County Line Energy Corp. (CYLC) Announces Acquisition in Prolific Provost, Alberta
January 08 2013 - 4:45PM
Marketwired
County Line Energy Corp. (CYLC) (PINKSHEETS:CYLC)(FRANKFURT:G7Q),
an integrated junior oil and gas explorer, is pleased to announce
it has completed the acquisition of a 640 acre parcel of land
adjacent to the north east edge of the massive Provost Oil Pool
near Coronation, in East Central Alberta, called the Gillespie Lake
Property.
The Provost Field is a mature asset, with a history of producing
55 milion cu.ft. of gas and 2,450 barrels of oil daily. Though well
developed with intensive infrastructure, Provost remains in a
primary phase of oil production and will remain so for the
foreseeable future.
Oil and gas production began in Provost in the 1970s and has led
to tremendous growth in the area, positioning it as an industry
leader in providing skilled labor and industry infrastructure. The
Provost oil field is the second largest producing field in Western
Canada, surpassed only by the tar sands of Fort McMurray.
The Gillespie Lake Property directly offsets the Provost "SPRK
POOL". Production is derived from both the Dina sand and Sparky
sandstone in the region.
County Line purchased a 100% interest (excepting a Crown Royalty
and a 4% GORR).
A comparable seismic model is available for comparison from an
existing producing well in the area. The company will review the
similarities with existing seismic information from the
Gillespie.
The Gillespie Lake Property
Management is very familiar with this area. Harry Bygdnes,
President of County Line, commented on the potential of the
purchase stating, "We've long been bullish on Alberta's oil
prospects. And the Provost continues to surprise. Just last year,
another junior reported a ten-fold increase in production from its
first vertical well frac. With today's frac technologies, it's a
very exciting time to be an oil man."
About County Line Energy Corp. (CYLC):
(www.countylineenergy.com)
County Line Energy Corp. is an integrated junior oil explorer.
County Line not only owns, operates, and participates in oil
projects in the exploration phase, but also has developed and
markets proprietary 3 dimensional seismic data software, which was
created for one of its own projects in Alberta, 2007, to assist in
better determining drill targets.
Harry Bygdnes, President
County Line Energy Corp.
Forward-Looking Statements: This document contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. All forward-looking statements are inherently
uncertain as they are based on current expectations and assumptions
concerning future events or future performance of the Company.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which are only predictions and speak
only as of the date hereof. In evaluating such statements,
prospective investors should review carefully various risks and
uncertainties identified in this release and matters set forth in
the Company's SEC filings. These risks and uncertainties could
cause the Company's actual results to differ materially from those
indicated in the forward-looking statements.
Contacts: County Line Energy Corp. 1.587.329.1459
www.countylineenergy.com Capitol Financial Media Investor Relations
1.877.225.8808
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