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Evaluation of Contingent Resources for Manning Alberta property
Evaluation of Contingent Resources for Manning Alberta property
About this update from Wescan Energy Corp.
[{"type":"text","content":"\n\n\n\n Jun. 7, 2010 (Canada NewsWire Group) -- Great Pacific International Inc. (GPI) (TSX.V: GPI) is pleased to announce that further to its news release disseminated on November 18, 2009, the Company's 100% owned subsidiary, GPI Oil and Gas Inc., has received an updated report from Chapman Petroleum Engineering Ltd. (Chapman) on the Contingent Resources in the Company's Manning Area Prospect of Alberta. GPI, through its subsidiary, owns 100% interest in leases on four sections (2,560 acres) of land in the Manning area of Northern Alberta that are the subject of this report.\nThe Chapman report was prepared using assumptions and methodology guidelines outlined in the Canadian Oil and Gas Evaluation Handbook and in accordance with National instrument NI 51-101, Sec 5.9, pertaining to disclosures of resources, utilizing forecast prices and costs. The purpose of this report was to independently determine the feasibility of the Company undertaking the exploration and development of the contingent resources and the estimated economic value.\nIn the report, the Heavy oil reservoirs of the Elkton Formation and the Lower Debolt were mapped. Both of these formations are in the heavy oil saturated Mississippian formation. The isopach mapping of these heavy oil reservoirs excluded transitional zones of appreciably less porosity in the lower parts of each unit so that only the highest quality heavy oil reservoir had been mapped. Well log analysis showed excellent reservoir parameters including good porosity and high resistivity of both zones.\nTotal heavy oil in place was determined on the Company lands for the two most significant potential carbonate reservoir zones in the area, the Elkton and Lower Debolt formations and amounted to over 200 million barrels of oil. This was based on volumetric calculations using the detailed net oil reservoir mapping of both zones. Planimetering these maps results in an average heavy oil reservoir thickness of 51 feet in the Elkton and 32 feet in the Lower Debolt.\nThe oil gravity in these carbonate deposits is estimated at about 9 API, based on analogous pools in the general area. The Chapman report proposes exploitation through continuous steam injection. Estimated recoveries are based upon factors of 15, 10, and 25 percent for "best", low, and high respectively.\nThe contingencies associate...