update released at 9:30Goldnev Resources Inc. announces reinstatement of trading and corporate update
CALGARY, July 24 /CNW/ - Goldnev Resources Inc. ("Goldnev" or the
"Corporation"), (TSX Venture Exchange - "GNZ") is pleased to announce that
trading of its common shares on the TSX Venture Exchange (the "Exchange") was
reinstated effective on the opening of June 23 2009.
The Corporation has continued during the cease trade order period to
pursue it conventional oil and gas and unconventional oil shale development
activities. The following is a corporate and operational update of its recent
activities.
Turner Valley, Alberta
In October of 2008, Goldnev acquired through a farm-in agreement with a
private Alberta based company, a 70% working interest in 960 acres (2 3/4
sections) of land located in the Turner Valley area of southwestern Alberta.
The Corporation's plans are to drill a high impact oil prospect by December
31, 2008 and acquire further land ownership interests in the general area.
Pincher Creek, Alberta
The Corporation plans to close on or before August 31, 2009, its
previously announced and accepted offer to acquire oil and gas property
interests in the Pincher Creek area from a private Alberta based company. The
Pincher Creek acquisition consists of 9,600 acres (or approximately 13
sections) of land located 175 km southwest of Calgary, Alberta, and the
interests being acquired range from 7.5% to 25% and consist of mostly
contiguous land divided into several separate but complimentary oil and gas
projects. These include a near-term production oil discovery with several
identified development drilling locations, two additional re-completion
candidates and a high impact deep gas drilling prospect.
Noel, British Columbia
The Noel property in Northeastern British Columbia, consists of 2
sections of land and one producing gas well. The Corporation plans in the fall
of 2009 to drill a shallow gas well targeting two identified natural gas zones
and a re-completion program in the existing producing gas well into the
Cadotte zone. Both the drilling and re-completion operations are expected to
cost approximately $800,000 dollars and produce on a gross basis approximately
2,000 mcf/d (or approximately 300 boe/d).
Pasquia Hills, Saskatchewan
In the fall and winter of 2008, Goldnev completed a drilling and oil
shale core analysis project in which 10 core holes and 150 meters of oil shale
core were extracted and analyzed. An Engineering Evaluation Report on the
results of the drilling, geological program and the laboratory analysis of the
oil shale cores is currently being finalized and the oil shale Engineering
Evaluation Report results will be released and disseminated to the public on
or before August 7, 2009.
The Corporation's Pasquia Hills oil shale project plans for the remainder
of 2009, include preparing a scoping / pre-feasibility study and report which
will include stripping and extracting on a limited basis the oil shale on
Goldnev's permits in order to determine the stripping, production and
operating costs for the Pasquia Hills oil shale project.