's proposed financial contribution to the joint venture. Follow-up submissions have been made in respect of those requirements.
The companies are also pleased to report that the Manitoba government has issued a drilling license for the first oil well (Well #SR1) proposed to be drilled at South Reston. The background to the proposed joint venture, the details of the drilling program and information on the South Reston, Kirkella and Milton properties are set out in the joint news release issued by the companies on November 26, 2013.
ON BEHALF OF THE BOARD
PETRO ONE ENERGY CORP.
"Peter Bryant"
President & Director ON BEHALF OF THE BOARD
GOLDSTRIKE RESOURCES LTD.
"Terrence E. King"
President & Director
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.
Forward-Looking Statements
Certain statements contained herein constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation, including, but not limited to management's assessment of future plans and operations, including: drilling plans and potential locations; expected production levels; development plans; reserves growth; production and operating sales and expenses; reservoir characteristics; the results of applying certain operational development techniques; certain economic factors; and capital expenditures.
Forward-looking statements are typically identified by words such as "anticipate", "estimate", "expect", "forecast", "may", "will", "project" and similar words suggesting future events or performance or may be identified by reference to a future date. In addition, statements relating to oil and gas reserves and resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves or resources described, as the case may be, exist in the quantities predicted or estimated and can be profitably produced in the future. With respect to forward-looking statements herein, the Company has made assumptions regarding, among other things; future capital expenditure levels; future oil and natural gas prices; ability to obtain equipment and services in a timely manner to carry out development activities; ability to market oil and natural gas successfully to current and new customers; the ability to obtain financing on acceptable terms; and the ability to add production and reserves through development and exploitation activities. Although the Company believes that the expectations reflected in the forward-looking statements contained herein, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included herein, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous risks and uncertainties that contribute to the possibility that the forward-looking statements will not occur, which may cause the Company's actual performance and financial results in future periods to differ materially from any estimates or projections. The forward-looking statements contained herein are made as of the date hereof. The Company does not undertake any obligation to, nor does it intend to, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained herein are expressly qualified by this cautionary statement. In addition, readers are cautioned that historical results are not necessarily indicative of future performance.
Investor Relations
King James Capital Corporation
Jeff Stuart
(604) 805 0375
jstuart@kingjamescapital.com
Petro One Energy Corp.
604 566 9089
604 564 8003 (FAX)
IR: 604 805 0375
PetroOneEnergy.com
Twitter.com/PetroOneEnergy
Goldstrike Resources Ltd.
604 681 1820
604 681 1864 (FAX)
IR: 604 805 0375
GoldStrikeResources.com
Twitter.com/GoldstrikeRes
NEWS!!!!
November 26, 2013 13:27 ET
Petro One and Goldstrike Announce Oil & Gas Drilling Joint Venture
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 26, 2013) - Petro One Energy Corp. (TSX VENTURE:POP)(PINKSHEETS:CUDBF)(FRANKFURT:C6K1) and Goldstrike Resources Ltd. (TSX VENTURE:GSR)(PINKSHEETS:APRAF)(FRANKFURT:KCG1) are pleased to announce plans for a joint venture to drill a series of oil wells on leases controlled by Petro One in Southwestern Manitoba and Southeastern Saskatchewan. The initial program will consist of up to three test wells to be drilled at South Reston, Kirkella and Milton, and the arrangement provides for a series of success contingent option wells thereafter.
Discussions for the proposed joint venture (the "JV") were initiated due to continuing poor market conditions for junior resource companies. Petro One's geological team has identified numerous highly prospective targets for oil wells on leases controlled by it, but management has been reluctant to turn to the equity markets in the current state, and has therefore focused on farm-outs and potential joint ventures as sources of non-dilutive financing to drill additional oil wells. Petro One has farmed out one property and sold another this year, and it is currently cash-flow positive (exclusive of exploration costs) due to the success of oil wells in the Milton and Bromhead areas of Saskatchewan. However, it will require additional funds to continue to explore and develop its properties, and, accordingly, is in discussions with a number of prospective partners. That business model has led to the proposed JV and a number of other opportunities which are currently the subject of ongoing discussions with third parties.
Background to the Joint Venture
Petro One has a significant investment in Goldstrike in the form of shares and warrants received as option payments on the Lucky Strike and BRC properties in Yukon. Consequently, success for Goldstrike means success for Petro One. When the concept of a JV between the companies was conceived, it quickly became clear that the potential benefit to both companies is considerable and that the downside is limited. While Petro One currently has approximately $900,000 in cash and is generating sufficient positive cash flow to pay its overhead, its available funds will not permit it to drill and complete the proposed additional wells in the near term. The proposed JV will permit Petro One and Goldstrike to drill at least two and possibly three oil wells by splitting drilling costs 50/50, sharing both the risk and potential reward.
For Goldstrike, the JV provides the potential to generate cash flow to sustain operations over the long term without resort to the equity markets. Goldstrike holds properties of significant merit in Yukon, the Plateau South property in particular, and has approximately $1,350,000 in cash. However, that amount will finance only a modest drilling program and management is concerned that if it spends its remaining cash reserves at Plateau South next summer, in the current market it will have difficulty raising the considerable funds needed to move the property to the next level without experiencing significant dilution. In the meantime, Goldstrike's cash reserves will continue to be eroded by overhead costs and it will have no news flow to attract investors. Goldstrike cannot afford to take that risk. Without access to additional funding or significant cash flow from the JV, Goldstrike almost certainly has to look at foregoing a program in 2014 and wait for the market to turn around.
The proposed JV is designed to give Goldstrike a real opportunity to become cash flow positive over the next several months, with potential for significant upside after that. If it is able to achieve financial self-sufficiency, Goldstrike will have the ability to wait out the market and finance its next program at Plateau South in the next year or so, hopefully at a much higher share price and or from potential cash flow from operations in Saskatchewan and/or Manitoba if the JV is successful. The Plateau South claims are currently in good standing with the Yukon Government until March 30, 2021 and 2022, and management is of the view that the prudent course of action is to suspend work there until market conditions improve or the JV results in significant positive cash flow. The JV does not represent a new direction for Goldstrike, but does provide it with the potential for near-term success, significant upside with 19 net drill locations, year round operations and news flow.
The Joint Venture Terms
Terms for the proposed JV are set out in a Letter of Intent ("LOI") settled between the companies on November 22, 2013, and reflect the significant investment made by Petro One in acquiring the three properties which are the subject of the JV and completing comprehensive geological programs on them. Those historic costs are in the range of $3,000,000 in the aggregate, and results of past work include two producing oil wells at Milton and the identification of highly prospective targets at South Reston and Kirkella where the National Instrument 51-101 ("NI 51-101") Report prepared for Petro One in 2010 allocated unrisked prospective resources of 233,000 barrels of oil ("bbl") to South Reston and 231,000 bbl to Kirkella (news release July 15, 2010).
The LOI provides that costs of drilling all test wells will be split 50/50 between the two companies, which reflects Petro One's confidence in the targets it has chosen. The LOI also provides that the costs of completing the first two test wells will be borne 100% by Goldstrike to bring its ultimate investment in the projects closer inline with Petro One's investment to date. The cost of each of those wells is estimated to be approximately $420,000 (drilling) and $440,000 (completion). Since the test wells will only be completed if drill stem tests and open hole core logging indicate significant potential for economic success, the majority of the risk will be shared by the two companies at the drilling stage. Drilling costs include costs of casing and cementing or abandonment, as circumstances dictate. Completion costs include cased hole logging and perforating, and production testing. Each company will have a 50% working interest in each completed well.
The Joint Venture Program
The JV program provides for an initial test well at South Reston (Well #SR1) as soon as regulatory approvals are received. If that well is successful, the companies will drill a second well at South Reston where 19 net drill locations have been identified on land controlled by Petro One. Goldstrike will have the option to participate in all of those wells subject to industry standard conditions. If the South Reston test well is not successful, the companies will move to Kirkella, where the potential for success is believed to be strong, but where there is space for only one well. If the Kirkella test well (Well #K1) is not successful, Goldstrike will have the right, but not the obligation, to participate in a well at Milton (Well #M1). If a well is drilled at Milton, which will only be the case if the first two wells are both abandoned and If Goldstrike exercises its option, all costs of drilling and completion will be shared 50/50 by Petro One and Goldstrike.
The wells are planned to be drilled that order because the potential for a big producer is greater at South Reston (with multiple targets) and Kirkella, while the potential for economic success at a more modest production rate has already been proven at Milton. The target formations are the Lodgepole (primary) and Tilston (secondary) at South Reston, the Lodgepole at Kirkella and the Lower Viking at Milton. There is also potential for Bakken and Success targets in some of the drill locations identified at Milton. An NI 51-101 report prepared for Petro One in 2011 credited the company with a prospective resource of 798,000 bbl in the shallow Middle Bakken sand located only 140 m below the Viking (news release November 14, 2011). However, if a Milton well is drilled by the JV, the principal focus will be on the target formation with the highest potential for economic success, and that will mean a focus on the Lower Viking target.The JV program may be summarized as follows:
1. Drill Well #SR1 and either:
(a) case and test Well #SR1, and:
(i) if initial production testing indicates a minimum of 30 bbl/day, Goldstrike will be obliged to complete that well and drill Well #SR2, with options to drill subsequent wells at South Reston; or
(ii) if initial production testing indicates a minimum of less than 30 bbl/day, Goldstrike will have the option of:
(A) completing Well #SR1; or
(B) capping/suspending Well #SR1 and drilling Well #K1 at Kirkella; or
(b) abandon it, in which case Goldstrike will be obliged to drill Well #K1 at Kirkella.
2. If the companies proceed to drill Well #K1, they will on completion of drilling either:
(a) case and test Well #K1, and:
(iii) if initial production testing indicates a minimum of 30 bbl/day, Goldstrike will be obliged to complete Well #K1 and have the option to also complete Well #SR2 (by Oct. 15, 2014) if it has been suspended; or
(iv) if initial production testing of Well #K1 indicates a minimum of less than 30 bbl/day, Goldstrike will have the option of:
(A) completing Well #K1; or
(B) capping/suspending Well #K1 and completing Well #SR1; or
(C) capping/suspending Well #K1 and drilling a well at Milton; or
(b) abandon Well #K1, in which case Goldstrike will have the option to:
(i) go back and complete Well #SR1 (by Oct. 15, 2014) if it has been suspended; or
(ii) drill a well at Milton.
3. If the companies proceed to drill Well #M1, they will on completion of drilling either complete the well or abandon it.
Financial Aspects of the Joint Venture
Goldstrike will earn its interest on a well by well basis. If Goldstrike fails to complete any well, it earns no interest in that well. The LOI also provides for a $50,000 payment by Goldstrike to Petro One prior to commencement of Well #SR1 to partially reimburse Petro One for expenses incurred at South Reston. That payment will be refunded to Goldstrike (or applied to Goldstrike's share of costs for a Milton well) if Goldstrike spuds a well on section 22 (Milton) by October 31, 2014 or Goldstrike cannot spud a well on section 22 because Petro One has farmed out rights to such a well to a third party. The LOI also provides that Goldstrike will not be obligated to make any more option payments in respect of the Lucky Strike and BRC mineral claims, but will be deemed to have earned its interest in those two properties as of the rig release date for the second well drilled as part of the JV. In any event, the time for making option payment otherwise due on November 1, 2013 to maintain Goldstrike's option on the BRC property has been extended to November 1, 2016 due to current market conditions.
The respective costs of the JV participants are summarized in the following tables:
I. Costs Allocation Assuming Completion of Two Wells at South Reston or One Well at South Reston and One Well at Kirkella:
Property Petro One Goldstrike
Costs Reimbursement to N/A $50,000
Petro One:
South Reston: Well #SR1 Drilling $210,000 Drilling $210,000
Testing* N/A Testing* $40,000
Completion N/A Completion $400,000
South Reston: Well #SR2 Geophysics, etc. N/A Geophysics, etc. $100,000
OR Drilling $210,000 Drilling $210,000
Kirkella: Well #K1 Testing* N/A Testing* $40,000
Completion N/A Completion $400,000
Total: $420,000 $1,450,000
II. Costs Allocation Assuming Abandonment of all Three Wells:
Property Petro One Goldstrike
Reimbursement N/A $50,000
Payment to Petro
One:
South Reston Drilling/Abandonment $210,000 Drilling/Abandonment* $210,000
Testing N/A Testing $40,000
Kirkella Drilling/Abandonment $210,000 Drilling/Abandonment* $210,000
Testing N/A Testing $40,000
Milton (Optional) Drilling/Abandonment $210,000 Drilling/Abandonment* $210,000
(All Costs 50/50) Testing $20,000 Testing $20,000
Total Excluding $420,000 $550,000
Milton:
Total Including $650,000 $730,000
Milton:
Other Matters Pertaining to the Joint Venture
Petro One will be Operator of the JV. No fees will be charged by Petro One for managing the drilling and completion phases of any program, but a project management fee of 15% will be charged by Petro One after completion of any well. The costs set out in this release are estimates only, but are considered reliable as they are based on Petro One's experience in the area and analysis by its independent engineering consultant. Accordingly, Goldstrike's obligation in respect of any drilling and completion cost overruns associated with any well will be capped at 120% of its estimated share of costs. Goldstrike's earned interest in each well will be from surface to the base of the producing formation, in all a cases subject to government royalties and the gross overriding royalty payable to previous owners (see MD&A). The benefit of all royalty holidays will also be shared ratably.
Conditions Precedent to Commencement of the Joint Venture
Goldstrike's obligation to proceed with the JV is subject to execution and delivery of a definitive agreement acceptable to Goldstrike and completion of due diligence to its satisfaction by November 30, 2013. Petro One's comprehensive geological analysis and seismic and other surveys have been provided to Goldstrike's independent geologist carrying out due diligence for Goldstrike. There can be no assurance that the JV or any other financial arrangement for drilling Petro One properties will be concluded.
The proposed JV is subject to acceptance of required filings by the TSX Venture Exchange, and will constitute a Fundamental Acquisition by Goldstrike under the Policies of the Exchange. Petro One and Goldstrike have one director in common. However, the proposed JV will not be a Related Party Transaction under Multilateral Instrument 61-101. Further developments will be announced as they occur.
Goldstrike's Ron Stack Wins Prospector of the Year Award for Plateau South Gold Discovery
Goldstrike also takes this opportunity to report that the 2013 Yukon Prospector of the Year Award went to Ron Stack for his discovery of the "Goldbank Trend" on Goldstrike's Plateau South property. Goldstrike recognized the importance of Ron's contribution to the project, when it named the "Ron Stack Zone" in his honour. Ron has been a valued member of Goldstrike's field team. The Award was presented to Ron at the 41st Yukon Geo-Science Forum Awards Banquet. Congratulations Ron.
National Instrument 51-101 Disclosure
BOE means barrels of oil equivalent. It may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip, and does not represent a value equivalency at the wellhead.
Oil production during a period is generally expressed in terms of "barrels per day" ("bbl" or "BBL"), which indicates the total oil produced during a period divided by the number of hours that the well was in production during that period. "Barrels per day" is indicative of flow rate while a well is in production and does not mean that such well was in constant production during such period.
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.
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.
Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.
Prospective resources described in report and in this document are "undiscovered resources" as defined in the Canadian Oil and Gas Evaluation Handbook. Undiscovered resources are defined as those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered. The estimates of the potentially recoverable portions of undiscovered resources are classified as prospective resources. Prospective resources are defined as those quantities of oil and gas estimated on a given date to be potentially recoverable from undiscovered accumulations. They are technically viable and economic to recover. Pursuant to s. 5.9(d)(v) of NI 51-101, the Company cautions that that there is no certainty that any portion of the resource will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resource.
The estimates in this release have been prepared by independent qualified reserves evaluators in the form of reports under National Instrument 51-101 ("NI 51-101") in accordance with the Canadian Oil and Gas Evaluation Handbook. The reserves evaluators having prepared the reports have consented in writing to the disclosure of information derived from the reports and set out herein.
Pursuant to s. 5.2 of NI 51-101, the Company advises that the estimates have been made assuming the development of the referenced properties will occur, without regard to the likely availability to the Company of funding required for that development.
ON BEHALF OF THE BOARD
PETRO ONE ENERGY CORP.
Peter Bryant, President & Director
ON BEHALF OF THE BOARD
GOLDSTRIKE RESOURCES LTD.
Terrence E. King, President & Director
For further information, please visit the companies' websites, follow the companies's tweets or contact the Jeff Stuart of King James Capital Corporation, handling Investor Relations for the Company, by telephone at (604) 805 0375 or by email at jstuart@kingjamescapital.com.
Read more at http://www.stockhouse.com/companies/bullboard/v.gsr/goldstrike-resources-ltd?postid=21942906#dWHwmx61ZzIH45EX.99
Halted pending NEWS!!!
hmmmmm
Going to be a long winter I see. ZZZZZZZZZZzzzzzzzzzzzzzzzzzz
Stalled
C'mon POP, let's POP already!
NEWS! Petro One Credited with 100,000 BBL of NI 51-101 Reserves
ih.advfn.com/p.php?pid=nmona&article=58133998&symbol=TSXV:POP
Personally and my honest opinion...I say a big yes!
GSR had a nice little run yesterday and the 2 seem to mimic each other within a few days of each other it seems. I have both POP and GSR in my portfolio. I actually just picked up 25K of shares in GSR last week @ .23 and sold 10K yesterday @ .30
I picked up more POP yesterday @ .18 and am hoping to see it have a "POP" of its own soon too.
Will buy back more GSR today as well if I can get some for around the .24 area.
Been playing these 2 stocks back and forth for the past few years and have made a few $. Hopefully now that I have a larger position in both that they both do well sooner than later.
Not saying to invest in any of these 2 stocks I mentioned but so far they have worked out for me.
GLTY!
YAWN!