CALGARY, ALBERTA--(Marketwired - June 5, 2013) - Marauder Resources East Coast Inc. ( "Marauder" or the "Company" ) (TSX VENTURE:MES) is pleased to announce that AJM Deloitte has completed a Resource Assessment on the shale oil potential of Petroleum Exploration Permit 53806 ("Permit"), located in the East Coast Basin of New Zealand. Marauder's 100% owned subsidiary, Endeavour Energy (NZ) Limited, has a 50% working interest in the permit. The report, dated Dec 31, 2012, was completed in accordance with NI 51-101 Standards of Disclosure for Oil and Gas Activities.
Numerous oil and gas seeps are present throughout the East Coast Basin on and offsetting the Permit. Biomarker and isotope studies indicate that the main oil-prone source rocks are deep marine shales known as the Waipawa and Whangai formations. Oil taken from surface seeps in the basin is sweet, light, 50 degree API crude and has been geochemically typed to these marine shales. The report assigns prospective resources and gives a best estimate (P50) for Undiscovered Petroleum Initially In Place of 4.83 billion barrels on the Permit, calculated on 30% of the Permit acreage (2.41 billion barrels Undiscovered Petroleum Initially In Place net to Endeavour). A copy of the entire report is available on Marauder's website: www.marauder.ca .
The Whangai Formation is the primary unconventional target over the Permit. It is naturally fractured, widespread throughout the Basin reaching thicknesses of up to 600m, and is over-pressured at depth, suggesting a competent seal above the formation.
Recently, TAG Oil, operator of lands offsetting the Permit, drilled its first well to evaluate the unconventional Waipawa and Whangai shales. TAG announced that results from the Ngapaeruru-1 well indicate the presence of gas zones, or soluble gas in oil, through a 155 m gross hydrocarbon column. Preliminary gas ratio analysis interprets a predominantly wet gas / oil signature. TAG recovered 14 separate side wall cores from the interval and is now conducting petrophysical evaluations to determine the most suitable completion and production testing method for the well.
New Zealand remains highly underexplored with respect to hydrocarbon resources. The world class exploration potential is complimented with a stable geopolitical setting and excellent fiscal regime. Marauder believes New Zealand is an attractive country to invest in and is currently evaluating other oil and gas opportunities in the region.
Important Note:
Undiscovered Petroleum Initially In Place is that quantity of petroleum that is estimated to be contained in accumulations yet to be discovered. There is no certainty that any portion of the undiscovered petroleum will be discovered or that it will be economically to produce if discovered.
This press release may contain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, anticipations, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses and health, safety and environmental risks), commodity price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the 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 of this release.
