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Xun Energy Reveals Log Results of Rice #15 at Pennsylvania Oil Project
PORTLAND, OR--(Marketwired - Sep 26, 2013) - Xun Energy, Inc., (OTCBB: XNRG) (the "Company"), a development stage oil operating company with primary assets in Pennsylvania, is pleased to announce that the Company's operator, Vencedor Energy Partners (VEP), has reported the analysis of the wire-line log on Rice #15 on the Rise Lease, Venango County, PA. VEP reports the following: The Venango-First has two separated lenses, one is about 6 feet, 762'-766', and another 9 foot section, 788'-797', and both have decent porosity. The sand thickness has developed at this location along with its oil saturations. The upper and lower lenses both have a fair to good oil show. The Venango-Second has 16 feet of formation on the bottom lens, 916'-932', with good porosity and saturation and another 4 feet above it, 908'-912' that's producible with lesser values. The porosity on the lower lens has a fair to excellent show of oil with a poorer oil show in the upper lens portion. "This well has the potential to produce more oil than any of the previous wells that have been drilled and sampled on the Rice lease," reported Brian Ambrose, VEP President. "On comparison to the offset wells data, the #15 could produce in excess of 1,000 barrels of oil in its first year of production." "The marked-up log shows a possible nine stage frac will be planned. That's four more than any other existing wells received on the Rice Lease," stated Jerry G. Mikolajczyk, President and CEO of XNRG. "These results validate our investment and interest in the Rice Lease." "We are most excited to begin generating revenue and to deliver value to our shareholders," added Mikolajczyk. VEP recommended the balance of the infrastructure on the Rice Lease be completed first. After the infrastructure is installed, then Rice #15 well should be completed for production. Management of Xun Energy is evaluating VEP's recommendations. The Company will not commence drilling on the remaining four oil well locations on the Rice lease until after it completes its assessment of the first well. About Xun Energy, Inc. Xun Energy, Inc. is an oil operating company in development stage. Its primary assets are located in Venango County, Pennsylvania, USA. Our projects are subject to completing its financing and the success of the drilling and completions program. Additional information may be found at http://www.xunenergy.com . This Press Release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections, and contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. In particular, there is no assurance that production or other factors pertaining to the oil operations will be sustained at the expected rates or levels over time. We caution you not to place undue reliance on our forward-looking statements, which speak only as of the date of this news release, and we undertake no obligation to update this information. Contact: Source: Marketwired (September 26, 2013 - 6:55 AM EDT)
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