Opal Energy Reports Reserves at Dolan and Kane Brandon Prospects
Opal Energy Corp hereby announces the details of Proved and Probable reserves at the Dolan and Kane Brandon prospects located in Texas as outlined in two independent reports compliant with National Instrument 51-101 standards. These two reports indicate a gross combined total of 95.4 Bcf of proved undeveloped reserves and 87.1 Bcf of probable natural gas reserves.
The independent report indicates the presence of 65.2 billion cubic feet ("Bcf") of proved undeveloped reserves (PUDs) at the Kane Brandon prospect in Colorado County, Texas. The Company holds a 100% working interest and a 74% net revenue interest. The Company's net share is therefore 48.2 Bcf. The prospect is well situated within the prolific Middle / Lower Wilcox Trend, with several large fields on trend: Dry Hollow Field (166 Bcfe), Speaks Field (371 Bcfe), Provident City Field (852 Bcfe) all located to the southwest, and Bonus Field (169 Bcfe) located to the northeast.
At the Dolan Prospect in Live Oak County, Texas, there are outlined 30.2 Bcf of proved undeveloped reserves (PUDs) and 87.1 Bcf of probable reserves in which the Company holds a 93.5% working interest and a 64.4% net revenue interest. The Company's net share is 19.4 Bcf of Proven and 56.1 Bcf of Probable reserves. Many well-known, prolific gas fields have been discovered along this important trend, from Live Oak County all the way into Zapata County, over 95 miles to the southwest. The Dolan Prospect is targeting Massive Upper Wilcox Sands which are seen to be productive on strike both to the northeast and southwest.
The Company may assign a portion of its interest in these two prospects in order to obtain drilling and completion funds.
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