DeGolyer MacNaughton provides estimate of up to 10.57 TCF Original Gas-In-Place and Recoverable Gas-In-Place of up to 2.57 TCF at Hamburg
MOO: TSX Venture Exchange
CALGARY, Jan. 6 /CNW/ - Mooncor Oil & Gas Corp. ("Mooncor") is pleased to
announce that it has received National Instrument 51-101 compliant reports
from its independent qualified reserves evaluator, DeGolyer and MacNaughton
Canada Limited related to its entire shale gas acreage located in the Hamburg
area of Northwest Alberta. The first report provides an estimate of Contingent
Resources and the second report provides an estimate of Prospective Resources
for Mooncor's entire 162 section Hamburg area Devonian shale gas play.
DeGolyer and MacNaughton Canada Limited have provided a National
Instrument 51-101 compliant estimate of Contingent plus Prospective Resources
for Mooncor at Hamburg of up to 10.57 TCF Original Gas-in-Place. The total
Contingent plus Prospective Recoverable Gas-in-Place is estimated to be up to
2.57 TCF.
Mooncor continues to assess its options and is holding discussions with
several interested parties in respect to development of its Hamburg resources
and further details will be communicated in due course, as appropriate.
Business of Mooncor Oil & Gas Corp.
Mooncor Oil & Gas Corp. is a junior oil and gas exploration and
development company. Mooncor is focusing on its shale gas opportunities with a
current emphasis on its high impact proven Muskwa shale gas play at Hamburg,
Alberta as well as structuring a spinoff of the Company's Southwest Ontario
assets into a new entity.
The contingent resources estimated herein are those volumes of petroleum
that are potentially recoverable from the known accumulation but which are not
currently considered to be commercially recoverable. Because of the
uncertainty of commerciality, the contingent resources estimated herein cannot
be classified as reserves. The contingent resources estimates in this report
are provided as a means of comparison to other contingent resources and do not
provide a means of direct comparison to reserves. The contingent resources
estimated in the DeGolyer and MacNaughton Canada Limited report have an
economic status of "Undetermined."
The prospective resources estimated herein are those quantities of
petroleum that are potentially recoverable from prospects yet to be
discovered. Because of the uncertainty of commerciality and the lack of
sufficient exploration drilling, the prospective resources estimated herein
cannot be classified as contingent resources or reserves. The prospective
resources estimates in this report are not provided as a means of comparison
to contingent resources or reserves. There is no certainty that any portion of
the prospective resources estimated herein will be discovered. If discovered,
there is no certainty that it will be commercially viable to produce any
portion of the prospective resources evaluated. There is no certainty that it
will be commercially viable to produce any portion of the resources. The
information in this news release includes certain information and statements
about management's view of future events, expectations, plans and prospects
that constitute forward looking statements. These statements are based upon
assumptions that are subject to significant risks and uncertainties. Because
of these risks and uncertainties and as a result of a variety of factors, the
actual results, expectations, achievements or performance may differ
materially from those anticipated and indicated by these forward looking
statements. Although Mooncor believes that the expectations reflected in
forward looking statements are reasonable, it can give no assurances that the
expectations of any forward looking statements will prove to be correct.
Except as required by law, Mooncor disclaims any intention and assumes no
obligation to update or revise any forward looking statements to reflect
actual results, whether as a result of new information, future events, changes
in assumptions, changes in factors affecting such forward looking statements
or otherwise. 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.
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/For further information: Richard Cohen, Vice-President (Corporate
Development), Mooncor Oil & Gas Corp., Tel: (905) 882-4422,
rcohen@mooncor.com; Jason Monaco, First Canadian Capital Corp., Tel: (416)
742-5600, jmonaco@firstcanadiancapital.com/
