VANCOUVER, British Columbia, April 25, 2017 (GLOBE
NEWSWIRE) -- Stamper Oil & Gas
Corp. (TSX.V:STMP) (OTC:AZUEF) (FSE:TMP2) ("Stamper" or "the Company"), is pleased to
announce that Stamper Oil & Gas Corp., has entered into an
option Farm-in Agreement (the "Definitive
Agreement" or "Farm-in") with Green Power Corporation S.A.
("Green Power" or
"Owner") of Bogota, Colombia. Stamper can acquire up to a 75%
interest in JOROPO Oil and Gas Concession located in the department
of Casanare, Llanos Basin, Colombia (the "Concession").
The Agreement is conditional upon the satisfactory
completion by Stamper of due diligence on the Concessions, and
Green Power has granted Stamper an exclusivity period of forty-five
(45) days to perform such due diligence.
The Joropo Concession is located in the Llanos
Basin which is a foreland sub-andean basin located between Andean
Cordillera Oriental and the Guyana Precambrian shield. The
sedimentary record in the Llanos basin is composed of Cretaceous
and Tertiary rocks, consisting of Palaeozoic and igneous
metamorphic rocks.
About the Joropo
Concession
An independent 51-101 report on the concession was
provided by the Owner and prepared by Petrotech Engineering Ltd.
The Joropo Concession consists of two blocks, the development and
the exploration blocks. An oil discovery was drilled on the
development block, which is the Ojo de Tigre-2 ST well. The well
was preliminary tested, and test-produced 6,972 barrel of 29.5° API
crude at a steady rate of 240 bopd.
Proved nonproducing reserve is assigned to the
formation at 7,363' in the Ojode Tigre-2 ST well using a recovery
factor of 25% for proved reserve. Proved + probable reserve is
assigned with a recovery factor of 35%. The structural mapping of
the formation has a closure of 279 acres and can support additional
development of two wells.
On the exploration side, from 3-D seismic data and
interpretation, the Owner has identified two well prospects. The
Turon Prospect shows three potential oil zones in the C7, Mirador
and Gachetá formations. The Joropo Norte Prospect shows the C7 and
Mirador formations are potential oil zones.
Green Power has a 100% working interest and is the
operator of the JOROPO Block under the exploration and production
contract Joropo (E&P Joropo). The contract area is 14,966
hectares (36,982 acres) and the E&P Joropo Contract was signed
by the Agencia Nacional de Hidrocarburos - Colombia (ANH) with
Green Power. The Concession is located in the Department of
Casanare, Colombia in a major oil producing region of Colombia
close to major oil fields, close to pipelines, and is located in an
area where the land owners permit oil and gas exploration and
development.
Option Agreement Terms
Stamper will earn its 75% interest in the
Concession by making the necessary phase one expenditures. Stamper
will hold in trust, 90% interest in all further work completed on
the Concession until it earns one and one-half time (1 1/2)
invested capital after which time it would retain 75% interest.
Subject to satisfactory completion of due
diligence by the Company, Stamper and Green Power will execute a
Heads of Agreement (the "HOA") which will
provide the groundwork for a Definitive Agreement which would be
completed within 45 days after the Due Diligence period. Upon the
execution of the Definitive Agreement, Stamper will prepare an
updated 51-101 on the Concession.
The Option Agreement and final Definitive
Agreement are subject to the acceptance of the transaction by the
TSX Venture (the "TSX.V") including the satisfaction of any
conditions imposed thereon by the TSX.V.
David Greenway, President of Stamper commented,
"We believe Colombia is a jurisdiction where our shareholders could
realize significant returns on their investment dollars. The
government of Colombia has pro-business policies and favourable
regulatory schemes with regards to the oil and gas extraction
industry. The country has also seen a massive reduction in terms of
security risks and social unrest under the current administration
and in light of the peace deal signed last year between FARC and
the Colombian government. I am very pleased with the signing of the
option agreement as a first step in building shareholder value of
Stamper. With oil pricing getting stronger and economy and oil
market improving overall the company feels posed to make a
financial impact in rest of 2017."
About Stamper Oil & Gas
Corp.
Stamper Oil & Gas
Corp. (TSX.V:STMP) is an independent international oil and
gas company, engaged in the acquisition, exploration and
development of conventional oil and natural gas properties. The
Company plans to identify and build out a portfolio of high-impact
oil and gas prospects, with a focus on Latin America. Stamper is
committed to creating sustainable shareholder value by evaluating
and developing future prospects into commercially viable
assets.
For further information on Stamper Oil & Gas
Corp. please visit www.stamperoilandgas.com
ON BEHALF OF THE BOARD OF
DIRECTORS
"David C. Greenway"
President & Director
Neither 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.
Forward-Looking
Statements
This news release contains
certain statements that may be deemed "forward-looking" statements.
Forward looking statements are statements that are not historical
facts and are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends",
"estimates", "projects", "potential" and similar expressions, or
that events or conditions "will", "would", "may", "could" or
"should" occur. Although Stamper Oil and Gas Corp. believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from
those in forward looking statements. Forward looking statements are
based on the beliefs, estimates and opinions of Stamper Oil and Gas
Corp. management on the date the statements are made. Except as
required by law, Stamper Oil and Gas Corp. undertakes no obligation
to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors,
should change.
For further information, please contact:
Stamper Oil & Gas Corp. Investor Relations
Phone: (604) 684-2401
Email: ir@stamperoilandgas.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Stamper Oil & Gas Corp. via Globenewswire
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