$XNRG news from Thursday Aug 29th Xun Energy R
Post# of 2009
Posted On: 08/30/2013 10:14:48 AM
$XNRG news from Thursday Aug 29th
Xun Energy Receives Results of Rice #15 Drill Cuttings
PORTLAND, OR--(Marketwired - Aug 29, 2013) - Xun Energy, Inc. (OTCBB: XNRG) (XNRG) announced that the Company's operator, Vencedor Energy Partners (VEP), reported to the Company the results of the samples taken on August 26, 2013 during the drilling to Target Depth of the Rice #15 oil well on the Rice Lease in Venango County, PA.
Video footage of the drilling is available online: http://www.xunenergy.com.
VEP reported the review of the drill cuttings from the Rice #15 supported the need for a wire line log to be conducted. VEP's geologist confirmed that the samples taken revealed a well formed zone in the Venango 2 and also potential lenses in the Venango 1 and the Red Valley sequence. Oil saturation is estimated at 30-35% for the Venango sequence with a strong show in the Red Valley sequence. The wire line log will provide enough details to determine other key factors in determining whether or not the oil well should be put into production.
"These are the exciting results we have been praying for," exclaimed Jerry G. Mikolajczyk, President and CEO of XNRG, "We knew there were two sequences and to intercept a 3rd sequence exceeds our expectations. Now we will be praying for a very good log report on all three sequences."
Wire line logging is the second step of a three step process before the oil well produces oil. The Company will not commence drilling on the remaining 4 oil well locations on the Rice lease until after it completes its assessment of the first well.
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