12 wells x 147bopd = 1,764bopdOn POP Property J10 *147bopd* & P1 Reserves
This Property was drilled with Arc as the Farm In partner, they have a 9Bill MCAP. The property has P1 reserves ***Guaranteed Oil*** that will now be drilled with the Korean’s and POP's $100MillCDN
Ask yourself before you read the 51-101 compliant news below written by an independent Oil Geologist what’s going to happen to this stock when Oil starts flowing from this project shortly? Do you think the stock will still be .50?
FIRST J10 WELL PRODUCING 147.7 BOPD January 21, 2013 - Petro One Energy Corp. (TSXV-POP) is pleased to report that the first horizontal well drilled by its farm out partner (a senior oil company) on Petro One’s 100% controlled J10 property has discovered oil and appears to be a successful producer, having averaged 147.7 bopd for its first 17 days ranging from 108.6 bopd to 194.9 bopd. Based on the excellent oil volumes recorded thus far, this new well should substantially increase Petro One's cash flow and daily oil production, and add significantly to the Company's reserve base. The property can accommodate up to 8 horizontal wells in the Frobisher, and 4 in the Midale. The new oil well is producing from the Frobisher Beds, a porous limestone unit that is widespread in southeast Saskatchewan. The Frobisher is being extensively developed with horizontal drilling in many areas, resulting in long-lived production at good rates. Limited Frobisher drilling has been done in the J10 area to date, but a former vertical Frobisher producer 220 metres downdip from the property yielded more than 100,000 bbl of oil from the Frobisher with a one month IP of 95.6 bopd, as well as more than 407,000 bbl of oil from the overlying Midale Beds, with a one month IP of 146 bopd. The oil in this former producer is light, with an API gravity of 28.1. On the east half of the property, Petro One also holds rights to oil in the Midale Beds, another prolific carbonate reservoir with long lived production that has also been the target of recent horizontal drilling in the J10 area. A vertical Midale producer in the immediate area had a three month IP of 273.5 bopd. It has produced 736,564 bbl of oil, and is still in production after 44 years.
Petro One is very pleased with the initial results from the first well on J10 and encouraged by the prolific, long term production that has been demonstrated by producers in the immediate area in both the Frobisher and Midale beds," said Petro One President Peter Bryant. We look forward to the potential development of the entire property, as initial results indicate that such development could significantly increase our reserves and daily oil production."
$100,000,000 Korean Cash + $40,000,000 Current Assets / 79,000,000 shares = $1.77 (Just cash value)
Now what’s this stock going to do when we hit on 12 wells as stated above in the press release averaging 147bopd ?
Always do your due-diligence
We seek safe harbour