OREO ~ Progress Update on Cortez Operation
American Liberty Petroleum Corp. Provides Progress Update for Nevada-Based Cortez Operation
American Liberty Petroleum Corp. (OTCBB: OREO) (herein after "American Liberty" and/or "the Company") is pleased to provide a summary of the Company's recent progress on the Cortez Operation. The operation is located on the 3,840-acre Cortez lease in Gabbs Valley, Nye County, Nevada, and includes two wells: Cobble Cuesta 1-12 and Paradise 2-12.
In early May 2012, work resumed on the Paradise 2-12 well, including a fluid level test that indicated a 1920' fluid column in the well bore above the pump. Following the application of hot water and a new proprietary chemical formula treatment, the well produced additional fluid consisting of an oil/water mix. In total, approximately 29 barrels of crude was shipped to Foreland's Eagle Springs Refinery in neighboring White Pine County, representing the Company's second sale to Foreland. The BLM was also notified of the sale in order that the Company might secure "held by production" status on the Cortez lease.
The Company has continued to work with oil and gas consulting services firm Netherland, Sewell & Associates Inc. ("NSAI") to gather information toward determining next steps in the development of the Cortez operation. In particular, the Company is currently considering options that include:
1) Deepening the Cobble Cuesta 1-12 well
2) Deepening the Paradise 2-12 well
3) Drilling a new well based on information gained to date
4) Performing more seismic surveying prior to further exploration activities
NSAI is assisting the Company's assessment of all possible options by reviewing and evaluating the geological information currently available, and is providing American Liberty with their recommendations of the technical alternatives associated with each of the options, taking care to point out both the merits and potential challenges of each.
As of May 29, 2012, the Company had received an Authority For Expenditure (AFE) to re-enter the Cobble Cuesta 1-12 well, and an AFE to drill a new well in the Cortez lease. The AFEs act as budgetary documents that list the estimated expenses associated with the development activity in question: in the case of the well re-entry, an oil/gas well/re-enter with intermediate casing at 6000' and production casing at 8500', including perforate casing and frac; in the case of the new well, an oil/gas well with surface casing at 850', intermediate casing at 6000', and production casing at 8500', including perforate casing and frac.
American Liberty Petroleum's President, Alvaro Vollmers, commented: "We're encouraged to have completed a second sale of crude to the Foreland refinery. Meanwhile, we're looking forward to receiving NSAI's development recommendations on our best options for maximizing on production potential at the Cortez operation.”
FOR MORE INFORMATION
Learn more about the Cortez Operation and the Gabbs Valley Prospect at the American Liberty Petroleum website, where you can also find more information about the Company as well as the latest news releases: http://www.americanlibertypetro.com .
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