ZAAB ENERGY AG
ZAAB ENERGY AG’s Canadian subsidiary Canadian Rockies Petroleum Corporation acquires new hydrocarbon licenses. Substantial resource and reserve potential expected
ZAAB ENERGY AG / Key word(s): Miscellaneous/Miscellaneous ZAAB ENERGY AG's Canadian subsidiary Canadian Rockies Petroleum Corporation acquires new hydrocarbon licenses. Substantial resource and reserve potential expected 08.12.2010 / 12:15 Munich, 8 December 2010. ZAAB Energy AG, Munich, is pleased to announce that its Canadian subsidiary Canadian Rockies Petroleum Corporation (CRPC), formerly called Black Sea Oil & Gas Ltd., in which ZAAB Energy holds a majority stake, acquired additional hydrocarbon licenses in the province of Alberta. These newly acquired sections are located north of Edmonton in CRPC's license area Grouard on the land of the Kapawe'no First Nation (Kapawenos), a Canadian indigenous tribe. This acquisition provides promising oil and gas reserves and resources to the company. In November 2010 CRPC entered into an agreement with the Kapawenos which provided for a transfer of the mineral rights in 12 sections to CRPC. In exchange, the Kapawenos will receive 10 % of any oil and gas sales from the acquired licences. The license area is located west of the so-called Slave Lake District in the province of Alberta and is under administration of Canada's indigenous people. CRPC received the geological data for the area when it acquired the assets of Northern Sun Ltd. in September 2009. Since then the geological team evaluated the data. In Summer 2010 CRPC entered into negotiations with the Kapawenos and the parties came to a positive conclusion within a relatively short period of time. The existing wells were drilled by Northern Sun Ltd. and then shut-in. CRPC expects to bring them into production again very soon. The existing wells produced previously mainly gas but also oil. The relocation of a pumpjack and the construction of some hundred meters of new pipeline are necessary for bringing the wells back into production. The wells are expected to produce at a midterm daily rate of more than 100 barrels of oil equivalent ('boe'); the initial production should even be substantially higher. In addition, the CRPC geological team made a discovery of substantial oil resources in one of the sections. Based on existing geological data the company estimates the amount of recoverable resources which can be produced by horizontal drilling to be approximately 1.5 million boe. Production is expected to be started in the second half of 2011. Board of directors Contact: Dr. Harald Fuchs, Member of the Board, tel.: +49 89 290 725 264 About ZAAB Energy AG ZAAB Energy AG is a Munich based independent oil and gas exploration and production company. ZAAB Energy AG's Russian subsidiary ZAAB Invest holds a licence portfolio of four areas located in the Russian Federation between Black and Caspian Sea with significant oil and gas resources. ZAAB Energy AG also holds a majority interest in the Canadian oil and gas company Canadian Rockies Petroleum Corporation (formerly called 'Black Sea Oil and Gas Ltd.'). Further information is available on www.zaabenergy.com. Forward looking statements This news release is based on partly forward looking statements i.a. on planned drillings and expansion drillings, as well as associated costs and estimates of oil and gas production, cash flows and other factors. All statements such as planned, estimated, expected, potential etc. are of a forward looking nature. Although ZAAB Energy AG is of the opinion that the forward looking statements are plausible, they comprise risks and uncertainties in a way that the occurrence of the assumed results may not be warranted. Important factors that may lead to deviations between the actual results and the forward looking statements are e.g. issues of a technical or mechanical nature or geological issues, which may lead to the result that a commercial recovery of the reserves or resources is not possible. In addition, prices may have an important impact on profitability. No offer to sell shares This document represents neither an offer to sell shares of ZAAB Energy AG ('the Company') nor an invitation to make an offer to purchase shares of the Company. This document and the information contained therein may not be brought into or transmitted to the United States of America or distributed or transmitted to American persons (including legal entities as defined in Regulation S of the United States Securities Act of 1933, as amended - the 'Securities Act') or to publications with a general circulation in the United States of America. Each violation of such limitations may constitute a violation of applicable securities laws. The shares of the Company have not been, and will not be, registered under the Securities Act, or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of any US person (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There shall be no sale of shares in the Company in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to qualification under securities laws of such state or jurisdiction. End of Corporate News 08.12.2010 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 105860 08.12.2010
Aktuelle News
Aktuelle Berichte
Keine Berichte gefunden
Anstehende Events
Keine Events gefunden
Webcasts
Keine Webcasts gefunden