Alberta Energy Regulator Approves Application for HCSS Demonstration Project on Deep Well's Lands
August 27 2013 - 08:00AM
Marketwired
Deep Well Oil & Gas, Inc. (and its subsidiaries Northern
Alberta Oil Ltd. and Deep Well Oil & Gas, Inc. - "Deep Well" or
"Company") (OTCQB:DWOG) is pleased to announce that the Alberta
Energy Regulator ("AER", formerly known as the Energy Resources
Conservation Board or ERCB) has approved an application previously
submitted by the Company to the AER for development using
Horizontal Cyclical Steam Stimulation ("HCSS"), planned for the
thermal recovery project on one half section of land located at
section 10-92-13W5 near Sawn Lake, Alberta. This approval is
related to lands presently owned 90% by Deep Well. MP West Canada
SAS, a wholly owned subsidiary of Saint-Aubin Energy (owned 1/3 by
Maurel et Prom and 2/3 by MPI, two listed companies based in Paris,
France), in addition to the previously announced SAGD project, has
the option to participate for up to a 45% working interest in this
HCSS project by committing an additional US$110,000,000 of
funding.
In September of 2009, Deep Well applied to the AER for a
commercial bitumen recovery scheme to evaluate one of our wells for
potential development using cyclical steam stimulation ("CSS") on
one of our vertical wells. In October of 2010, this application was
approved by the AER. In February 2012, Deep Well filed an
application with the AER to modify its previously approved CSS
application to use an HCSS recovery process instead of vertical
well CSS.
The modification of Deep Well's production plan arose from
reservoir modeling by DeGolyer and MacNaughton Canada ("D&M").
These models showed the results of thermal recovery using
Horizontal CSS optimized the recovery factors for certain areas of
Deep Well's reservoir.
This AER approval for Deep Well's planned thermal recovery
project near Sawn Lake on one half section of land located at
section 10-92-13W5 is the approval that was needed before
significant work could begin.
This news release contains forward-looking statements, including
those related to anticipated operations and timing of production
from the Sawn Lake area. The words or phrases "would be," "to be,"
"will allow," "intends to," "will likely result," "expected," "will
continue," "is anticipated," "potential," "recovery,"
"recoverable," "recoverability," "estimate," "forecast," project,"
or similar expressions are intended to identify "forward-looking
statements." Actual results could differ materially from those
projected in the Company's proposed oil and gas related business
and described in this news release. The Company's business and the
realization of the results contemplated by this news release are
subject to various risks, which are discussed in the Company's
filings with the SEC. The Company's filings may be accessed at the
SEC's Edgar system at www.sec.gov. Statements made herein are as of
the date of this news release and should not be relied upon as of
any subsequent date. The Company cautions readers not to place
reliance on such statements. Unless otherwise required by
applicable law, we do not undertake, and we specifically disclaim
any obligation, to update any forward- looking statements to
reflect occurrences, developments, unanticipated events or
circumstances after the date of such a statement.
Contacts: Deep Well Oil & Gas, Inc. (780)
409-8144info@deepwelloil.com www.deepwelloil.com
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