Petrichor Energy Completes Acquisition of Additional Interest in the Marble Falls Prospect and Initiates Drilling of First Well
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 21, 2013) - Petrichor Energy Inc. (TSX VENTURE:PTP)(FRANKFURT:YQN) (the "Company" or "PTP") is pleased to announce that it has acquired an additional 16.67% interest in the Marble Falls Prospect (refer to Press Release October 1, 2013) in Fort Worth, Texas, and now holds a 66.67% Working Interest.
Furthermore, the Company announces that the operator, BlakEnergy Ltd., has informed the Company that the construction of the location for the first well, being the Hinson #1 well (the "Well") on the Marble Falls Prospect, located in Young County, Texas, within approximation of surface coordinates -98.6644182 Longitude and 33.3508939 Latitude (the "Location") has commenced.
The Well will be drilled to a depth of 5,200 feet to test the Caddo Lime, Marble Falls, and Mississippi Lime formations. The drill rig is scheduled to move on Location Monday, November 23, 2013, and it is anticipated that the Well will be spud on or around November 25, 2013.
The Mississippi Lime is a Mississippian age porous limestone formation that is deposited beneath the Barnett Shale, which is analogous to the Mississippi Lime play in Kansas and Oklahoma. The Marble Falls formation is a Pennsylvanian age limestone, analogous to the Strawn Lime play in West Texas. To date, independent operators have drilled over 50 vertical and horizontal multi-stage fraced wells in the Marble Falls and Mississippi limestone with positive results.
ON BEHALF OF THE BOARD
Joe DeVries, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to: availability of capital and financing required to continue the Company's exploration programs and operations; general economic, market or business conditions; the actual results of current and planned exploration activities; fluctuating commodity prices; risks associated with participation agreements, leases, joint ventures and the ability to conclude such agreements on favourable terms; possibility of accidents, equipment breakdowns and delays during exploration and production; cost overruns or unanticipated costs and expenses; regulatory changes and restrictions including in relation to environmental liability; timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
