CALGARY, ALBERTA–(Marketwired – Oct. 21, 2014) – Quattro Exploration and Production Ltd. (TSX VENTURE:QXP) (“Quattro” or the “Company”) is pleased to announce the completion of its evaluation well at Wood Mountain, Saskatchewan. The well was drilled, cored, logged and cased to a total depth of 1950 meters, successfully intersecting the Bakken, Torquay and Birdbear zones and terminating in the Duperow, at an aggregate cost of $1,200,000.
On October 16th, the Company released the drilling rig after completing its evaluation plan which included the collection of 33 meters of core from the Bakken and Torquay and obtaining high resolution logs. The drilling logs have been used to evaluate a series of geological events totaling 134 meters, including a 34 meter section of the Birdbear zone and the initial 56 meters of the Duperow zone. Quattro will be utilizing this information to complete further analysis over the course of the next 6 to 12 months, prior to advancing its drilling and development plans within the 110,000 acres (net) it holds in the Williston Basin of Wood Mountain, Saskatchewan.
Leonard Van Betuw, President & CEO of the Company, commented, “Our initial objectives have confirmed the hydrocarbon potential in the region with the information collected being an important step towards the commercial development of oil in gas in the region. The completion of the evaluation well at 8-22-5-3 W3M in correlation with our gravity, seismic and previously identified key wells further supports our interpretation of a continuous section of Bakken ranging from 12 to 16 meters over the breadth of our lands. The Company’s plan, as proposed, is to evaluate the regional potential of the Bakken play in combination with a number of localized conventional high impact oil and gas targets in the Birdbear and Duperow. The early analysis is encouraging and these results when they are applied to the additional independent structures each averaging approximately 800 acres in size identified on our lands, continue to support our previously stated objectives. Quattro’s plan continues to be a series of progressive steps in the region towards two anticipated goals, a material impact for the Company in the region, and remaining on budget.”
Quattro, as announced in June of 2014, will now direct its efforts towards its development drilling plans at McMullen, Alberta, where the Company is awaiting the final approval and licensing of the first 8 locations of a 40 well program focused on conventional heavy oil. The McMullen drilling plan is scheduled to be completed over 12 months starting in late November 2014.
Investors and shareholders are encouraged to review Quattro’s Corporate Presentation on our website, www.qxp-petro.com. The Company believes that the presentation provides a strong summary of Quattro’s diversified and sustainable plan for continued growth over the next 5 years.
About Quattro Exploration and Production Ltd.
Quattro Exploration and Production Ltd. (“QXP”) continues to focus on the conventional exploration and development of oil and natural gas reserves in Western Canada, primarily in south central Saskatchewan, with an expanding presence in Alberta. Our core low risk production base will provide us the capacity to aggressively pursue a series of high impact exploration and development efforts in Central and South America. The company intends to balance this portfolio of activities to assure its shareholders that it achieves material growth including reserves, production and profitability.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Barrel (“bbl”) of oil equivalent (“boe”) amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.
Trading in the securities of Quattro Exploration & Production Ltd. should be considered highly speculative. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Quattro Exploration and Production Ltd.
Leonard Van Betuw
President and Chief Executive Officer
Office (403) 984-3917 / Direct Line (587) 228-7070