CALGARY, ALBERTA--(Marketwire - Nov. 1, 2012) - Marauder Resources East Coast Inc. (TSX VENTURE:MES) is pleased to announce that its wholly owned subsidiary, Marauder Resources East Coast (NZ) Ltd., has been awarded Petroleum Exploration Permit 53806 in the East Coast Basin of New Zealand. Marauder will be the operator of the permit and a 50% working interest holder, with the remaining 50% being transferred to an international oil and gas exploration company based in Canada. The permit covers an area of 965 km2 and has an initial term of 5 years.
The East Coast Basin is considered highly prospective for large accumulations of oil and gas with over 300 surface seeps present. The recent focus in the basin has been on a potential light oil unconventional resource play within the Paleocene to Cretaceous aged Whangai and Waipawa shales. These formations exhibit characteristics similar to the productive Bakken Formation in Saskatchewan and North Dakota. Offsetting permit holders in the basin, Tag Oil and New Zealand Energy, have had third parties assign shale oil resource potential of 12.6 and 20.9 Billion Barrels Original Oil In Place respectively. Apache Corporation farmed in on Tag Oil's East Coast Basin permits in September 2011 and are expected to commence a 4 well exploration program in early 2013 targeting shale oil.
The Whangai Formation is the primary unconventional target over PEP 53806. It is naturally fractured and widespread throughout the East Coast Basin reaching thicknesses of up to 600m. Three of the most prominent oil seeps in the basin have been geochemically linked to generation in the Whangai Formation. The oil is light, sweet crude with gravities of up to 50 degrees API.
Marauder will be commissioning a third party engineering group to prepare a resource report and economic analysis to estimate the unconventional potential over PEP 53806. A map showing the permit holders in the East Coast Basin is attached, with Marauder's acreage highlighted in green.
New Zealand remains highly underexplored with respect to hydrocarbon resources. The world class potential combined with a stable geopolitical setting and excellent fiscal terms, make New Zealand a core focus area for Marauder going forward with additional opportunities being pursued.
To view the map associated with this release, click the following link: http://media3.marketwire.com/docs/mar_map.pdf
This press release may contain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, anticipations, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses and health, safety and environmental risks), commodity price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Marauder Resources East Coast Inc.
Robert V. Shields
Marauder Resources East Coast Inc.
720, 440 - 2nd Avenue S.W.
Calgary, Alberta T2P 5E9
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here