Stocks & Investing
Stocks and Investing
Stocks and Investing
Wed, September 16, 2009
Tue, September 15, 2009
Mass Petroleum Inc.: Mass Signs LOI for Significant Oil & Gas Acquisition
LAS VEGAS, NV--(Marketwire - September 15, 2009) - ( Mass Petroleum Inc. has signed an LOI to acquire Guardian Exploration's Girouxville Project located in Northern Alberta. The project consists of a high working interest light oil operation which is producing approximately 215-225 bbl/d from three light oil wells, high rate multi zone oil 37 to 42 API oil. The final purchase price is CAD $3,350,000 and will consist of a combination of cash and common stock. The wells all produce significant daily volumes of oil with low watercuts. Recent production net to Guardian from these three wells has ranged from 215-225 bbl/d. Guardian entered into the Girouxville area by farming in on lands held by Breaker Energy Inc. (a TSX listed company with a $250 million market capitalization) and drilling three wells to earn its current interests. The Company drilled the three wells to test separate stacked oil prospects in the Beaverhill Lake, Slave Point and Granite Wash Formations. The Girouxville project offers extensive upside drilling potential with multiple farm in opportunities to increase production significantly over time. The formations are stacked targets comprising of Beaverhill Lake sand, Slave Point, and Granite Wash sand and present upside exploration potential that can add to reserves and production in the short and long term for Mass. To date at Girouxville a success rate of approximately 90 % drilling light sweet oil discoveries has been achieved and the potential remains to develop lands for new light oil pool discoveries. On behalf of the Board of Directors, Gary Chayko President, Mass Petroleum Inc. About MASS Petroleum Inc. MASS Petroleum is an oil and gas production company backed by an experienced and dedicated management team. MASS Petroleum is engaged in the acquisition of producing oil and natural gas wells, interests and leases from existing companies, governments, and through the open market. The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to commencement of drilling operations, concentration in mineral deposits, delays in testing and evaluation of ore samples, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
