Cougar O&G Notes Progress at Trout Proj.
Cougar O&G provided an update for the Corporation's Trout light oil project including the preparation of an updated drilling prospect reserve report.
The Corporation has finished the initial interpretation and evaluation of the Trout 3D seismic that was acquired and processed earlier this year. Over 20 vertical Keg River and Granite Wash light oil targets have been identified and 15 of these targets have been selected to be included in a drilling prospect reserve evaluation report. On June 3, 2011, Cougar signed an engagement letter with an independent reserves company to review and prepare the drilling prospect report. During the initial project meeting it was confirmed the 15 selected locations will be evaluated and assigned a range of proven, probable and possible reserve estimates and risked NPV values. Cougar anticipates that this report will be finished and released by the end of June.
Mr. William Tighe, CEO and Chairman of the Board for Cougar stated, "We are happy to be able to announce the development of this independent reserve report for our Trout drilling prospects. The 3D seismic has been extremely helpful in finalizing the development plans for the Trout field and commissioning an independent report will assist us in sharing that information with the shareholders as well as a key portion of the support documentation for fund raising for the drilling program.
"In addition to the reserve report we continue to prepare for the next drilling field operations in the main Trout production area. A series of ortho-photos were prepared and are being reviewed in order to select surface locations that are accessible using the all season infrastructure in the area. Once the locations are finalized the permitting will continue with surveying and Landowner/First Nation consultation."