NEW YORK--(BUSINESS WIRE)--Ernest C. Schlotter, a senior analyst with Zurich, Switzerland-based SISM Research and a four star analyst according to Reuter’s StarMine, summarizes and concludes using recent 3rd party engineering reports to further detail Octagon 88 Resources‘ (OCTX) ownership of 400+ million recoverable barrels.
Octagon 88 Resources, Inc. (OCTX) located in Switzerland with its operating partner CEC North Star based in Calgary, Canada owns significant oil assets in the Manning Area, in Peace River, Alberta, Canada. Since 2012 Octagon acquired approximately thirty-three percent of privately held CEC North Star Energy Ltd in several share purchase agreements. CEC North Star Energy Ltd. owns an extensive and contiguous land base of 73 sections (46,720 acres) of long-life oilsands leases in the Manning Area of Peace River, in north western Alberta Canada…
During March 2013 CEC North Star started exploration work in the Manning Area and drilled two wells targeting heavy oil in the Elkton Member (CEC North Star Deadwood 11-4-92-23W5) and the Bluesky Formation (CEC North Star Deadwood 8-12-91-22W5). Both wells resulted in good to excellent reservoir quality (i.e., porosity and permeability) with very good oil quality in the Elkton and higher oil viscosity in the Bluesky formation based on laboratory analysis.
It has been projected internally and through third party specialists that CEC North Star projects contain more than 3+ billion barrels of Petroleum Initially in Place (PIIP). However, we believe that approx. 40% from 3 billion OOIP can be finally recovered. This enables CEC North Star to pump 1,250 billion barrels of oil to the surface over a period of 35 years.
Octagon’s ownership is over 400 million recoverable barrels of oil with a transaction value of more than $ 1.4 billion or more than $54 per share.
-SISM – August 30, 2013
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