|By Marketwired .||
|February 12, 2013 11:47 AM EST||
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.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Feb. 7, 2016 03:30 PM EST Reads: 370
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Feb. 7, 2016 02:45 PM EST Reads: 140
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
Feb. 7, 2016 02:00 PM EST Reads: 557
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Feb. 7, 2016 01:45 PM EST Reads: 361
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Feb. 7, 2016 01:30 PM EST
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...
Feb. 7, 2016 12:00 PM EST Reads: 344
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Feb. 7, 2016 11:30 AM EST Reads: 346
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 7, 2016 10:15 AM EST Reads: 108
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Feb. 7, 2016 07:00 AM EST Reads: 121
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
Feb. 6, 2016 03:30 PM EST Reads: 720
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
Feb. 5, 2016 09:00 PM EST Reads: 785
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
Feb. 2, 2016 02:00 PM EST Reads: 412
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Feb. 2, 2016 04:30 AM EST Reads: 851
Learn how IoT, cloud, social networks and last but not least, humans, can be integrated into a seamless integration of cooperative organisms both cybernetic and biological. This has been enabled by recent advances in IoT device capabilities, messaging frameworks, presence and collaboration services, where devices can share information and make independent and human assisted decisions based upon social status from other entities. In his session at @ThingsExpo, Michael Heydt, founder of Seamless...
Feb. 1, 2016 05:00 AM EST Reads: 940
The IoT's basic concept of collecting data from as many sources possible to drive better decision making, create process innovation and realize additional revenue has been in use at large enterprises with deep pockets for decades. So what has changed? In his session at @ThingsExpo, Prasanna Sivaramakrishnan, Solutions Architect at Red Hat, discussed the impact commodity hardware, ubiquitous connectivity, and innovations in open source software are having on the connected universe of people, thi...
Jan. 31, 2016 09:00 PM EST Reads: 726
WebRTC: together these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at WebRTC Summit, Cary Bran, VP of Innovation and New Ventures at Plantronics and PLT Labs, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it may enable, complement or entirely transform.
Jan. 31, 2016 07:15 PM EST Reads: 1,146
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, showed how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants received the download information, scripts, and complete end-t...
Jan. 31, 2016 10:00 AM EST Reads: 1,217
For manufacturers, the Internet of Things (IoT) represents a jumping-off point for innovation, jobs, and revenue creation. But to adequately seize the opportunity, manufacturers must design devices that are interconnected, can continually sense their environment and process huge amounts of data. As a first step, manufacturers must embrace a new product development ecosystem in order to support these products.
Jan. 31, 2016 10:00 AM EST Reads: 812
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, discussed how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the dat...
Jan. 30, 2016 07:45 PM EST Reads: 791
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT’s direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
Jan. 30, 2016 03:45 PM EST Reads: 1,268