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Investor
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News Releases
| | August 28, 2009
Deloro Receives Approval to Drill New Wells
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| | Deloro Resources Ltd is pleased to update our shareholders. Our application with Saskatchewan Ministry of Energy in the area of the Deloro/Electro-Petroleum EEOR direct current stimulation program has been approved to drill additional wells on the Deloro lands. Deloro's technical staff are currently assessing and analyzing our production data to assist in deciding the exact location of a new horizontal well.
The production testing of the existing horizontal well (117.3A2-25-3D 10-24-38-20) is continuing and results will be forthcoming in the near future.
Deloro Resources Ltd reached an agreement with EPI in 2008 to conduct a full pilot test using EPI's electrically enhanced oil recovery (EEOR) technology on Deloro's heavy oil Wilkie properties. Once the pilot test is deemed successful, the project will proceed to full development and EPI will earn a 10-per-cent working interest in the Wilkie project for the use of its technology. The Net Profit will initially be divided 50% to Deloro Resources Ltd. and 50% to EPI until EPI recovers their costs. Then Deloro will receive 90% Working Interest and EPI will have a 10% Working Interest.
The Deloro 100-per-cent-owned Wilkie project is located eight miles south of Wilkie, Sask. The Wilkie property consists of approximately 3,765 leased acres of petroleum and natural gas rights. These Government of Saskatchewan leases cover a channel in the McLaren zone one-half to three-quarters of one mile wide and approximately five miles long. The zone is at a depth of 2,035 feet with five vertical wells and one horizontal well drilled into the structure defining a heavy oil pay zone with gross sand thickness of 30 feet to 50 feet.
Reliance Engineering Group Ltd. recently completed an independent report in which estimates of discovered resources were performed in accordance with National Instrument 51-101 guidelines and generally accepted industry standards. The discovered resources were calculated based on McLaren sand net pay Isopach maps and the average reservoir parameters. The original discovered resources underneath company land were calculated to be approximately 63.1 million stock tank barrels.
Shareholders and other interested parties are invited to visit the Company Web Site at www.deloro.ca for additional information.
Louis P. Lees
President and Chief Executive Officer
Phone: 360 371 2820 Fax: 360 371 2977
Vancouver Office: 604 484 5761 ext 29
Mike Magrum, PEng, a qualified person under National Instrument 43-101, has approved the technical content of this news release
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 news release. |
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| | You can view the Next News Releases item: Thu Oct 15, 2009, Heavy Oil Extraction Technology Proven Successful
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