Click here to close now.




















Welcome!

Microsoft Cloud Authors: Elizabeth White, Adine Deford, the Editor, Michael Krems, Xenia von Wedel

News Feed Item

Britannica Completes Definitive Agreement For Days Chapel

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/12/13 -- Britannica Resources Corp. (TSX VENTURE:BRR) (The "Company") is pleased to announce on February 6, 2013, executed a definitive Farm-In Agreement & Model Form Operating Agreement (A.A.P.L. Form 610) with Anderson County Land Company ("ACLC") previously announced on January 3, 2013, to earn a 33.3333% working interest in the Days Chapel Enhanced Oil Recovery ("EOR") Project ("Days Chapel" or the "Project"), located in Anderson County, east Texas approx. 110 miles southeast of Dallas, Texas.

Britannica received TSX Venture Exchange (the "Exchange") approval on the transaction January 25, 2013. A finder's fee of 450,000 shares will be issuable to Rex Obermann in stages, in accordance with Exchange rules and policies.

Britannica must expend US$1,500,000 in exploration expenditures on the Project to earn an undivided 33.3333% working interest subject to a total royalty burden of no more than 20%. Britannica has a further option to acquire up to an additional 17.6667% working interest (in 1% increments) of the Project. The purchase price shall be based on a National Instrument 51-101 compliant revised independent Reserve Report and will utilize the value of Proven plus Probable oil reserves at a 20% discounted present value, subject to certain maximum prices depending on valuation methodology used. The purchase price can be paid by up to 2/3rd in shares of Britannica with the remainder in cash based on an agreed formula.

The first phase of the exploration program on the Days Chapel Project is expected to begin shortly, it will include a Drill Coring Program, independent laboratory analysis and geological review. The results from the Drill Coring Program will provide information to update a NI 51-101 compliant independent reservoir engineering report such that all or a portion of Probable Reserves can be reclassified as Proven Undeveloped Reserves. Also, Britannica intends to commission a Reservoir Modeling engineering firm to model the Days Chapel pool using a data set inclusive of the Coring Program results, that will recommend the best enhanced oil recovery techniques, which may include lateral or horizontal drilling that will maximize the recovery factor and reduce the fully developed and produced cost per barrel.

The Days Chapel oilfield in Anderson County, East Texas is shallow Carrizo sand (Eocene Formation) at a depth of 550 feet to 700 feet. The formation lacks natural reservoir "drive" in the form of solution natural gas or water drive. Accordingly, it must be artificially heated to enable the oil to be produced. The Days Chapel oilfield is one of a number of contiguous Carrizo oilfields in the southern part of Anderson County. Whereas the Carrizo formation lacks natural reservoir energy in the form of solution natural gas or water drive, in the late 1960's Shell Oil Company developed the Slocum field, less than two miles south of Days Chapel with a full scale steam-injection using vertical well 7-spot injection patterns. Slocum was Shell's initial steam injection EOR project, in North America, producing over 4 million barrels of oil. Expertise developed by Shell, at Slocum, was subsequently applied on its Belridge (Kern River) heavy oilfield in the San Joaquin Valley of California near Bakersfield as well as in its Alberta heavy oil fields.

Shell drilled 11 core holes at Days Chapel and this data was used by a successor operating company, Dallas Gas & Electric ("DG&E"), to map the Days Chapel oilfield in the early 1990's. DG&E also drilled a number of core holes to calculate the porosity, permeability, and oil saturation of this reservoir as well as one test oil well. The data from these core holes and oil well was applied, together with the Shell core hole data, by DG&E to prepare Upper Carrizo Sand Net Pay Isopach maps for Days Chapel and determine OOIP. DG&E was placed in Chapter 11 bankruptcy by 1993, and as such never pursued development of the Project.

Characteristics of the Carrizo formation obtained from the core holes and test well are:


--  Oil gravity - 18 degrees to 20 degrees API; 
--  Viscosity - 800centipose; 
--  Porosity - Average of 36%; 
--  Permeability - 1,500 Millidarcies, and 
--  Oil saturation - 45%.

The Days Chapel Project has established infrastructures that include paved highways throughout the property, rail access, a sale gas pipeline runs through property, good water sources with rights, valid lease and Mineral Deeds have been assembled by ACLC over a 4-year period. The Project is strategically located close to the Gulf Coast Refineries in the Houston Ship Channel and Beaumont/Lake Charles areas. The price differential has ranged between $20.00 and $30.00 per barrel higher in January 2013 as compared to what Canadian oil producers received.

ON BEHALF OF THE BOARD

Jeffrey Cocks, President

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device access to health records while reducing operating costs and complying with government regulations.
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on demos and comprehensive walkthroughs.
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so they don't have to be replaced and are instantly converted to become smart, connected devices.
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts, GM of Platform at FinancialForce.com, will discuss the value of business applications on wearable ...
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Communication) is an open source project supported by Google, Mozilla and Opera that aims to enable bro...
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing these ideas and some early experiments performed in the Kurento open source software community in areas ...
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.