Great Northern Oilsands Inc. purchases John Bowen Land Package complete with mineral rights
OTC:GNNS:PK
VANCOUVER, Nov. 3 /PRNewswire-FirstCall/ - Great Northern Oilsands Inc. ('Great Northern') (OTC:GNNS:PK) is pleased to announce that the operator Montello Resources Ltd., (TSXV: MEO) has informed Great Northern that the Joint Venture Partnership at Morgan Highpoint has purchased the John Bowen Land Package complete with mineral rights.
Great Northern's President and CEO, David Lane stated 'This acquisition will reduce the potential royalty payable by Great Northern (OTC: Pink Symbol 'GNNS:PK') as to a 5% interest, from an estimated 18% down to approximately 8% should the John Bowen Lands be commercial. This acquisition gives the operator flexibility to install a facility that could accommodate future development in the area. This also gives total flexibility to install a pipeline system to the East Tennessee Gas Hub (Duke Midstream) which would allow shipping to potential markets in the southeast. Great Northern is pleased with this acquisition and thanks its Joint Venture Partners and shareholders for their continued support.
The John Bowen # 2 Test Well now has casing set and is currently drilling ahead at 8,000 plus feet. It is anticipated that total depth of the well, as previously estimated, will be 9,500 feet.
:: Tennessee Project ::
Great Northern’s operator, Montello Resources Ltc., USA is commencing ramp up for it’s drill program well site is now 100 % complete in Highpoint Morgan County TN. Engineering is completed and service providers contacted. Drilling Insurance is negotiated for. The operator made a detailed technical presentation to approx. 15 representatives of 8 State and Federal Agencies in the first week of May in Knoxville. Approval of the site survey, receipt of the permit, mobilizing for drilling are the next logical steps and we believe that they are iminent. The operator will sign with a list of key contractors whom we have already negotiated for their services.
The operator informed Great Northern a larger more specialized drill rig was required due to a new strategic focus to try to additionally include directional drilling. This development precipitated the need for extending the pre-drill phase of the "Morgan Highpoint Project" as Engineering and Operations personnel reviewed logistics including a greater need for specialized drilling technology and equipment, meticulous site preparation .
Great Northern is excited to be in Morgan County where the operator has informed Great Northern that Authorities said they have more high pressure incidents than anywhere else in Tennessee. All that's left is to drill and verify our theories and various hypothesis.
Key Points about Morgan Highpoint Tennessee
This is an area where in 2002 there was a blow-out estimated at up to 12,500 bbls/d of 38.1 API oil.www.pryoroil.com
In late 2003 there was another well drilled (the Tex-Flora) into the upper fractures that produced oil from 2400 ft at 800 bbls/d. (est. distance 1 1/4 mile from the large blow-out; with similar over-pressures of 1650 psi)
State Geologists at the operator Technical Presentation in early May, 2007, with 15 representatives from 8 agencies in Knoxville, informed us that Morgan County has more occurrences of over-pressure incidents than anywhere else in the State of Tennessee.
Great Northern will be participating in the drilling to the basement (Pre-Cambrian) to the depth of the "Granite Wash Shale " to an estimated depth of between 7000-9500 feet.
Previous drilling in the Morgan Area is usually done by air hammer drilling method which creates poor formation samples, so we will be taking samples and identifying formation tops and lithology.
The operator will be testing and evaluating as they drill under-balanced.
The operator will run a full sweep of logs using the latest logging technology for fractured formations.
With Drilling success and the operator’s accumulation of strategic acreage for this program, we wish to initiate a multiple well program and "hunt for Elephants" utilizing a minimum spacing unit of 160 acres per well.
Source: OTCStockReview.com
OTC Stock Review Issues Report On Great Northern Oilsands, Inc.
ATLANTA, May 2, 2007 (PRIME NEWSWIRE) -- OTC Stock Review announces that it has initiated coverage of Great Northern Oilsands, Inc. (Pink Sheets:GNNS). Great Northern Oilsands, Inc., headquartered in Vancouver, BC, is an active oil and gas producing company with projects in Western Canada. The assets acquired include certain Athabasca oil sands properties, production properties and conventional blue sky potential exploration opportunities. This strategy ensures the company with immediate revenue flow from conventional oil and gas properties while having a stake in the resource rich oil sands region of Alberta, Canada.
The oil sands deposits in Alberta, Canada contain the second largest known reserve of oil in the world after Saudi Arabia, an estimated 175 billion barrels trapped in a complex mixture of sand, water and clay. With the continuing decline of conventional North American crude oil reserves, the focus is turning towards oil sands exploration, development, and production. The independent petroleum engineers showed a contingent resource potential of 17 million barrels (high) to 10 million barrels (low) across all the lease sections at the Leismer project in which Great Northern now has an ownership interest in.
The Leismer sections are well located in a producing area of the Athabasca oil sands and are in very close proximity to major oil sands projects by Conoco Philips, Encana, Petrobank, North American Oilsands and Petrobank's Whitesands Oilsands Project, an experimental in-situ "SAGD" (Steam Assisted Gravity Drainage) facility. The Cecil-Eureka project is comprised of 5 separate sections totaling 3,200 acres in north central Alberta, the core area for the operator, where the operator has been directly responsible for the discovery of 1.7 million barrels of oil. The Peace River Arch area is known for producing a high rate of delivery and high reserves.
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