Tag Archives: Bluesky Gething

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Octagon 88 Resources And CEC North Star Release Successful Results Of The Elkton Erosional Edge – AG

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Octagon 88 Resources And CEC North Star Release Successful Results Of The Elkton Erosional Edge – AGAT Laboratory Analysis

NEW YORK–(BUSINESS WIRE)– Octagon 88 Resources Inc (OTCBB:OCTX) and CEC North Star Energy Ltd are pleased to announce the AGAT laboratories results on the successful Elkton Erosional Edge well cores. The Elkton Erosional edge core results show an oil API of 14.49, almost 50% higher than industry average needed for primary production. These results confirm the Company has a dynamic geological game changing event.

The Elkton Erosional edge core results show an oil API of 14.49, almost 50% higher than industry average needed for primary production. These results confirm the Company has a dynamic geological game changing event. (Graphic: Business Wire)


Summary of the Results
Location: 11-04-092-23W5M

“Excellent cap rock with oil and gas traces present in all the cores taken after entering the zone. Gas traces 2-4 times higher than those found in the previously announced Bluesky/Gething well. Overall 20 meters of oil bearing sands and carbonate were identified. Visual observations of the cores showed, high oil saturation, some portions highly fractured, and over 25 percent consisting of unconsolidated material. No water shows were found. 3 rd party Lab reports showed oil API of 14.49 and Viscosity of 9,335 cp at reservoir conditions. Logs of porosity showed zones approaching 30 percent. The erosional edge model or “sweet spot” has been confirmed with only permeability results to follow. The quality of the oil is much better than expected and well in the range of primary recovery in typical reservoir conditions. Two successful coring operations have been completed on schedule and confirming geophysical and geological modeling was very accurate.”

-CEC North Star Technical Team


The Next Level

Schlumberger has been engaged by CEC North Star Ltd. to provide dynamic reservoir simulations for both the Bluesky and Elkton projects, to determine preferred methods (technical) for production of reservoirs. Simulations would include both primary and thermal …read more

Source: FULL ARTICLE at DailyFinance

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SISM Research, Second Coring Operation Targeting The Bottom Of The Elkton/Debolt Formation Was A Suc

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SISM Research, Second Coring Operation Targeting The Bottom Of The Elkton/Debolt Formation Was A Success – Well Logs Indicated An Oilsands Pay Zone Of 20 Meters And Primary Production – A Game Changer

NEW YORK–(BUSINESS WIRE)– Ernst C. Schlotter, a senior analyst with Zurich, Switzerland-based SISM Research and a four star analyst according to Reuter’s StarMine, released his valuation updates on Octagon 88 Resource, Inc. (OCTX). After reviewing both of the preliminary results of the two wells cored, SISM summarizes the NAV of Octagon 88’s projects to $23.11 a share.


Development Update

As the Company’s geologist/geophysicists expected, preliminary results from the Erosional Edge Elkton/Debolt coring program showed a pay zone of 20 meters and a porosity of 30 percent instead of 18 percent which has been estimated and reported a few days ago. This means there is more oil in the targeted pay zone formation. In addition the cores showed a fluoresced orange throughout the complete pay zone indicating a lighter heavy oil to produce with primary production methods. An approximately API of 9° is needed that the oil can flow with the chance of primary production without stimulation or EOR (enhanced oil recovery) making economics very favorable and bases on porosity, there is enough oil to pump to the surface. The porosity consists of the tiny spaces in the rock that holds the oil or gas. Porosity of a rock is a measure of its ability to hold a fluid. Porosity is the open space in a rock divided by the total rock volume (solid + space or holes). Porosity is expressed as a percentage of the total rock which is taken up by pore space. Octagon cores samples showed a porosity of 30 percent. This means 70 percent is solid rock and 30 percent is open space containing oil, gas, or water. Octagon 88 Resources has recently announced that the coring program targeting the Elkton Debolt Erosional Edge Formation was successfully completed. The cores have been taken to AGAT laboratories for analysis. Within two weeks, Octagon 88 Resources, Inc. and CEC North Star Energy as the operator drilled two core wells, targeting the Bluesky/Gething sandstone formation and the carbonate Elkton/Debolt – Erosional Edge Formation on the project land.

-SISM Update Report – April 02, 2013
…read more
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Octagon 88 Resources And CEC North Star Announce Elkton Erosional Edge Coring Operations Was Success

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Octagon 88 Resources And CEC North Star Announce Elkton Erosional Edge Coring Operations Was Successfully Completed – Awaiting In-depth AGAT Lab Results

CALGARY, Alberta–(BUSINESS WIRE)– Octagon 88 Resources Inc (OCTX) and CEC North Star Energy Ltd are pleased to announce the coring activities on the planned Elkton Erosional edge well was successfully completed reaching a total depth of 480 meters. The cores taken have been transported to AGATLaboratories in Calgary, Alberta for analysis.

The Elkton Erosional edge cores have been transported to AGAT Laboratories in Calgary, Alberta for analysis. (Photo: Business Wire)


“We have verified after viewing the core samples and well logs what was initially expected, thus being geologically unique as to the presence of unconsolidated oil sands at the edge of the consolidated limestone carbonates holding even larger quantities of oil. Validation of these results is underway in AGAT Labs. The company has reached a game changer.”

  • CEC North Star Ltd. – Technical Team

The company intends on having these cores tested in AGAT laboratories to confirm the properties of this dolomitic highly oil saturated limestone deposited in a carbonate environment. From the extensive well control information (including positive reviewed cores studied in the area) the geological study was able to establish the sweet spot. The well site finding has established 20 meters of oilsands pay zone with the well logs indicating porosity values up to 18%, whereas the industry minimum porosity required for production is 8%. The consistency of the sands through the pay zone were 100 percent complete with no water present which when confirmed at AGAT labs, the company would have a second primary production project in parallel to the prior announced successful Bluesky-Gething project. The first 2 projects combined will target scaled development possibilities of 50,000 barrels a day of conventional heavy oil production beginning this year.


Conventional Heavy Oil Production

The project has the …read more
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Octagon 88 Resources And CEC North Star Announce The Elkton & Debolt Well Has Been Successfully Spud

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Octagon 88 Resources And CEC North Star Announce The Elkton & Debolt Well Has Been Successfully Spudded

CALGARY, Alberta–(BUSINESS WIRE)– Octagon 88 Resources Inc (OCTX) and CEC North Star Energy Ltd are pleased to announce the coring rig has reached location and spudded the second licensed well targeting the Elkton/Debolt – Erosional Edge. The well reached a total depth of 480 meters and coring operations will begin immediately.

The company intends on having these cores tested in AGAT laboratories to confirm the properties of this dolomitic highly oil saturated limestone deposited in a carbonate environment. From the extensive well control information (including positive reviewed cores studies in the area) the geological study established thickness ranging from 6 to 20 meters with porosity values up to 28%, whereas the industry minimum porosity required for production is 8%.


The Erosional Edge

The project has the opportunity for primary production without stimulation or EOR (enhanced oil recovery), as the oil in the erosional edge is expected to be of a lighter API (density) than the main thicker Elkton & Debolt zones. The well is being drilled to bring on the second project in parallel with the Bluesky/Gething project, the first well successful in its coring operations awaiting AGAT laboratory results.

The first well in the Elkton & Debolt project targets the sweet spot that was established through geological studies. Based on other similar industry experience in the Grosmont area the company is projecting through several stages to ultimately bring on multiple 5,000 to 10,000 barrel a day scalable projects. Production from the Erosional Edge projects recently came to the forefront with the success of Laricina and Osum announcing commercial operations; a joint venture on the erosional edge of the Grosmount Carbonates using new technologies. As Shell, Husky, Laracina, Osum, Athabasca Oil and Sunshine Oil are all currently advancing their Carbonate projects.


Octagon 88 Resources

In 2012 / 2013 Octagon 88 Resources, Inc. acquired substantial light and conventional heavy oil assets in Northern Alberta. The acquired projects have been substantially de-risked which leads the company to emerge as a development stage …read more
Source: FULL ARTICLE at DailyFinance

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SISM Research, Valuation Update On Octagon 88 Resources, Inc. – The First Coring Operation Targeting

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SISM Research, Valuation Update On Octagon 88 Resources, Inc. – The First Coring Operation Targeting the Bottom of the Bluesky/Gething Oilsands Formation Was a Success – Opportunity Exists for Primary Production by Year-End

NEW YORK–(BUSINESS WIRE)– Ernest C. Schlotter, a senior analyst with Zurich, Switzerland-based SISM Research and a four star analyst according to Reuter’s StarMine, released his valuation updates on Octagon 88 Resource, Inc. (OCTX).


Company Update

Octagon’s first coring program targeting the Bluesky/Gething Formation was successfully completed. The cores have been taken to AGAT laboratories for analysis. The cores showed eight meters of excellent quality cap rock necessary for enhanced recovery methods, followed by thirty meters of various types of oil bearing pay zones with primary production opportunities. This is major milestone, as it lowers production costs significantly compared to enhanced recovery technologies like SAGD or CSS methods and expedite the timeline to go into production. Based on 2D seismic interpretation at the core location, the Bluesky/Gething is expected to be between 500 to 800 meters in width. A 3D seismic program will be implemented this summer to give further information about the pay zone and provide multiple horizontal drilling locations targeting production in late 2013. With an estimated thirty meters of oil bearing pay over the project area, the Company estimates to start a 1,200 barrel a day scalable production facility scaling up to ultimately a 20,000 barrels a day production plant on the Bluesky/Gething development.

-SISM Update Report – March 18, 2013


SISM Summary Valuation

Based on very encouraging primary coring information SISM Research assigned a value of $1.00/bbl for Octagon’s Prospective Resources as the Company is moving on to further develop the project with its goal to start production in late 2013. The project is now in its advanced development stage with the elimination of the regulatory process due to the primary production opportunity the company possess. When AGAT laboratories validate the well site findings, it would be reasonable based on …read more
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Octagon 88 and JV Partners – Coring Operation Successfully Completed – Coring Rig Moves to Second We

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Octagon 88 and JV Partners – Coring Operation Successfully Completed – Coring Rig Moves to Second Well

CALGARY, Alberta–(BUSINESS WIRE)– Octagon 88 Resources Inc. (OCTX) is pleased to announce the coring activity on the first planned well was successfully completed and the cores taken have been transported to AGAT Labs in Calgary for analysis.

“The samples seen from the cores indicate the oil in the company’s sands contain Lighter Heavy Oil with gas traces which should assist with mobilizing the oil to the well bore.” (Photo: Business Wire)

Coring began at about 417 meters and continued to 459 meters, the targeted bottom of the Bluesky/Gething formation. Eight meters of excellent quality cap rock necessary for enhanced recovery methods, was cored followed by 30 meters of various types of oil bearing sands including those which may produce with primary production without the use of SAGD or CSS methods. The primary production is similar to neighboring oil majors and will bring on production much quicker while substantially reducing CAPEX costs of the project.

The samples seen from the cores at location indicate the oil in the company’s sands contain Lighter Heavy Oil with gas traces which should assist with mobilizing the oil to the well bore. The company is awaiting the results of laboratory analysis expected in two to three weeks to confirm the porosity, permeability and viscosity (type of oil). This will be followed by extensive simulation work to establish the best recovery method. Further development plans of the Bluesky/Gething zones will be forth coming.


“From seismic analysis, the channel is expected to be about 500 to 800 meters in width at the core location. With the approximately 30 meters of oil bearing pay zone, the company has made strong progress toward our scalable production plants objective, starting at 1’200 barrels a day and growing the
 Bluesky project to a potential of 20,000 barrels a day production. Further developments are underway moving to 3D seismic which will further map the zone and provide multiple horizontal drilling locations targeting production in late 2013.”

-CEC North Star Technical Team

With the success of this first core well, the rig is demobilized and is moving to the second location …read more
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Octagon 88 – Bluesky/Gething Drilling Program Has Reached Target Depth of 500 Metres

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Octagon 88 – Bluesky/Gething Drilling Program Has Reached Target Depth of 500 Metres

CALGARY, Canada–(BUSINESS WIRE)– Octagon 88 Resources, Inc. (OCTX) is pleased to announce the drilling operations of the first well announced March 11, 2013 has successfully reached a total depth of 500 meters – the coring operations have now begun.

Coring Rig Reaches Target Depth of 500 meters in Bluesky/Gething Well (Photo: Business Wire)

The first of the 3 wells is located in the Manning area of the Peace River block of north-western Alberta. Octagon 88 and partners are targeting the Bluesky/Gething zone, an area known to be a consistent producer of conventional Heavy Oil by companies like Shell, Murphy, Baytex and Pennwest.

The cores will be tested in designated laboratories to confirm the properties of the sands, oil and cap rock, establishing the Bluesky/Gething well through laboratory analysis.

Thereafter extensive simulations are carried out for the best economic recovery rates with the different types of development appropriate to each of the projects.



About:


Octagon 88 Resources

In 2012 / 2013 Octagon 88 Resources, Inc. has acquired substantial light and conventional heavy oil assets in Northern Alberta. The acquired projects have been substantially de-risked which leads the company to emerge as a development stage oil and gas company as of January 22, 2013. The company’s intention is to grow shareholder value through mergers and acquisitions opportunities available to the 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.

Forward-looking Statements:

This press release contains forward-looking statements concerning future events and the Companies’ growth and …read more
Source: FULL ARTICLE at DailyFinance

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Octagon 88 Resources & Partners Announce The Bluesky/Gething Well Has Been Successfully Spudded

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By Business Wirevia The Motley Fool

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Octagon 88 Resources & Partners Announce The Bluesky/Gething Well Has Been Successfully Spudded

CALGARY, Alberta–(BUSINESS WIRE)– Octagon 88 Resources Inc (OCTX) and CEC North Star Energy Ltd are pleased to announce the coring rig has reached location and has spudded the first well. This well is the first licensed location of two locations recently receiving governmental approval as previously announced on March 5, 2013. The well is expected to reach the base of the Bluesky/Gething channel at approximately 500 meters from surface, and will take five days to touch down to its scheduled depth.

The first of the 3 wells is located in the Manning area of the Peace River block of north western Alberta, targeting the Bluesky/Gething zone; An area known to be a consistent producer of conventional Heavy Oil by companies like Shell, Murphy, Baytex and Pennwest. The well will be cored to the depth of 500 meters. The Company intends on having the cores tested in laboratories to confirm the properties of the sands, oil and cap rock and to thus establish via the laboratory work. Thereafter extensive simulations are carried out for the best economic recovery rates with the different types of development appropriate to each of the projects.



About:


Octagon 88 Resources

In 2012 / 2013 Octagon 88 Resources, Inc. has acquired substantial light and conventional heavy oil assets in Northern Alberta. The acquired projects have been substantially de-risked which leads the company to emerge as a development stage oil and gas company as of January 22, 2013. The company’s intention is to grow shareholder value through mergers and acquisitions opportunities available to the 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 trading shareholder of CEC North Star Ltd. with a 33% ownership.

…read more
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Octagon 88 Resources and CEC North Star License Applications Approved and Lease Construction for Dri

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Octagon 88 Resources and CEC North Star License Applications Approved and Lease Construction for Drilling Underway

CALGARY, Canada–(BUSINESS WIRE)– Octagon 88 Resources Inc. (OCTX) and CEC North Star Energy LTD are pleased to announce the first 2 of 3 drilling locations have received all government permits required to commence drilling operations. Accordingly, lease construction is underway with planned spudding of the first well based on rig availability.

The first of the 3 wells is located in the Manning area of the Peace River block of north western Alberta, targeting the Bluesky Gething zone; An area known to be a consistent producer of conventional Heavy Oil by companies like Shell, Murphy, Baytex and Pennwest. The well will be cored to the depth of about 500 meters. The Company intends on having the cores tested in laboratories to confirm the properties of the sands, oil and cap rock and to thus establish via the laboratory work. Thereafter extensive simulations are carried out for the best economic recovery rates with the different types of development appropriate to each of the projects.



About:


Octagon 88 Resources

In 2012 / 2013 Octagon 88 Resources, Inc. acquired substantial light and conventional heavy oil assets in Northern Alberta. The acquired projects have been substantially de-risked which leads the company to emerge as a development stage oil and gas company as of January 22, 2013. The company’s intention is to grow shareholder value through mergers and acquisitions opportunities available to the 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.


CEC North Star

CEC North Star Energy Ltd is a non-public Calgary based Energy …read more
Source: FULL ARTICLE at DailyFinance