Independent Expert Estimates Ten Trillion Cubic Feet of Prospective Gas Resource Within Sentry Petroleum’s Potential 2,000 ...
March 17 2011 - 9:15AM
Business Wire
Sentry Petroleum Ltd (OTCBB:SPLM) announced today that Denver
based Coal Seam Gas Expert Dr. Charles Barker of Coal Ltd. has
confirmed the potential ‘world-class’ coal seam gas deposit within
Sentry’s ATP 862 and ATP 864. Dr. Barker’s exhaustive assessment
included analysis of all publicly available data and proprietary
testing covering Sentry’s previously identified potential 2,000 sq
mile coal and shale gas prospect underlying its northern permits in
Queensland Australia. His conclusion: over 10 Trillion Cubic Feet
of prospective gas resource in place.
Commenting on the prospective resource estimate: “My review of
the data focused on a 300 sq mile area surrounding previously
drilled wells. This area provided the greatest well control and
interpretable data upon which to base my independent assessment. It
is my judgment that the potential coal seam and shale gas deposit
could be well in excess of 2,000 sq. miles previously reported by
Sentry’s technical team. In my view there exists substantial upside
to the 10 trillion cubic feet of prospective gas resource estimate
that I have provided to Sentry’s executive board.”
Dr. Barker confirmed that technical data from over thirty wells
and Sentry’s interpretation of a regional grid of seismic data
indicate the Winton coal zone underlies a greater than previously
reported 2,000 square mile area. The coal rank was analyzed to
reach subbituminous to high volatile bituminous in the deeper
portions of the deposit. He further confirmed the coal
characteristics of the Winton coal zone closely resemble the depth
to coal, coal rank, gas storage capacity and net coal thickness
found in portions of the prolific Powder River Basin in Wyoming and
Colorado.
Dr. Barker concluded; “My initial excitement on the potential
deposit has been confirmed. If my estimates are proved correct and
the gas is economically recoverable, Sentry is sitting on a multi
trillion cubic foot gas asset. All that remains is to test this
large indicated coal and shale based prospective resource. It is at
optimal production depths and if it is gas saturated it will
certainly be a world class deposit in excess of Trillions of Cubic
Feet.“
A company spokes person advised that Sentry is moving
expeditiously on its drilling program scheduled to start in
April/May 2011. Discussions have commenced with several independent
petroleum consulting firms to assist Sentry in determining optimum
appraisal program in order to provide reserve certification.
Cautionary note: The Company cautions that the estimated
quantities of coal seam gas by Dr. Barker disclosed in this press
release represent an estimate of the untested potential of Sentry’s
coal seam and carbonaceous shale gas based prospective resource in
ATP 862 and 864. The estimate was developed from a review and
interpretation of available technical data and are not intended to
be construed in any manner as an estimate of any classification of
reserves. The Company cautions that the results achieved by other
companies operating in the same geographical region or comparisons
made to discoveries with like characteristics do not in any way
indicate the presence of a commercially viable mineral deposit or
oil and gas reserves on any of the Company’s permits. Further core
testing and appraisal is required before any estimated
classification of reserves can be compiled. The Company’s upcoming
appraisal core drilling campaign is being undertaken in order to
measure the necessary data to be able to classify the resource as
reserves and make a later determination as to whether any
identified resource can be produced economically. There is risk
that the Company's upcoming appraisal drilling campaign could yield
results which adversely impact the estimates of coal seam gas
within the company’s ATP 862 and ATP 864 permits estimated in the
review by Dr. Barker.
About Sentry Petroleum:
Sentry Petroleum Ltd is an American energy company with 10,600
square miles of oil, gas and coal seam gas rights in Queensland,
Australia. The company has identified over 50 separate oil, gas and
coal seam gas targets and leads within its permit area. Sentry
Petroleum’s strategy is to drill the prospects and leads and
independently certify the results. The company will continue to
leverage its strengths with a vision of becoming a premier
independent oil and gas company positioned for merger or sale. For
more information, please visit www.sentrypetroleum.com.
Forward-Looking Statements:
This release includes certain statements that may be deemed to
be “forward-looking statements” within the meaning of applicable
legislation. Other than statements of historical fact, all
statements in this release addressing future operations,
undiscovered hydrocarbon resource potential, exploration, potential
reservoirs, prospects, leads and other contingencies are
forward-looking statements. Although management 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 the forward-looking statements due to factors such as
market prices, exploration successes, continued availability of
capital and financing, and general economic, market, political or
business conditions. Please see our public filings at
http://www.sec.gov and http://www.sedar.com for further
information.
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