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Management Update Bluesky/Gething Project Third Party Validation
Octagon 88 Resources Announces Bluesky/Gething Project Management Update – 400 Million Barrels PIIP (Third Party Validation)
ZUG, Switzerland--(BUSINESS WIRE)--
Octagon 88 Resources Inc., (OCTX) is pleased to announce to its shareholders that the operator CEC North Star has advised that parallel to the Elkton Erosional Edge drilling program that the Operator will be concluding a 3D seismic program on the Bluesky/Gething. This will enable the selection of two core well drillings targets to be drilled prior to the end of this quarter in 2013.
Management Update
The heavy oil and bitumen-filled sandstones are exploited by primary recovery horizontal wells and secondary steam methods such as cyclic steam stimulation (CSS). These are typically developed using horizontal wells with primary recovery, which then over time are stimulated with CSS and then converted to SAGD. These developments lead the industry in netback and returns on investment when compared to projects across North America. CEC expects that with an additional 3D seismic and a 1 to 2 well core program planned for late 2013 that this project will mature into a similar development as the South Peace Bluesky Projects. We have an internal estimate of 800 mmbbl of PIIP for the Bluesky Channel project, which has the added advantage of benefiting from the infrastructure developed by Phase 1 to 3 of the Manning projects.
-CEC North Star Ltd.
Octagon 88 Resources, Inc. has acquired substantial light and conventional heavy oil assets in Northern Alberta. The CEC North Star Ltd project has been substantially de-risked which leads the company to emerge as a development stage oil and gas company. The current program schedule entails working with the operator of these properties to bring on production and cash flow through the company’s direct working interests, and indirect investments spread throughout the projects.
Octagon 88 Resources is the largest publicly traded shareholder of CEC North Star currently holding 33 percent of its shares.
Forward-looking Statements:
This press release contains forward-looking statements concerning future events and the Company's growth and business strategy. Words such as "expects," "will," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations on such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Forward looking statements in this press release include statements about our drilling development program. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the timing and results of our 2013 drilling and development plan. Additional factors include increased expenses or unanticipated difficulties in drilling wells, actual production being less than our development tests, changes in the Company's business; competitive factors in the market(s) in which the Company operates; risks associated with oil and gas operations in the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission including the Company's Annual Report on Form 10-K for the year ended December 31, 2012. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as "probable," "possible," "recoverable" or "potential" reserves among others, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the disclosure in our filings with the SEC.
Elkton Well Pad Construction Begins
OCTX is pleased to announce that the Manning Projects Operator (CEC North Star) has confirmed it has received (13.09.13) the final governmental approval required to file for the drilling license of the first production well on the Elkton Erosional Edge. This is two weeks earlier than previously announced, the drilling company and other required oil service providers are scheduling and will provide the anticipated spud date in the next few days. The construction of the Elkton Erosional well pad is currently underway.
The Company has verified through third party analysis that the core samples and well logs from the Elkton Erosional has been proven to be geologically unique as to the presence of unconsolidated oil sands at the edge of the consolidated limestone carbonates holding even larger quantities of oil. Recent economic simulation testing has proven that primary (Cold Flow) production will be the production method used for the Elkton Erosional Edge, this is the Company's game changing aspect as the operator will now carry on straight to production not needing thermal recovery thus saving exponentially on CAPEX costs and cash flow timelines.
Elkton Erosional Edge:
· 1,050 million barrels PIIP (third-party estimate).
· Primary recovery of oil in the Elkton Erosional Edge with 8% to 14% recovery rate with staged and scalable 5,000 bbl/d to 10,000 bbl/d projects.
· To be followed up with infill drilling and then subsequent pressure maintenance with an additional 8+% recovery rate for an estimated cumulative 200 million barrels.
· Recoverable peak production exceeding 30,000 bbl/d.
Enhanced oil recovery (EOR) exploitation targeting an additional 10% to 20% recovery rate with proven EOR technologies.
The expanded development plan below details how the Company and partners have developed a highly trusted confidence geological model for the area; specifically for the Elkton Erosional Edge from results derived from recent drilled wells, cores and seismic data.
http://finance.yahoo.com/news/octagon-88-resources-receives-final-113000402.html
Been waiting for this release for a while!!
Octagon 88 Resources Inc., (OCTX) is pleased to announce it has received a copy of the CEC North Star Ltd. Annual Report. The report forecasts 1.6 billion barrels PIIP (Petroleum Initially In Place) in the Manning Oil play which has been validated by an industry qualified third party oil and gas engineering firm. In the annual report CEC North Star has provided an in-depth insight to project timelines, deliverables and forecasted cash flows.
CEC North Star Annual Report 2013
A plan of development (POD) has been compiled that proposes a combined phased development of the “Manning Projects” that are located in the Peace River block of northwestern Alberta, Canada. The lands contain a projected 3+ billion barrels of Petroleum Initially in Place (PIIP).
1.6 billion barrels of this forecast has already been validated by a leading third
Party oil and gas engineering firm using conservative NI 51-101 criteria…
The Manning projects comprise the following:
First Project: Elkton Erosional Edge
1,050 million barrels PIIP (third-party estimate).
Primary recovery of oil in the Elkton Erosional Edge with 8% to 14% recovery rate with staged and scalable 5,000 bbl/d to 10,000 bbl/d projects.
To be followed up with infill drilling and then subsequent pressure maintenance with an additional 8+% recovery rate for an estimated cumulative 200 million barrels.
Recoverable peak production exceeding 30,000 bbl/d.
Enhanced oil recovery (EOR) exploitation targeting an additional 10% to 20% recovery rate with proven EOR technologies.
Second Project: Debolt Erosional Edge
Debolt erosional edge development with 400 million barrels PIIP (internal estimate).
Third Project: Bluesky Oilsands Channel
Multiple 5,000 bbl/d to 10,000 bbl/d Bluesky Primary Recovery and Thermal Project(s). Internal estimate of 800 mm barrels PIIP
Development schemes similar to the Baytex, PennWest, Shell, Husky and Murphy of the Seal and Carmon Creek areas of the Peace River block.
Fourth Project: Down dip Elkton and Debolt
a. Down dip from erosional edge Elkton and Debolt targets.
Potential additional 1+ billion barrels PIIP (internal estimate).
The main focus of the Plan of Development is the primary recovery of approximately 200 million recoverable barrels of 13-15 API heavy oil in the Elkton Member. The various models enclosed in the POD evaluate several capital inputs, which in all cases show positive cash flow, repayment of debt and ability to pay dividends. These models are extrapolated for 25 years, whereas third party engineering reports and internal analysis suggest an economic reserve life of over 35+ years.
The Debolt Erosional Edge, the Bluesky/Gething and the down dip Elkton and Debolt targets are discussed in the POD but not included in the economic models. As additional information is obtained, it will be added to the overall Manning Projects. Details of these projects are discussed in the Operations section of this report. Our company has, in a very short time with minimum capital expenditures, taken a major step down the road to achieving its ultimate goal and we look forward to continued progress in building significant asset value for our shareholders.
-CEC North Star- Annual Report 2013
The Company will file CEC North Star’s 2013 Annual Report in an 8K for full shareholder disclosure. The Annual Report can be found by clicking the following link below:
http://cecnorthstar.ch/images/PDF/2013-CEC-North-Star-Annual-Report.pdf
Octagon 88 Resources
Octagon 88 Resources, Inc. has acquired substantial light and conventional heavy oil assets in Northern Alberta. The CEC North Star Ltd project has been substantially de-risked which leads the company to emerge as a development stage oil and gas company. The current program schedule entails working with the operator of these properties to bring on production and cash flow through the company’s direct working interests, and indirect investments spread throughout the projects.
Octagon 88 Resources is the largest publicly traded shareholder of CEC North Star currently holding 33 percent of its shares.
Forward-looking Statements:
This press release contains forward-looking statements concerning future events and the Company's growth and business strategy. Words such as "expects," "will," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations on such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Forward looking statements in this press release include statements about our drilling development program. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the timing and results of our 2013 drilling and development plan. Additional factors include increased expenses or unanticipated difficulties in drilling wells, actual production being less than our development tests, changes in the Company's business; competitive factors in the market(s) in which the Company operates; risks associated with oil and gas operations in the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission including the Company's Annual Report on Form 10-K for the year ended December 31, 2012. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as "probable," "possible," "recoverable" or "potential" reserves among others, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the disclosure in our filings with the SEC.
I totally support and want to underline your message, it's exactly the same that i analysed too !
What a waist of time and money this company is.
A typical pump and dump without any real business behind !
Go and check this chart before you make any decisions regarding this hilarious "stock" !
http://finance.yahoo.com/echarts?s=AAPH+Interactive#symbol=aaph;range=5y;compare=;indicator=volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;
Abraxas Petroleum Corporation has been upgraded by Ratings from sell to hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk, disappointing return on equity and deteriorating net income.
I have been receiving dividends from this company for the last 6 months, and I am very happy for a 8% dividend return average.
These Oil and Gas clowns don't have a barrel to claim
This pump and dump came out of Vancouver. Yes SEC should do something about it
This stock has potential, once the waste management orders start coming in. I have been watching this stock for 2 years and waiting.
This what the company wrote me back about today's market
"Hi William,
Thank you for reaching out, the company functions and operates as it states in the recent press releases. All information posted from the company is regulated and all fillings and disclosures can be found in 8-Ks, 10 – Q and fiscal report found on Edgar filings.
The company does not take these online allegations seriously, as they are not backed with facts or insight, they are libellous and inaccurate to personal profit of the commentator betting against the market. The company and its IR firm Helvetic prime will continue to provide investors with updates regarding drilling operations, the plans for the company can be found on the corporate website www.octagon-88.com , and for further drilling information, visit www.cecnorthstar.com
Thank you again for contacting us, we appreciate being giving the chance to clarify certain matters for investors."
Ill be interested to see what happens monday, bought in back with myers at 5.60