CALGARY, May 31 2011 /PRNewswire/ - Goldnev Resources Inc.
("Goldnev" or the "Corporation") (TSXV: GNZ) is pleased to provide
the following operational updates to its shareholders.
Turner Valley
The company reports that the production results on its
13-21-20-3W4 oil well on the Corporation's 50.4% owned Turner Valley property have increased to
levels projected in a previous news release dated January 6th, 2011.
Based upon the latest production tests, the total gross
production rate has increased from 25 boe/d to 48 boe/d. This is
comprised of an increase in light oil production from approximately
20 b/d to 30 b/d and natural gas and liquids from 5 boe /d to 15
boe/d. Gross revenues of $71,000 to
$80,000 per month have been received for the months of
January, February, March and April and the corporation has realized
an $80/barrel netback on the sale of
its oil for the months of March and April.
Noel
As announced in the January 26,
2011 news release, the Corporation has entered into a
farm-in agreement to earn in 24 sections (approximately 15,360
acres) of unexploited shallow natural gas rights to the base of the
Cardium formation. This farm-in is on developed lands in the
producing Noel field located in northeastern British Columbia. Under the terms of the
agreement, Goldnev was to elect and spud the initial earning well
on or before March 31, 2011 which
then provides for a rolling option to earn on the remaining lands.
The Farmor has the right to participate in certain option wells or
retain a gross overriding interest.
At the request of Goldnev, the Farmor has granted an extension
to the drilling of the initial test well until June 30, 2011, subject to rig availability and
lease access. The Corporation is currently making preparations for
the survey and construction of a surface lease and obtaining a
drilling license.
Pasquia Hills
The Corporation is in the process of completing a
pre-feasibility study (the "PFS") which is being conducted by Hatch
Ltd. for the development of a Shale to Liquids Plant at its Pasquia
Hills oil shale property. The PFS will assess the applicable
mining, extraction and refining methods and provide details on
equipment, capital and operating costs as part of a detailed mining
and production scope analysis to confirm commerciality and / or the
conditions required for commerciality of Goldnev's identified oil
shale resources.
Current milestone progress for the PFS indicates that the
project progress stands at 30% although many of the process
deliverables have progressed up to 50% for the PFS study. Project
progress milestones include:
- The retort technology selection has been completed and Hatch Ltd. are
in the process of confirming the public domain data with regards to
prospective technology licensors;
- The site area for the Shale to Liquids Plant location has been chosen
and is located adjacent to a rail line and transportation
infrastructure. Local authorities have been contacted regarding
resources for the project including gas, electricity and water and
preliminary requirements and arrangements are being finalized;
- Facility planning and phasing including a preliminary plot plan has
been completed based upon initial production of a 3000 to 5000 bpd
plant capacity for phase 1 of the project;
- The preliminary Process Design Basis has been sent by Hatch and
reviewed by the Corporation. The critical data to finalize the Process
Design Basis will the laboratory results from the oil shale tests;
- An estimate basis for the capital costs has been completed;
The Corporation is finalizing arrangements to complete the bench
scale laboratory rework and testing of six of its oil shale cores
and expects to complete the PFS by August
2011.
Pincher Creek
The Corporation has retracted its offer to purchase in
conjunction with Mercury Oil & Gas Ltd., the Pincher Creek assets. Following a technical
due diligence review, the Corporation has determined that focusing
on its Pasquia Hills oil shale project, Turner Valley operations and Noel drilling
program makes the most strategic sense.
Corporate Registration Continuance and Name Change
Pursuant to the results of the Corporation's annual and special
meeting of shareholders held on February 24,
2011 wherein the shareholders unanimously approved special
resolutions which included continuation of the Corporation's
registration from the province of British
Columbia to the province of Alberta and to change the name of the
Corporation from "Goldnev Resources Inc." to "Blackstone Petroleum
Inc." or such other name as the directors may determine. The
Corporation wishes to report that the corporate registration
continuance is in the process of being finalized and the name
change is expected to be completed by early July subject to the
approval of the TSX Venture Exchange.
Neither the TSX Venture Exchange, nor its Regulation Service
Provider (as the term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
About Goldnev
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Goldnev Resources Inc. is a public energy company focused on the
exploration and development of conventional and unconventional
hydrocarbons in northeastern British
Columbia, southwestern Alberta and east central Saskatchewan. Goldnev shares trade on the TSX
Venture Exchange under the symbol "GNZ."
Anyone wishing to be added to the Corporation's news release
recipients list may forward an e-mail request to
info@goldnevresources.com.
Forward Looking Statements
This Company Press Release may contain certain "forward-looking"
statements and information relating to the Company that are based
on the beliefs of the Company's management as well as assumptions
made by and information currently available to the Company's
management. Such statements reflect the current risks,
uncertainties and assumptions related to certain factors including,
without limitations, competitive factors, general economic
conditions, customer relations, relationships with vendors and
strategic partners, the interest rate environment, governmental
regulation and supervision, seasonality, technological change,
changes in industry practices, and one-time events. Should any one
or more of these risks or uncertainties materialize, or should any
underlying assumptions prove incorrect, actual results may vary
materially from those described herein.
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.
SOURCE Goldnev Resources Inc.