Stamper Oil & Gas Corp. Signs Option on Production and Exploration Blocks in Colombia
(Thomson Reuters ONE) -
VANCOUVER, British Columbia, April 25, 2017 (GLOBE NEWSWIRE) -- Stamper Oil &
Gas Corp. (TSX.V:STMP) (OTC:AZUEF) (FSE:TMP2) ("Stamper" or "the Company"), is
pleased to announce that Stamper Oil & Gas Corp., has entered into an option
Farm-in Agreement (the "Definitive Agreement" or "Farm-in") with Green Power
Corporation S.A. ("Green Power" or "Owner") of Bogota, Colombia. Stamper can
acquire up to a 75% interest in JOROPO Oil and Gas Concession located in the
department of Casanare, Llanos Basin, Colombia (the "Concession").
The Agreement is conditional upon the satisfactory completion by Stamper of due
diligence on the Concessions, and Green Power has granted Stamper an exclusivity
period of forty-five (45) days to perform such due diligence.
The Joropo Concession is located in the Llanos Basin which is a foreland sub-
andean basin located between Andean Cordillera Oriental and the Guyana
Precambrian shield. The sedimentary record in the Llanos basin is composed of
Cretaceous and Tertiary rocks, consisting of Palaeozoic and igneous metamorphic
rocks.
About the Joropo Concession
An independent 51-101 report on the concession was provided by the Owner and
prepared by Petrotech Engineering Ltd. The Joropo Concession consists of two
blocks, the development and the exploration blocks. An oil discovery was drilled
on the development block, which is the Ojo de Tigre-2 ST well. The well was
preliminary tested, and test-produced 6,972 barrel of 29.5° API crude at a
steady rate of 240 bopd.
Proved nonproducing reserve is assigned to the formation at 7,363' in the Ojode
Tigre-2 ST well using a recovery factor of 25% for proved reserve. Proved +
probable reserve is assigned with a recovery factor of 35%. The structural
mapping of the formation has a closure of 279 acres and can support additional
development of two wells.
On the exploration side, from 3-D seismic data and interpretation, the Owner has
identified two well prospects. The Turon Prospect shows three potential oil
zones in the C7, Mirador and Gachetá formations. The Joropo Norte Prospect shows
the C7 and Mirador formations are potential oil zones.
Green Power has a 100% working interest and is the operator of the JOROPO Block
under the exploration and production contract Joropo (E&P Joropo). The contract
area is 14,966 hectares (36,982 acres) and the E&P Joropo Contract was signed by
the Agencia Nacional de Hidrocarburos - Colombia (ANH) with Green Power. The
Concession is located in the Department of Casanare, Colombia in a major oil
producing region of Colombia close to major oil fields, close to pipelines, and
is located in an area where the land owners permit oil and gas exploration and
development.
Option Agreement Terms
Stamper will earn its 75% interest in the Concession by making the necessary
phase one expenditures. Stamper will hold in trust, 90% interest in all further
work completed on the Concession until it earns one and one-half time (1 1/2)
invested capital after which time it would retain 75% interest.
Subject to satisfactory completion of due diligence by the Company, Stamper and
Green Power will execute a Heads of Agreement (the "HOA") which will provide the
groundwork for a Definitive Agreement which would be completed within 45 days
after the Due Diligence period. Upon the execution of the Definitive Agreement,
Stamper will prepare an updated 51-101 on the Concession.
The Option Agreement and final Definitive Agreement are subject to the
acceptance of the transaction by the TSX Venture (the "TSX.V") including the
satisfaction of any conditions imposed thereon by the TSX.V.
David Greenway, President of Stamper commented, "We believe Colombia is a
jurisdiction where our shareholders could realize significant returns on their
investment dollars. The government of Colombia has pro-business policies and
favourable regulatory schemes with regards to the oil and gas extraction
industry. The country has also seen a massive reduction in terms of security
risks and social unrest under the current administration and in light of the
peace deal signed last year between FARC and the Colombian government. I am very
pleased with the signing of the option agreement as a first step in building
shareholder value of Stamper. With oil pricing getting stronger and economy and
oil market improving overall the company feels posed to make a financial impact
in rest of 2017."
About Stamper Oil & Gas Corp.
Stamper Oil & Gas Corp. (TSX.V:STMP) is an independent international oil and gas
company, engaged in the acquisition, exploration and development of conventional
oil and natural gas properties. The Company plans to identify and build out a
portfolio of high-impact oil and gas prospects, with a focus on Latin America.
Stamper is committed to creating sustainable shareholder value by evaluating and
developing future prospects into commercially viable assets.
For further information on Stamper Oil & Gas Corp. please
visit www.stamperoilandgas.com
ON BEHALF OF THE BOARD OF DIRECTORS
"David C. Greenway"
President & Director
Neither 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.
Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-
looking" statements. Forward looking statements are statements that are not
historical facts and are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. Although Stamper Oil and Gas
Corp. believes the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of future
performance and actual results may differ materially from those in forward
looking statements. Forward looking statements are based on the beliefs,
estimates and opinions of Stamper Oil and Gas Corp. management on the date the
statements are made. Except as required by law, Stamper Oil and Gas Corp.
undertakes no obligation to update these forward-looking statements in the event
that management's beliefs, estimates or opinions, or other factors, should
change.
For further information, please contact:
Stamper Oil & Gas Corp. Investor Relations
Phone: (604) 684-2401
Email: ir(at)stamperoilandgas.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Stamper Oil & Gas Corp. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 25.04.2017 - 23:34 Uhr
Sprache: Deutsch
News-ID 538308
Anzahl Zeichen: 7768
contact information:
Town:
Vancouver
Kategorie:
Business News
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"Stamper Oil & Gas Corp. Signs Option on Production and Exploration Blocks in Colombia"
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