Canadian Overseas Petroleum (COPL), an international oil and gas exploration, production and development company with production and development operations focused in Converse and Natrona counties, Wyoming, USA, has received a Resource Report prepared by independent energy consultancy Ryder Scott dated July 29, 2022 confirming its deep oil discovery on its affiliate COPL America Inc's lands in Converse and Natrona counties, Wyoming.
The Report was commissioned by COPL to supplement its internal assessment of crude oil resources in its Discovery disclosed to the market in January 2022.
The Report is compliant to Canadian regulatory requirements pursuant to National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ('NI 51-101') which stress conservatism to the evaluation. The geologic interpretations, reservoir determinations and risk assessments are Ryder Scott's, and as such independent of the Company.
- Confirms the Wyoming deep discovery has total Original Oil in Place of 993.5 million barrels
- It is independent verification of the oil Discovery announced in January 2022
- These are conservative estimates complying with Canadian standards
- The Report:
- Supports the Company's conclusion that the Frontier 2 and Dakota discoveries are large stratigraphic oil accumulations encompassing the reserves at the Company's operated 100% WI Cole Creek field;
- Outlines 118 horizontal well locations to exploit the identified Frontier 2 and Dakota Reserves and Resources
- COPL plans to drill one horizontal Frontier 1 well and two horizontal Frontier 2 wells as part of its 2022-23 drilling campaign commencing in Q4 2022 with two of the horizontals offsetting the 14-30V discovery well drilled in Q3 2021.
Arthur Millholland, President & CEO, commented:
'This independent Report validates what we announced at the start of the year and highlights the significant potential of our fantastic Wyoming asset. Compiled to Canadian regulatory standards, the Report gives a conservative view, and we expect to see further exploration upside in due course once our drilling program gets under way in the coming months. Following on from the recent financing and completion of the Cuda Energy acquisition, this Report is another step forward as we transform into an oil producer of scale.'
Source: Canadian Overseas Petroleum