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Octagon 88 Resources Inc. (OCTX) and
CEC North Star Energy LTD are pleased to announce the first 2 of 3 drilling locations have received all government permits required to commence drilling operations.
Accordingly, lease construction is underway with planned spudding of the first well based on rig availability.
The first of the 3 wells is located in the Manning area of the Peace River block of north western Alberta, targeting the Bluesky Gething zone; An area known to be a consistent producer of conventional Heavy Oil by companies like Shell, Murphy, Baytex and Pennwest. The well will be cored to the depth of about 500 meters. The Company intends on having the cores tested in laboratories to confirm the properties of the sands, oil and cap rock and to thus establish via the laboratory work. Thereafter extensive simulations are carried out for the best economic recovery rates with the different types of development appropriate to each of the projects.
About:Octagon 88 Resources
In 2012 / 2013
Octagon 88 Resources, Inc. acquired substantial light and conventional heavy oil assets in Northern Alberta. The
acquired projects have been substantially de-risked which leads the company to emerge as a development stage oil and gas company as of January 22, 2013. The company’s intention is to grow shareholder value through mergers and acquisitions opportunities available to the company. The current program schedule entails working with the operator of these properties to bring on production and cash flow through the company’s direct working interests, and indirect investments spread throughout the projects.
CEC North StarCEC North Star Energy Ltd is a non-public Calgary based Energy Corporation with a substantial oilsands lease holding in the Peace River block of north western Alberta Canada.
CEC North Star has acquired sixty-one (67) sections respectively 39,040 acres of leaseholds with a prospective resource of 873 MM bbl (Best Estimate) PIIP in the Elkton Debolt formations based on a 25 section independent analysis. The same independent petroleum engineering firm conducted a feasibility study 139 Mil (NPV @ 10% fully risked) based on a typical four sections development of the Elkton/Debolt. In addition the property is prospective for Bluesky/Gething oil sands formations which may lead to early primary production development similar to other projects in the Peace River Block offering significant production potential.