Business
Falcon Oil & Gas Ltd. Releases Review From the Scotia Group
Falcon Oil & Gas Ltd. Releases Review From the Scotia Group.
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"\n\n\n\nBUDAPEST, Hungary, Aug. 28 /CNW/ -- Falcon Oil & Gas Ltd. (TSXV: FO)\n("Falcon" or the "Company"), today released a copy of a review completed by\nthe Scotia Group, an independent, third party consultant to Falcon. The\ndocument provides a review of Falcon's operations and accomplishments, and\nprovides recommendations for the Mako Trough.\n\n\nThe Scotia Group conducted its review in accordance with standards set\nout in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook")\nprepared jointly by the Society of Petroleum Evaluation Engineers (Calgary\nChapter) and the Canadian Institute of Mining, Metallurgy & Petroleum\n(Petroleum Society).\n\n\nBelow please find the full content of the review.\n\n\n24 August 2007\n\n\nMr. Marc A. Bruner\nPresident, Chairman & CEO\nFalcon Oil and Gas, Ltd.\n1601 Blake Street\nSuite 505\nDenver, Colorado 80202\n\n\nRE Mako Trough, Hungary Operations Review\n\n\nDear Mr. Bruner:\n\n\nINTRODUCTION\n\n\nFalcon Oil and Gas Ltd. (Falcon) and TXM Hungary, a division of Falcon,\nhave requested The Scotia Group, Inc. (Scotia) to conduct a review of their\noperations in the Mako Trough of Hungary. The review is focused as follows:\n\n\n-- Processes utilized to date in the evaluation\n -- Operational and geologic\n-- Accomplishments to date\n-- Recommended alterations for improvement\n-- Recommendations as to the next steps\n\n\nScotia was contracted by Falcon in June 2006 to conduct a resource\nassessment of certain properties in the Mako Basin of Hungary. The study\n"Resource Estimate Mako Trough, Effective Date August 15, 2006" found there to\nbe evidence of hydrocarbon resources within the Mako and Tisza exploration\nlicenses controlled by Falcon.\n\n\nThe resources were found to lie in four prospective horizons: Szolnok,\nLower Endrod, Basal Conglomerate, and Synrift Sequence.\n\n\nThe volumes were previously stated in our report entitled "Resource\nEstimate Mako Trough, Effective Date August 15, 2006."\n\n\nFalcon's initial phase of exploration was to drill six wells and conduct\na 3D survey of the exploration license in an effort to delineate the resource.\nIn addition, Falcon was to conduct extensive testing and evaluation of the\nexploration wells to gain a better understanding of the rock properties and\ngeologic e...