Opal Energy Corp reported results of the third party technical report for its Antares natural gas prospect located in South Texas. The independent report, compliant with National Instrument 51-101 standards, indicates a gross total of 3.19 Tcfe (trillion cubic feet equivalent) which are classified as undiscovered resources effective December 31, 2007.
Commenting on this latest report, Opal Chairman Ron Oligney said, "We are pleased to receive this independent report on one of our largest projects among our Texas Giants prospects in South Texas. We look forward to the opportunity to secure partners to drill and test this outstanding prospect along with the rest of our Texas Giants. Additional reports covering other Opal prospects will be issued as they are completed."
The two largest prospects in Opal's Texas Giants inventory (the Orion and Antares) are already secured with leases covering 10,400 acres. The Company has identified preferred partners to fund and participate in the drilling of these very large natural gas prospects and has initiated discussions in this regard. The Company has the experienced team that can oversee the drilling of these deep high pressure and high temperature wells.
Undiscovered resources are those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered. There is no certainty that any portion of the undiscovered resources will be discovered and that, if discovered, it may not be economically viable or technically feasible to produce. The author of the technical report is B.L. Whelan, Professional Geoscientist, who is a third party independent qualified estimator. This report will be available on the Company's website www.OPALenergy.ca.
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