SXS

Solimar Energy Limited (TSX VENTURE:SXS)(ASX:SGY) ("Solimar" or "the Company")
is pleased to announce the sale of 47.5% of its 57.5% working interest along
with operatorship in the leases located in the Tejon Ranch area of the San
Joaquin Valley to its partners for a consideration of US$250,000. Under the
terms of the agreement Solimar has sold 28.75% of its 57.5% working interest in
the leases to Avere Energy Corp. ("Avere") and 18.75% of its 57.5% working
interest and operatorship in the leases to North American Oil and Gas ("NAMG").
The resultant working interest division in the leases is Solimar 10%, NAMG 40%,
and Avere 50%.


The sale reflects the continued efforts of the Company to focus its resources on
the commercialization of the Kreyenhagen Field, Temblor Sandstone heavy oil
play. The first well of a three well drilling program, (K 2-33) reached a total
depth of 1,472 feet measured depth on July 20 and was subsequently logged and
cased. The well was directionally drilled up to a 48 degree angle and
encountered approximately 600 feet (measured depth) gross interval of the
Temblor Sandstone. The second of three wells, K 7-33, is anticipated to spud in
mid-August. This well will be vertical and have whole core cut across the
Temblor Formation to further investigate reservoir and fluid properties and
calibrate wire line logs.


K 2-33 will be completed and placed on production, using a completion rig in due
course, to obtain reservoir fluid samples and to evaluate the production
performance of a deviated well on primary production. The Company plans to
include the well in the upcoming Phase II thermal (steam) pilot test currently
scheduled for early 2014.


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.


Reader Advisory: Forward-looking statements

This news release contains forward-looking information relating to the sale of a
working interest in the Tejon Ranch leases, planned development and exploration
activities on the properties in which the Company has interests, and other
statements that are not historical facts. Such forward-looking information is
subject to important risks, uncertainties and assumptions. The results or events
predicated in this forward-looking information may differ materially from actual
results or events. As a result, you are cautioned not to place undue reliance on
this forward-looking information. 


Forward-looking information is based on certain factors and assumptions. While
the Company considers these assumptions to be reasonable based on information
currently available to it, they may prove to be incorrect. 


Forward looking-information is subject to certain factors, including risks and
uncertainties that could cause actual results to differ materially from what is
currently expected. These factors include risks associated with instability of
the economic environments in which the Company operates or owns interests, oil
and gas exploration, development, exploitation, production, marketing and
transportation, loss of markets, volatility of commodity prices, currency
fluctuations, imprecision of reserve estimates, environmental risks, competition
from other producers, inability to retain drilling rigs and other services,
incorrect assessment of the value of acquisitions, failure to realize the
anticipated benefits of acquisitions, delays resulting from or inability to
obtain required regulatory approvals and ability to access sufficient capital
from internal and external sources, reliance on key personnel, regulatory risks
and delays, including risks relating to the acquisition of necessary licenses
and permits, environmental risks and insurance risks. 


You should not place undue importance on forward-looking information and should
not rely upon this information as of any other date. While the Company may elect
to, the Company is under no obligation and does not undertake to update this
information at any particular time, except as required by law. 


ABN 42 112 256 649

FOR FURTHER INFORMATION PLEASE CONTACT: 
Solimar Energy Limited
Jason Bednar - Director
+1 805 643 4100 or (03) 9347 2409
www.solimarenergy.com.au

Grafico Azioni (TSXV:SXS)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni (TSXV:SXS)
Storico
Da Giu 2023 a Giu 2024