VANCOUVER, British Columbia, April
16, 2018 (GLOBE NEWSWIRE) -- Stamper Oil
& Gas Corp. (TSX-V:STMP) (FSE:TMP2)
(OTCQB:STMGF) ("Stamper" or "the
Company"), is pleased to announce Chapman Petroleum
Engineering Ltd., independent petroleum consultants of Calgary,
Alberta, has completed an update on the Oil & Gas reserves and
economics evaluation ("Chapman Reserves
Evaluation Report") that was previously announced
on January 23, 2018, on the Sudan development prospect
under National Instrument 51-101 ("NI
51-101").
The Company has filed
on SEDAR the updated Chapman Reserves Evaluation Report
dated April 12th, 2018, in
compliance with National Instrument 51-101 ("NI 51-101").
The Company's reserves and
economics evaluation performed on Block 25D and Block 25E of the
Sudan prospect as set forth (the "Reserves Data") in the Chapman Report. Chapman
has been updated with Gross Property Reserves of 182 million stock
tank barrels ("MSTB"), which
translate into a 22% increase.
The update was undertaken as a
result of new positive test information from the recently drilled
Rawat C-10 well on Block 25D. Log analysis shows pay in three of
the known reservoir zones of the Galhak Formation, as well as a new
pay zone in the main Galhak Sand.
David Greenway, Chief Executive
Officer of Stamper, commented: "With the probability that the
quantities recovered will equal or exceed the estimated proved
reserves on the Sudan oil project, management is confident it will
execute its business strategy and with the price of Brent oil
recently hitting $ 72.58 will convert into significant upside with
182 million barrels. The Stamper team were previous operators with
proven record of sustainably delivering complex international
projects along with considerable experience in Sudan over the last
25 years. I have never been more excited as I am now to be looking
for the next elephant oil discovery along with the good people of
Sudapet."
As previously announced, State Oil
Corporation ("State") may farm-in up
to a 50% interest pursuant to the Memorandum of Understanding
("MOU") with the Sudan operator on
Block 25. State has an office and technical personnel in Sudan and
upon approval of TSX.V, State will become a 100% wholly owned
operating subsidiary of Stamper.
Plans are to equip and tie in the
six completed and tested wells to production facilities. In
addition, the four already drilled wells waiting completion are
expected to be on production early 2019. Stamper intends to drill
six new infill wells on identified locations along the trend in
late 2018 and 2019. As of the new updated Reserve Data, a total of
33 new additional locations will be drilled between 2020 and 2022
in the Rawat and Wateesh areas.
Operating
Block
Block 25 prospect is located in
the White Nile State in the south eastern portion of the Republic
of Sudan, adjacent the border with Republic of South Sudan. The
land is arid and relatively flat. The area is sparsely populated
and is located west of the White Nile. There is limited road system
and agriculture in the area. The nearest major communities are
Kosti and Rabak about 150 km north of the project area where there
is a railway station, airport and a major sugar refinery. The
Government of Sudan is anxious to develop its oil resources and the
Company has the full support and assistance of the government.
Operating costs have been
estimated to be $10,000 per well per month plus $8.00 stock tank
barrels ("STB") for variable operating costs. It is estimated that
transportation costs to a sales point will be $5.00/STB.
These cost estimates are based on the experience and judgement of
Chapman and discussion with the Company.
About
Chapman Petroleum Engineering
Chapman Petroleum Engineering Ltd.
founded in 1985, is a Canadian consulting firm providing
comprehensive petroleum engineering, geological and geophysical and
management services covering the full spectrum of the oil & gas
industry, domestically and internationally. Chapman services
include reserve and economic evaluations and resource assessments,
acquisition analyses, specialized technical studies, property
exploitation and resource management, and representation for
regulatory and legal purposes.
The key professionals at Chapman
each have from 25 to 45 years of broadly diversified experience in
the oil & gas industry, domestically and internationally.
Chapman are Qualified Reserve Evaluators and Auditors under
Canadian Securities Regulation NI 51-101.
About Stamper Oil and
Gas
Stamper Oil and 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 and Gas
please visit www.stamperoilandgas.com
Qualified
Person
The scientific and technical
information contained in this news release has been reviewed and
approved by Qamar M. Malik, MSc., Ph.D., Petroleum Engineering, who
is the independent qualified resources evaluator as such term is
defined under National Instrument 51-101
("NI 51-101") and Canadian Oil and Gas Evaluation ("COGE")
Handbook.
The National Instrument 51-101
("NI 51-101") report is subject to a number of conditions,
including but not limited to, its Regulations Services Provider and
TSX Venture Exchange acceptance.
ON BEHALF OF
THE BOARD OF DIRECTORS
"David C. Greenway"
President & Director
For further
information, please contact:
Stamper Investor Relations
Phone: (604) 684-2401
Email: info@stamperoilandgas.com
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 & 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 & Gas Corp. management on the date the
statements are made. Except as required by law, Stamper Oil &
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.
A photo accompanying this announcement is
available
at http://resource.globenewswire.com/Resource/Download/10665080-2d9a-4e9f-ab8d-a3032d29abe5
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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