|By Marketwired .||
|June 30, 2014 07:31 AM EDT||
BELIZE CITY, BELIZE -- (Marketwired) -- 06/30/14 -- The directors and management of Kilimanjaro Capital (OTC PINK: KIMJF) are pleased to announce that it has obtained the technical data from an NI 51-101 report for certain oil and gas assets located in the Long Coulee and Parkland regions of southern Alberta from Verity Energy Ltd.
The Assets currently produce approximately 680 mcf/d of gas and approximately 5 bbls/d of oil and liquids. Approximately 280 mcf/d gas is currently shut-in awaiting a contract for gas processing which is anticipated to be completed in the very near future. The Assets are located in the Long Coulee/Parkland area of Alberta and production is predominantly from the Belly River, Medicine Hat, Bow Island and Mannville formations. Geology also suggests the potential for liquids production from the Glauc Lithic channels which appear to be present on portions of the Long Coulee property.
The NI 51-101 Report prepared by AJM Deloitte affective as of December 31, 2013 (utilizing AJM March 31, 2014 pricing) reports that the Long Coulee asset has a Proved plus Probable value (NPV 10%) of $1.41 million. Detailed reserves for the long coulee Property are as follows:
---------------------------------------------------------------------------- UNITS PDP Proved P+P ---------------------------------------------------------------------------- Oil & NGL Mbbl 1 2.9 5.2 ---------------------------------------------------------------------------- Gas MMcf 244.3 726 1,298 ---------------------------------------------------------------------------- Total Boe 41,800 123,900 221,700 ---------------------------------------------------------------------------- Value (NPV 10%) $ $328,200 $1,009,000 $1,410,100 ----------------------------------------------------------------------------
The asset also has vast potential for additional exploration as the Long Coulee Property consists of approximately 58 net sections. An additional approximately 50 wells can be drilled on the property and further down spacing may be permitted which would increase the drilling potential to over 200 wells.
Verity is a privately held Alberta corporation engaged in the exploration and development of oil and gas properties in the western Canadian sedimentary basin. Verity currently owns resource producing properties in Alberta and British Columbia.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "will" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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