Business
New Stratus Energy Announces Significant Farm-in Memorandum of Understanding with Vultur Oil
Calgary, Alberta--(Newsfile Corp. - August 5, 2025) - New Stratus Energy Inc. (TSXV: NSE) ("New S...
About this update from New Stratus Energy Inc
[{"type":"text","content":"New Stratus Energy Announces Significant Farm-in Memorandum of Understanding with Vultur OilCalgary, Alberta--(Newsfile Corp. - August 5, 2025) - New Stratus Energy Inc. (TSXV: NSE) (\"New Stratus\", \"NSE\" or the \"Corporation\") is pleased to announce the signing of a significant farm-in Memorandum of Understanding (\"MOU\") with Vultur Oil (\"Vultur\", and together with NSE, the \"Joint Partners\") to develop the Concession Contracts (as defined below) located in the State of Bahia, Brazil. The arms-length MOU was signed on August 4th, 2025.Concession ContractsThe Blocks comprise two (2) concession contracts for the exploration, development and production of oil and gas, being: (i) N° 48610.010812/2015-04 issued by the National Agency of Petroleum, Natural Gas and Biofuels of Brazil (\"ANP\") dated December 23, 2015, over a block known as REC-T-108 (the \"108 Contract\"); and (ii) N° 48610.005425/2013-86 issued by the ANP dated August 30, 2013, over a block known as REC-T-107 (the \"107 Contract\" and together with the 108 Contract, the \"Concession Contracts\" or \"Blocks\"). Vultur holds a 100% working interest in the Concession Contracts.The Concession Contracts are located in the Reconcavo Basin, onshore, in the State of Bahia in eastern Brazil. The Blocks are adjacent to the Araças field which is owned and operated by Petrobras, the state-owned oil company of Brazil. The three main reservoirs in the basin are the Candeias, the Agua Grande and the Sergi. Since 2012, Petrobras has produced approximately 5.9 million barrels of oil equivalent (boe) (3.6 million barrels of oil and 375 million cubic meters of natural gas) from the Aracas field.Historical OperationsIn April of 2025, Vultur successfully re-entered and hydraulically stimulated the Candeias Formation in the GREN well (originally drilled in 2019), located in the northern portion of Block REC-T-108. Following the recompletion with electronic submersible pump (ESP) artificial lift, the well is currently under long term testing. Initial results are promising with 1P volumes reaching up to 100,000 barrels of light 36° API oil thus far. The well will remain on long term test through October to establish operating parameters and a stable production base.Prior to the GREN, the previous owner drilled the GOP exploration well in REC-T-107 in 2017. The w...