Octagon 88 Resources & Partners Announce The Bluesky/Gething Well Has Been Successfully Spudded

Octagon 88 Resources Inc (OCTX) and CEC North Star Energy Ltd are pleased to announce the coring rig has reached location and has spudded the first well. This well is the first licensed location of two locations recently receiving governmental approval as previously announced on March 5, 2013. The well is expected to reach the base of the Bluesky/Gething channel at approximately 500 meters from surface, and will take five days to touch down to its scheduled depth.

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 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. has 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.

Octagon 88 Resources is the largest publicly trading shareholder of CEC North Star Ltd. with a 33% ownership.

1 2 3 Next › Last »