DALLAS, Dec. 9, 2013 (GLOBE NEWSWIRE) -- Gray Fox Petroleum Corp. (OTCBB:GFOX) (herein after "Gray Fox," and/or "the Company") is pleased to announce its initial exploration plan to identify drilling targets on its 32,723-acre West Ranch Prospect (100% Working Interest; 82% Net Revenue Interest). The prospect is comprised of 22 Federal leases in the Butte Valley Oil Play Region of north-central Nevada, located in Elko and White Pine Counties, 50 miles north of Ely, NV.
An independent report on Gray Fox's West Ranch Prospect conducted in May 2012 indicates the prospect offers potential for oil discovery over two large anticlinal structures within multiple prospective horizons. The two main targets are the Mississippian Diamond Peak sandstones and the deeper Devonian Guilmette dolomitic carbonates. While the exploration program has the potential to result in the discovery of additional structures, its main focus is to refine the structural parameters of the two anticlinal structures already identified, while simultaneously reaching the crest of both structures.
Previously, two test wells were drilled within the boundaries of what is now the Company's West Ranch Prospect oil and gas lease position. According to a report undertaken by Gray Fox's Head of Exploration, Consultant Geologist William J. Ehni, while neither well penetrated the deeper Guilmette horizon, the Permian section has in fact returned multiple oil showings for both wells, indicating the potential for commercial accumulations of oil and gas near both well sites.The Company's initial exploration plan is designed to identify new drilling locations targeting the peak of the structural closures. The 8-phase exploration plan is designed to systematically reduce risk and optimize selection of one or more new drilling targets by incorporating the results of the two wells drilled to date. (See below for full exploration plan details). EXPLORATION PLAN OUTLINE Phase 1 – Acquire Gravity and Magnetic Data: All available non-exclusive gravity and magnetic data in the areas of interest will be acquired, as well as any additional proprietary data. This data will then be used to reinterpret the prospect's geology with a more complete data set than was initially used when selecting the two older wells. This action has the potential to reveal any targets the original two older wells may have missed.