VANCOUVER, British Columbia, April 11, 2018 (GLOBE NEWSWIRE) -- Stamper Oil & Gas Corp. (TSX-V:STMP) (FSE:TMP2) (OTCQB:STMGF) (“Stamper” or “the Company”), is pleased to provide an update to its current and prospective Stamper Shareholders regarding the Company for the first three months of 2018.
Stamper has experienced tremendous activity over the three months and Shareholders have responded positively to our continued efforts to build a diversified portfolio of oil assets for Stamper. Stamper continues to move the process along with State Oil Corporation (“State”) on the MOU the Company Signed on October 10, 2017. Stamper entered into a Memorandum of Understanding (the “MOU”) with State Oil Corporation (“State”) to acquire 100% of the issued and outstanding shares of State, a closely held private corporation.
State Oil Corporation (“State”) may farm-in up to a 50% interest pursuant to the Memorandum of Understanding (“MOU”) with the Sudan operator on Block 25. State has an office and technical personnel in Sudan and upon approval of TSX.V, State will become a 100% wholly owned operating subsidiary of Stamper.
Block 25 Activities
The development well Rawat C-10 on Block 25 was drilled down to the Galhak sands of campanian age. Results from the drill stem tests (DST) within zones at 1,550m through 1,566m contributed to impressive oil flow rates of 2,065 barrels per day. A second test area in the Galhak sands at intervals tested 1,587m through 1,599m had oil flow rates of 190 barrels per day Correlation between the wells RC5–RC10–RC6 clearly indicates prospective Galhak sands for forthcoming additional potential infill wells. Well logs of all correlating wells indicate additional multiple oil bearing zones to be tested on completion.
The discovery of development well Rawat C-10 and the high oil flow rates gives management more confidence and complements the development strategy put forth in the Oil & Gas reserves and economics evaluation report (“Chapman Reserves Evaluation Report”) for Stamper on the Sudan development prospect under National Instrument 51-101 (“NI 51-101”).
Third party seismic interpretation within central basin shows potential Galhak sands run across the central sub basin at places formation thickness is recorded up to few hundred meters. Earlier test reports of drilled wells in Rawat central sub basin suggest flow rates range from 350 bbl/d to 1,741 bbl/d are significantly lower than new discovery well being reported.
Block 25 prospect is located in the White Nile State in the south eastern portion of the Republic of Sudan, adjacent the border with Republic of South Sudan. The land is arid and relatively flat. The area is sparsely populated and is located west of the White Nile. There is limited road system and agriculture in the area. The nearest major communities are Kosti and Rabak about 150 km north of the project area where there is a railway station, airport and a major sugar refinery. The Government of Sudan is anxious to develop its oil resources and the Company has the full support and assistance of the government.
Operating costs have been estimated to be $10,000 per well per month plus $8.00 stock tank barrels (“STB”) operation costs. It is estimated that transportation costs to a sales point will be $5.00/STB.
Chapman Technical Report
In December, the Company announced that Stamper has engaged Chapman Petroleum Engineering Ltd. (“Chapman”) to prepare a technical report in accordance with National Instrument 51-101 – Standards for Disclosure for Oil and Gas Activities (“NI 51-101”) standards and protocols which will be provided to the Company as part of the contract conditions to the pending transaction in Sudan.
In January, Chapman completed and compiled the Oil & Gas reserves and economics evaluation (“Chapman Reserves Evaluation Report”) on the Sudan development prospect under National Instrument 51-101 (“NI 51-101”).
The Company’s reserves and economics evaluation performed on the Sudan prospect as set forth (the “Reserves Data“) in the Chapman Report. Chapman has reported Gross Property Reserves of 149 million stock tank barrels (“MMSTB”).
Chapman used the previous data and work completed by previous operators including data collected from a 6,700 km of 2D seismic and 432 sq. km of 3D seismic. The project area for exploration and production comprises 26,000 sq. km where the previous operator successfully drilled 3 discovery wells and 7 development wells.
Chapman plans to update the Reserves Data in the next four weeks.
New Advisory Board Members
Mr. Gerald Trent
Stamper announced that it has added Gerald (Jerry) Trent to the Company’s Advisory Board focussing on business development and financing activities.
Mr. Trent resides in Vienna, Austria, and has over 15 years of expertise, specializing in investment banking, with private and public equities, including business strategy, deal making, debt advisory, distressed debt, financial & operating restructuring, M&A activity with numerous landmark deals, including a $32 billion buyout of Hospital Corporation of America.
Mr. Trent currently serves as Managing Director and Head of Global Markets & Investment Banking at Sberbank Europe. Previously, Jerry worked at PwC Global as Head of M&A, Debt Advisory and Restructuring. Mr. Trent worked on Wall Street for the Investment Banking Group at Merrill Lynch as well as for Merrill Lynch Global Private Equity, investing Merrill’s own funds. During his time at Merrill Lynch, Jerry was involved on more than $150 billion in transactions with an investment track record of 41.9% IRR. He also worked for the Investment and Restructuring arm of the Romanian Government investing European Union funds into distressed companies in Central Eastern European (CEE) and restructuring the companies.
Mr. Trent was born in Romania, raised in Germany and educated in the United States. Jerry speaks six languages and attended Harvard University and New York University where he received a dual degree in Law and Business (JD/MBA) and a Master of Laws (LLM).
Mr. George Fulford
Stamper announced that geologist and geophysicist George Fulford, P.Eng. has consented to join the Company's Technical Advisory Board.
Mr. Fulford resides in Calgary, Alberta and has over 40 years' experience as a professional geologist and geophysicist. Mr. Fulford worked in Sudan from 1994 to 2003 and he served as a Geophysicist with Arakis Energy Corporation where he was responsible for evaluating prospects including 77 successful site selections in Sudan. Mr. Fulford continued in this role managing their seismic crews, through the acquisition by Talisman Energy in 1996 until its sale to the National India Oil Company in 2003. Since 2003 Mr. Fulford has evaluated prospects in numerous countries including Africa, South America and South-East Asia. From 2005 to 2011 he worked for Petrominerales Ltd. as part of its Castor prospect team in Columbia.
Mr. Fulford holds a Bachelor of Applied Science degree from the University of British Columbia and is a Registered Professional Engineer.
New CFO
In March, Stamper announced the appointment of David M. Alexander, CPA, CA as Chief Financial Officer of the Company, to take effect on April 1, 2018.
Mr. Alexander has over the past 30 years, in his position as CFO, having managed the rapid growth of several early stage and start-up companies through to exits that total in excess of $1Billion. Mr. Alexander is a CPA CA with a BComm with Honours in Finance from the University of British Columbia. His past achievements include, CFO of Arakis Energy Corporation, an international oil and gas development company, and helped manage the company’s growth from start-up to over a billion dollars in assets, leading to a listing on the NASDAQ market. Arakis was subsequently sold to Talisman Energy. Mr. Alexander has been Chief Financial Officer of BLOK Technologies Corp since October 2, 2017. Currently Mr. Alexander also serves as CFO and a Director of Veritas Pharma Inc. and with Sharc International Systems Inc. He has been an Independent Director of Marapharm Ventures Inc. since March 5, 2018.
About Stamper Oil & Gas
Stamper Oil & Gas Corp. is a publicly traded junior development stage international oil and gas company. The Company is engaged in the acquisition, exploration and evaluation of conventional and unconventional oil and natural gas properties with the current focus on Africa and Latin America. The Company’s strategy is centred on generating sustainable long term shareholder value by exploring and developing cost effective growth of light oil reserves.
For further information on Stamper Oil & Gas please visit www.stamperoilandgas.com or under our profile on SEDAR at www.sedar.com.
Qualified Reserves Evaluator
The scientific and technical information contained in this news release has been reviewed and approved by Qamar M. Malik, MSc., Ph.D., Petroleum Engineering, who is a “Qualified Reserves Evaluator” as such term is defined under National Instrument 51-101 (“NI 51-101”) and Canadian Oil and Gas Evaluation (“COGE”) Handbook.
ON BEHALF OF THE BOARD OF DIRECTORS
“David C. Greenway”
President & Director
For further information, please contact:
Stamper Investor Relations
Phone: (604) 684-2401
Email: info@stamperoilandgas.com
Neither 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.
Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Stamper Oil & Gas Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Stamper Oil & Gas Corp. management on the date the statements are made. Except as required by law, Stamper Oil & Gas Corp undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.