Mar 14 2014
Super Nova Minerals Corp. (the "Company" or "Super Nova") reports that the Company is in receipt of a National Instrument 51-101 Technical Report on the McAfee Well regarding the redrill project located in Frio County on the Pearsall Field in southern Texas, approximately 50 km away from San Antonio.
There is extensive oil and gas production and supporting infrastructure in the nearby area, and the existing well site and lease ('McAfee 1') will be used for the redrill. (see location map -Figure 1: http://media3.marketwire.com/docs/933266a.pdf)
Total Probable undeveloped light and medium oil reserves of 90 Thousand Stock Tank Barrels ('MSTB') have been estimated for the B2 zone in the McAfee 1 well. Additional Possible incremental reserves of 125 MSTB have also been estimated for this zone in the same well.
The Company will farm in by paying 100% to earn a 90% working interest before payout, and 50% working interest after payout.
The lands are currently held by production from the B1 zone of the Austin Chalk formation, and the Company will pay all costs to redrill the well to the slightly deeper B2 zone. A map of this area is shown on Figure 2 (http://media3.marketwire.com/docs/933266B.pdf). Reserves have been assigned to the B2 zone of the Austin Chalk in the McAfee 1 well based on the production of surrounding wells that were also completed in that zone. The results were compiled into a lognormal distribution, as shown in Figure 3 (http://media3.marketwire.com/docs/933266c.pdf).
In the probable case it is anticipated that production will commence at 741 STB/d, and average 137 STB/d over the first year. In the probable plus possible case it is anticipated that production will commence at 1,288 STB/d, and average 238 STB/d over the first year.
This news release was reviewed by Charles Chapman, P. Eng., of Chapman Petroleum Engineering Ltd.
On behalf of the Board of Directors:
SUPER NOVA MINERALS CORP.
Wolf Wiese, President