CALIFORNIA OIL & GAS CORP Announces First Exploration Oil Discovery, East Slopes Project, San Joaquin Basin, Southern California
Posted on: Monday, 8 December 2008, 06:09 CST
OTCBB: "COGC" www.caloilandgas.comCALGARY,
Based on logging results, the Sunday # 1 well encountered an estimated 24 ft of potential pay with 36% log indicated porosity and no apparent oil/water contact in the uppermost sand of the Vedder formation. A program is currently being prepared to complete, test and place the Sunday # 1 well on production.
The Sunday #1 well was the first of a planned four well exploration drilling program being conducted by COGC and its partners (Partners). The four well locations were selected for Vedder formation targets based on interpretation of a 35.2 mi.(2) 3-D seismic program acquired over an Area of Mutual Interest (AMI) in late 2007. COGC has entered into a farm-in agreement to earn a 12.5 % interest in each well as drilled and after participation in 9 wells will have earned a 12.5% interest in the entire AMI.
The Sunday location was drilled directionally to test multiple fault controlled Vedder formation targets identified by seismic in a relatively unexplored area. Based on log and core analysis, the Sunday well encountered a highly porous and permeable sandstone reservoir which could contain 15 0 API to 25 0 API crude oil.
Forward Looking Statements
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import can be used to identify forward-looking statements. Forward-looking statements are projections of future events projections of future events or results based on management's analysis of current facts. Forward-looking statements in this news release include statements about the Company's belief that the Sunday # 1 well can be completed, tested and placed on production, that the drilling of the remaining 3 wells in the four well program can be concluded,that the highly porous and permeanle sandstone reservoir that the Sunday Well # 1 encountered could contain 15 0 API to 25 0 API crude oil and that the success of the Sunday # 1 well bodes well for further exploration in the area. Actual results may differ materially from those currently anticipated due to a number of factors beyond the Company's control. These risks and uncertainties include, among other things, lack of the funding required to finance exploration, including the cost to drill the three remaining initial exploration wells, and the funds needed by COGC in order to complete the earning of interests in the entire AMI, as well as all of the other risks that are inherent in the Company's operations including the risk that the Company may not find any oil or gas in quantities that make development and exploitation of them commercially feasible. These and other risks are described in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
SOURCE California Oil & Gas Corporation
Source: PR Newswire
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