Business
49 North Resources Inc. Provides Update on Riverside Lands for Allstar Energy Limited
TSX Venture Exchange Symbol FNR SASKATOON, May 29, 2012 /CNW/ - 49 North Resources ...
About this update from 49 North Resources Inc
[{"type":"text","content":"\n\n\n\n\n\nTSX Venture Exchange Symbol FNR\n\n\nSASKATOON, May 29, 2012 /CNW/ - 49 North Resources Inc. (\"49 North\" or\n the \"Company\") (TSXV: FNR), provides an update on the Riverside\n properties owned through Allstar Energy Limited (\"Allstar\"), a 100%\n owned subsidiary of 49 North.\n\n\nMr. Ashley Drobot, P.Geo, President and CEO of Allstar reports that\n Allstar has recently completed a re-entry program on an existing\n suspended vertical well on the Riverside lands that was purchased from\n a third party in Q1 of 2012.  After re-initiating inflow from the\n formation, the well exhibited extremely encouraging pump rates in\n excess of 100 bopd (barrels of oil per day).  After 30 days of initial\n production, pump rates have been restricted to and stabilized at\n approximately 60-70 bopd.\n\n\nGiven the strong results from the initial re-entry program, Allstar is\n currently in the process of accumulating and reviewing the significant\n amounts of proprietary 2D seismic data acquired with the asset\n acquisition noted in the press release of May 22, 2012.  Allstar has\n also begun permitting an extensive 3D seismic program on the Riverside\n lands for the purpose of further defining the reservoir and future\n drilling locations. Concurrent to this, Allstar has applied for\n regulatory approval to re-enter an abandoned well bore that exists\n within the currently held lands.  Using the existing 2D seismic and\n proposed 3D seismic program, Allstar plans to develop an aggressive\n drilling program for the summer and fall of 2012.\n\n\nAllstar now holds approximately 31,360 acres in the vicinity of Leader,\n Saskatchewan, which is collectively referred to as the Riverside\n properties.  Given the sizeable land position now held, Allstar is very\n encouraged by the positive results of the initial re-entry program.\n\n\n49 North is a Saskatchewan focused resource investment company with\n strategic operations in financial, managerial and geological advisory\n services and merchant banking. Our diversified portfolio of assets\n includes direct project involvement in the resource sector, as well as\n investments in shares and other securities of junior and intermediate\n mineral and oil and gas exploration companies. Additional information\n about 49 North is available at www.sedar.com.\n\n\nForward ...