Gallic Energy Ltd. Releases Resource Estimates for GER Permit, France, Names New CFO and Will Present at 2011 Oil & Gas Finan...
November 02 2011 - 9:25AM
Marketwired
Gallic Energy Ltd. ("Gallic" or "Company") (TSX VENTURE:GLC)
announced that an independent resource evaluation report (the
"Report") has been completed by Calgary-based GLJ Petroleum
Consultants Ltd. ("GLJ") on the undiscovered petroleum
initially-in-place ("UPIIP"), effective September 30, 2011, of the
Company's 100% owned Ger Permit, in the Aquitaine Basin, onshore
France.
Mr. William H. Smith, President and CEO of Gallic, said "We are
pleased to have this Report which quantifies the significant size
of the targets that our two-well re-entry program will be
evaluating. Gallic's testing program is designed to provide proof
of concept of these formations as commercial reservoirs, to measure
production rates and to further quantify the hydrocarbons in
place."
GLJ's Unrisked UPIIP estimates of gas can be divided into three
geologic play concepts to be tested by the 2 wells. All figures are
given in BCF:
----------------------------------------------------------------------------
Low(i) Best(i) High(i)
Estimate Estimate Mean(i) Estimate
Play Well Formation (P90) (P50) Estimate (P10)
----------------------------------------------------------------------------
Mountain Front
Fault Trap Ossun 2 Eocene 6 15 22 44
----------------------------------------------------
DanoPaleocene 1 3 4 8
----------------------------------------------------
Up CretFlysch 62 158 222 453
----------------------------------------------------------------------------
Strat Trap Azereix 1 Eocene 7 45 82 195
-------------- ----------------------------------------------------
Unconformity
Trap Aptian 56 162 270 598
----------------------------------------------------
Barremian 31 128 187 419
----------------------------------------------------------------------------
In addition GLJ has estimated the Unrisked UPIIP of condensate
and oil in the Aptian Formation for the Unconformity Trap in
Thousands of Barrels:
----------------------------------------------------------------------------
Low(i) Best(i) High(i)
Estimate Estimate Mean(i) Estimate
Play Well Formation (P90) (P50) Estimate (P10)
----------------------------------------------------------------------------
Unconformity
Trap Azereix 1 Aptian 650 1,608 2,207 4,430
----------------------------------------------------------------------------
Estimates of UPIIP were generally prepared using land and
technical information including well information, engineering,
geological and geophysical data available from Gallic up to
September 30, 2011. There is no certainty that any portion of the
resources will be discovered. A recovery project cannot be defined
for this volume of undiscovered petroleum initially-in-place at
this time. There is no certainty that it will be commercially
viable to produce any portion of the resources.
The GLJ resource evaluation was prepared in accordance with the
procedures and standards contained in the Canadian Oil and Gas
Evaluation Handbook. The UPIIP definitions used in preparing this
Report are those contained the COGE Handbook and the Canadian
Securities Administrators National Instrument 51-101 (NI
51-101).
Gallic is well financed with $20 million cash on hand to meet
its planned activities. Surface land clearing has been completed at
Azereix-1, and surface construction will commence at both locations
next week. Halliburton is providing Project Management services
through the planning, construction, re-entry and testing phases of
this program.
Gallic is pleased to announce that Dean Callaway has been
appointed Vice-President, Finance and Chief Financial Officer,
effective November 1, 2011. Mr. Callaway has over 20 years of
experience in the energy industry in North America and
internationally. Prior to Gallic, Mr. Callaway was CFO of TG World
Energy, a former TSXV oil and gas company with international
operations in Alaska, the Philippines and Niger, Africa. Prior to
TG, Mr. Callaway held senior financial positions with junior oil
and gas companies involved in Thailand, Tunisia and the North Sea.
He has led the mergers and acquisition group and performed
international corporate development and finance at major Canadian
pipeline companies. Mr. Callaway is a Certified General Accountant
in addition to holding a MBA and B-Comm. After serving as the
company's Chief Financial Officer since March 2009, Mr. David
Little will resign to pursue other business opportunities. We thank
Mr. Little for his contribution to the Company during this exciting
period of our growth.
Mr. William H. Smith, President and CEO of Gallic, will be
presenting at 10:20 - 10:40 am, Tuesday, November 8, 2011 at the
2011 Oil & Gas Finance Forum in New York City.
(i)Low Estimate is considered to be a conservative estimate of
the quantity that will actually be recovered. It is likely that the
actual remaining quantities recovered will exceed the low estimate.
If probabilistic methods are used, there should be at least a 90
percent probability (P90) that the quantities actually recovered
will equal or exceed the low estimate.
(i)Best Estimate is considered to be the best estimate of the
quantity that will actually be recovered. It is equally likely that
the actual remaining quantities recovered will be greater or less
than the best estimate. If probabilistic methods are used, there
should be at least a 50 percent probability (P50) that the
quantities actually recovered will equal or exceed the best
estimate.
(i)High Estimate is considered to be an optimistic estimate of
the quantity that will actually be recovered. It is unlikely that
the actual remaining quantities recovered will exceed the high
estimate. If probabilistic methods are used, there should be at
least a 10 percent probability (P10) that the quantities actually
recovered will equal or exceed the high estimate.
(i)Mean Estimate is the arithmetic average from the
probabilistic assessment.
Neither 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 release.
Contacts: Gallic Energy Ltd. Mr. William H. (Bill) Smith
President and Chief Executive Officer (403) 930-7533 (403) 930-7599
(FAX)billsmith@gallicenergy.com
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