VANCOUVER, British Columbia, May 09, 2017 (GLOBE NEWSWIRE) -- Stamper Oil & Gas Corp. (TSX-V: STMP ) (FSE:TMP2) (OTCQB:AZUEF) (“Stamper” or “the Company”), is pleased to announce it has engaged the services of Petrotech Engineering Ltd., ( “Petrotech” ) of Burnaby BC to commence a detailed interpretation of 3-D seismic data that was previously shot by Trayectoria Oil and Gas S.A. and provide an updated NI 51-101 report on the Joropo Block Concession.
The NI 51-101 will prepared and supervised by John Yu, P.Eng., of Petrotech in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") , and accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities . Dr. Luis Rodriguez, a seismic geological and geophysical engineer and President of Petrotech will assist with the report from Bogota, Colombia.
About Petrotech Engineering Ltd.
Petrotech Engineering Ltd. is an independent oil and gas reserve evaluation firm located in Burnaby, British Columbia, Canada. Petrotech specialize in drilling, completion, production, pipelines, compressor and pump facilities, wellhead and waterflood injection facilities, reservoir, gas processing and reserve evaluations for mainly publicly-listed oil and gas companies.
Petrotech's primary reserve evaluations are performed in Colombia, Peru and Brazil in South America, in offshore South West and West Africa and onshore East Africa. Petrotech has also performed reserve evaluations in Canada, U.S.A., Central and South America, Australia, New Zealand, Asia, Europe, Russian Federation, Middle East and Africa.
About the Joropo Concession
The Joropo Concession consists of two blocks: the development and the exploration blocks. An oil discovery was drilled on the development block, which is the Ojo de Tigre-2 ST well. The well was preliminary tested, and test produced 6,972 barrel of 29.5-degree API crude at a steady rate of 240 barrels of oil per day.
Proven non-producing reserve is assigned to the formation at 7,363 feet in the Ojode Tigre-2 ST well using a recovery factor of 25 per cent for proven reserve. Proven plus probable reserve is assigned with a recovery factor of 35 per cent. The structural mapping of the formation has a closure of 279 acres and can support additional development of two wells.
On the exploration side, from 3-D seismic data and interpretation, the owner has identified two well prospects. The Turon prospect shows three potential oil zones in the C7, Mirador and Gacheta formations. The Joropo Norte prospect shows the C7 and Mirador formations are potential oil zones.
Green Power has a 100-per-cent working interest and is the operator of the Joropo block under the exploration and production contract Joropo. The contract area is 14,966 hectares (36,982 acres), and the E&P Joropo contract was signed by the Agencia Nacional de Hidrocarburos -- Colombia (ANH) -- with Green Power. The concession is located in the Department of Casanare, Colombia, in a major oil-producing region of Colombia close to major oil fields, close to pipelines, and is located in an area where the landowners permit oil and gas exploration and development.
About Stamper Oil & Gas Corp.
Stamper Oil & Gas Corp. is a publicly traded junior international oil and gas company. The Company is engaged in the acquisition, exploration and evaluation of conventional and unconventional oil and natural gas properties with the current focus on Latin America. The Company’s strategy is centred on generating sustainable long term shareholder value by exploring and developing cost effective growth of light oil reserves.
For further information on Stamper Oil & Gas please visit www.stamperoilandgas.com
ON BEHALF OF THE BOARD OF DIRECTORS
“David C. Greenway” President & Director
For further information, please contact: Stamper Investor Relations Phone: (604) 684-2401 Email: info@stamperoilandgas.com
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.
Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Stamper Oil & Gas Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Stamper Oil & Gas Corp. management on the date the statements are made. Except as required by law, Stamper Oil & Gas Corp undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
