ANGLO CANADIAN OIL CORP. PROVIDES OPERATIONS UPDATE
November 8, 2010 - Anglo Canadian Oil Corp. ("Anglo" or the "Corporation") has resumed operations on its vertical Sturgeon Lake South 5-10 well. A diagnostic mini-frac was performed which will assist in determining reservoir parameters and fracture dynamics of the Nordegg formation in the area. This mini-frac assist is not intended to generate production.
Upwards of 400,000 barrels of oil have been produced from the Nordegg formation in close proximity (within 10 miles) of Anglo's lands. Regional geological studies, including aero magnetic surveys, gravity surveys, interpretation of existing seismic surveys, and additional core testing are being planned and performed with a view to determining the best future locations to drill.
Anglo's CEO, Todd Montgomery states "The Nordegg formation is clearly an under-explored zone. We believe that the advances in available oilfield technology will ultimately allow us to exploit this resource in the same way that technology has permitted the Bakken zone to be economically produced. Increasing prices and decreasing availability of lands in the mature oil corridor of the Nordegg formation are evidence that others share our view. We are committed to this project." Anglo is a Calgary