Octagon
88 Resources (OCTX) is pleased to announce that the operator has
advised it will now proceed with the licensing and drilling of the
second Elkton well prior to the end of Q2 2014. The decision to spud the
next Elkton well is credited to the operation team’s extensive analysis
of the Elkton formation obtained from the production testing of the
first horizontal well completed on January 2014.
Management’s decision for EOR exploitation was further proven in a
recent test conducted by Perm labs showing Elkton recovery rates
enhanced substantially with the application of EOR. The lab results lead
the Manning Project’s Operator to recommend proceeding with drilling a
vertical well to obtain additional core results that will define which
of the EOR methods will be implemented on the horizontal well to follow.
The required application process for licensing the horizontal production
wells using EOR technology has begun.
Octagon
88 Resources Inc. is a development stage oil and gas company
that has acquired light and conventional heavy oil assets in Northern
Alberta.
The current program schedule entails working with the operator of these
properties CEC North Star 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 traded shareholder of CEC
North Star currently holding thirty-point seven (30.7%) of its
shares.
Forward-looking Statements:
This press release contains forward-looking statements concerning future
events and the Company's growth and business strategy. Words such as
"expects," "will," "intends," "plans," "believes," "anticipates,"
"hopes," "estimates," and variations on such words and similar
expressions are intended to identify forward-looking statements.
Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be given
that such expectations will prove to have been correct. Forward looking
statements in this press release include statements about our drilling
development program. These statements involve known and unknown risks
and are based upon a number of assumptions and estimates that are
inherently subject to significant uncertainties and contingencies, many
of which are beyond the control of the Company. Actual results may
differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results to
differ materially include, but are not limited to, the timing and
results of our 2014 drilling and development plan. Additional factors
include increased expenses or unanticipated difficulties in drilling
wells, actual production being less than our development tests, changes
in the Company's business; competitive factors in the market(s) in which
the Company operates; risks associated with oil and gas operations in
the United States; and other factors listed from time to time in the
Company's filings with the Securities and Exchange Commission including
the Company's Annual Report on Form 10-K for the year ended June, 2013.
The Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events, conditions or
circumstances on which any statement is based.
Cautionary Note to U.S. Investors -- The United States Securities and
Exchange Commission permits oil and gas companies, in their filings with
the SEC, to disclose only proved reserves that a company has
demonstrated by actual production or conclusive formation tests to be
economically and legally producible under existing economic and
operating conditions. We use certain terms in this press release, such
as "probable," "possible," "recoverable" or "potential" reserves among
others, that the SEC's guidelines strictly prohibit us from including in
filings with the SEC. Investors are urged to consider closely the
disclosure in our filings with the SEC.
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