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Written by / Agency / Source: Octagon 88 Resources, Inc.

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Octagon 88 Resources Announces Final AGAT Lab Results on the Successful Bluesky Gething Well - Octagon 88 Resources, Inc. has now received the AGAT laboratories final analysis report from CEC North Star Energy Ltd providing analysis data from the core samples taken from the Bluesky Gething coring operations carried out in March 2013
Octagon 88 Resources Announces Final AGAT Lab Results on the Successful Bluesky Gething Well

 

NewswireToday - /newswire/ - Calgary, Alberta, Canada, 2013/04/25 - Octagon 88 Resources, Inc. has now received the AGAT laboratories final analysis report from CEC North Star Energy Ltd providing analysis data from the core samples taken from the Bluesky Gething coring operations carried out in March 2013.

   
 
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The full report includes the information previously released and final results - consisting of Depth 440-470 (m), Gross Pay approximately 20 (m). Calculated porosity range from 24% to 32%, Permeability range of the samples of .5 to 2.8 darcies with the median about 1.2 darcies, Oil Saturation range from 60 to 80%, Oil Gravity 10.73 (API) at reservoir conditions in the lower zone. No API was obtained from the upper zones. The full AGAT report will be filed as an 8k in the company’s filings.

This report matches the prior advice from the CEC North Star technical team that this Bluesky/Gething project has oil and rock properties which are likely to be developed with primary production followed later by Enhanced Oil Recovery Methods (“EOR”) and then possibly a thermal project. This has confirmed we have comparable oil and rock properties to the other major producers in the Peace River Area of north western Alberta.

A 3D seismic program has been commissioned for July with the intent to more fully map the Bluesky channel and provide drill locations for subsequent development work. This type of oil sands project with the oil and rock properties reported in the third party lab report is typically developed with vertical wells with multiple horizontal laterals followed by EOR. Baytex, Murphy, Pennwest and others are using this development model successfully with some reporting current daily production in excess of 20,000 barrels a day.

The Company will license primary production test wells for drilling in the 4th quarter of 2013. The AGAT lab results and core samples are now being used to establish optimum production methods by simulation studies providing then recovery rates. These results are expected late May, 2013 with licensing of the drill locations beginning after the 3 D seismic program is completed in July.

The Company is very pleased with the Blue Sky project now being officially confirmed by third parties. The Elkton Erosional Edge results are expected near term and we expect similar confirmation of the second project resulting from that successful coring program.

Submitted by ePozition (ePozition.com) on behalf of Octagon 88 Resources, Inc.

 
 
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Written by / Agency / Source: Octagon 88 Resources, Inc.

 
 

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Octagon 88 Resources Announces Final AGAT Lab Results on the Successful Bluesky Gething Well

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Publisher Contact: Alexander Baldi - Octagon-88.com 
+41 79 237 6218 info[.]octagon-88.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Octagon 88 Resources, Inc. securities in any jurisdiction including any other companies listed or named in this release.

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