- One Year Appraisal Program to Evaluate Opportunity -
DENVER, Oct. 27 /PRNewswire-FirstCall/ -- Falcon Oil & Gas Ltd. (TSXV: FO)
("Falcon" or the "Company"), a global energy company focused on acquiring,
exploring and developing large acreage positions of unconventional and
conventional oil and gas resources, today announced that the Company has
secured a Technical Cooperation Permit (the "Permit") to evaluate the Karoo
Basin in central South Africa.
Falcon has up to one year to conduct a technical appraisal of the area covered
by the Permit which will include review of the South African Petroleum Data
Base. The Permit does not require Falcon to drill any wells during the
one-year appraisal period, and establishes Falcon in a priority position for
exercising future exploration rights within the lands covered by the Permit.
The principal focus of the 7.5 million acre Karoo Basin Technical Cooperation
Permit, located about 120 miles northeast of Cape Town, South Africa, is gas
from fractured shale and sandstone in Permian age rocks. Nine wells have been
drilled in the area (late 60's and early 70's) and all have encountered gas
shows. One of the wells, drilled in 1968, had an unstimulated flow rate of
1.84 million cubic feet of gas per day from fractures.*
"The acquisition of the permit gives Falcon access to another potential
unconventional energy basin and an additional option for Falcon's exploration
portfolio," stated Marc A. Bruner, CEO and President of Falcon Oil & Gas.
*Geological well completion report of borehole CR 1/68, Leith, M.J., 1970,
Soekor Drilling Geology
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd. is an international oil and gas exploration and
production company, headquartered in Denver, Colorado, incorporated in British
Columbia, Canada, and trading on the TSX Venture Exchange under the symbol
"FO." The Company specializes in the business of conventional and
unconventional oil and gas exploration and production and holds interests in
prospective properties in Hungary and Australia. The Company is focused on
discovering, acquiring, and maturing a globally diversified portfolio of
drilling opportunities with a goal of maximizing shareholder value through
strategic relationships. Additional information concerning Falcon Oil & Gas
Ltd. is available at www.falconoilandgas.com. Investor inquiries may be
directed to investor@falconoilandgas.com.
In the interests of providing Company shareholders and potential investors
with information regarding the Company, including the Company's assessment of
its and its subsidiaries' future plans and operations, certain statements
included in this press release may constitute forward-looking information or
forward looking statements (collectively, "forward-looking statements"). All
statements contained herein that are not clearly historical in nature are
forward-looking, and the words "anticipate", "believe", "expect", "estimate"
and similar expressions are generally intended to identify forward-looking
statements. Similarly, forward-looking statements in this press release
include, but are not limited to anticipated developments of the Company's
various drilling projects and the timing thereof, capital investment levels
and the allocation thereof, pipeline capacity, government royalty rates,
reserve and resources estimates, the level of expenditures for compliance with
environmental regulations, site restoration costs including abandonment and
reclamation costs, exploration plans, acquisition and disposition plans
including farmout plans, net cash flows, geographic expansion and plans for
seismic surveys, or successfully engaging a partner in any of the Company's
endeavours. In addition, please note that statements relating to "reserves" or
"resources" are deemed to be forward-looking statements, as they involve the
implied assessment, based on certain estimates and assumptions, that the
reserves and resources described can be profitably produced in the future.
Such statements represent the Company's internal projections, estimates or
beliefs concerning, among other things, an outlook on the estimated amounts
and timing of capital expenditures, anticipated future debt levels and
incentive fees or revenues or other expectations, beliefs, plans, objectives,
assumptions, intentions or statements about future events or performance.
These statements are only predictions. Actual events or results may differ
materially. Although the Company believes that the expectations reflected in
the forward-looking statements are reasonable, it cannot guarantee future
results, levels of activity, performance or achievement since such
expectations are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies. Many
factors could cause the Company's actual results to differ materially from
those expressed or implied in any forward-looking statements made by, or on
behalf of, the Company and the foregoing list of important factors is not
exhaustive. These forward-looking statements made as of the date hereof
disclaim any intent or obligation to update publicly any forward-looking
statements, whether as a result of new information, future events or results
or otherwise. Company shareholders and potential investors should carefully
consider the information contained in the Company's filings with Canadian
securities administrators at www.sedar.com before making investment decisions
with regard to the Company.
Neither the 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.
SOURCE Falcon Oil & Gas Ltd.
Stephen Schultz, Falcon Oil & Gas Ltd., Investor Relations, +1-303-893-1800,
investor@falconoilandgas.com; or Al Palombo, Cameron Associates, Investor
Relations, +1-212-554-5488, al@cameronassoc.com
