Sentry Petroleum Secures Land Access for Drilling Appraisal Program
May 06 2011 - 9:48AM
Business Wire
Sentry Petroleum Ltd. (OTCBB:SPLM) is pleased to announce that
the Company has reached agreements with all necessary land owners
for the company’s upcoming drilling appraisal program in
Queensland, Australia. The agreements stipulate fixed compensation
for each well drilled on the respective landowner’s property and is
not royalty linked to potential resources or production. With these
agreements in place Sentry has passed a major milestone in the
appraisal program of the potential 2,000 square mile coal seam and
shale gas deposit in ATP 862 and ATP 864. The Company expects to
finalize drilling contracts and announce a commencement date for
the drilling appraisal program during the next couple of weeks.
A company spokesman commented on the agreements: “We are
delighted with the results of our negotiations with the land
owners. These agreements form a solid foundation for developing
strong long term relationships with the people who have made this
area their home or earn their living from.”
Cautionary Note: The Company cautions that the estimated
quantities of coal and carbonaceous shale disclosed in this press
release represent an estimate of the potential of the noted permit
areas based strictly on a review of technical data that is publicly
available and are not intended to be construed in any manner as an
estimate of any classification of reserves. Further appraisal is
required before any estimated classification of reserves can be
compiled. The Company’s upcoming appraisal drilling campaign is
being undertaken in order to build the necessary data to be able to
compile an estimate of reserves and make a later determination as
to whether any noted reserves can be produced economically. There
is risk that our upcoming appraisal drilling campaign will not be
able to confirm the Company’s findings from its review of publicly
available technical data.
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.
Sentry Petroleum (CE) (USOTC:SPLM)
Historical Stock Chart
From Nov 2024 to Dec 2024
Sentry Petroleum (CE) (USOTC:SPLM)
Historical Stock Chart
From Dec 2023 to Dec 2024