OTCQB: OCTX
OCTAGON 88 RESOURCES
Octagon 88 Resources, a leader in the resource sector leveraging tremendous access to capital and technical expertise.
Octagon 88 Resources Inc. - ISIN# US67572P1012
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Octagon 88 Resources Announces Final AGAT Lab Results On The Successful Elkton Erosional Edge Well
May 6, 2013 -
New York –(BUSINESS WIRE)-- CEC North Star Energy Ltd. providing analysis data from the core samples taken from the Elkton Erosional Edge coring operations carried out in March 2013. The full report on the Elkton Erosional Edge includes previously released information and final results. The final results are based on a drilling depth of 450-465 meters, proving a Net Pay of approximately 16 meters. As for the porosity calculated, the tested core samples ranged from 21% to 30%. The permeability of the Elkton core samples range from 0.001 - 0.34 darcies while the Oil Saturation ranges from 76% to 88% with Oil Gravity resulting in 13.1 to 14.5 (API) at reservoir conditions. The full AGAT report will be filed as an 8k in the company’s filings.
The Elkton AGAT report exceeds the previous findings from the CEC North Star technical team that this Elkton Erosional Edge project has oil and rock properties, which are likely to be developed for primary production followed later by Enhanced Oil Recovery Methods (“EOR”). With improved forecasts the Elkton Erosional edge project has been upgraded to the first development project. The recovery rates possible from primary production and more simplified enhanced recovery methods, with the larger volumes and mobility of the oil than was expected to has been demonstrated in these AGAT results
These actual numbers are being further validated by Schlumberger byway of dynamic laboratory simulations which will set a complete plan for full commercial development, beginning with licensing two to four initial production testing wells prior, for the 4th quarter 2013.
The Bluesky Gething Project 3D seismic project remains on schedule to be concluded in 3 to 4 weeks. The Company is very pleased with both the Blue Sky project and the Elkton Erosional Edge project being officially confirmed by third parties as having established primary production and enhanced recovery possibilities. This is a major economic benefit to the Company moving forward on its development stage and additionally shortens the timeline to production.
In 2012 / 2013 Octagon 88 Resources Inc. acquired substantial light and conventional heavy oil assets in Northern Alberta. The acquired projects have been thoroughly de-risked which leads the company to emerge as a development stage oil and gas company as of January 22, 2013. The company’s intention is to grow shareholder value through mergers and acquisitions opportunities available to the company. Octagon 88 Resources is the largest publicly trading shareholder of CEC North Star Ltd. with a 33% ownership.
The current program schedule entails working with the operator of these properties to bring on production and cash flow through the company’s direct working interests, and indirect investments spread throughout the projects.
CEC North Star Energy Ltd is a non-public Calgary based Energy Corporation with a substantial oilsands lease holding in the Peace River block of Northwestern Alberta, Canada.
CEC North Star acquired sixty-seven (67) sections of oilsands leases. The independent petroleum engineering firm conducted a feasibility study of 139 Mil (NPV @ 10% fully risked) based on a typical four sections development of the Elkton/Debolt. In addition the Bluesky/Gething oilsands property is prospective for early primary production development similar to other projects in the Peace River Block offering significant production potential.
CEC North Star has entered into joint venture on adjoining properties consisting of 23 sections or 14,720 acres which may increase PIIP (Petroleum Initially in Place) to an excess of three (3) billion barrels.
CEC North Star’s vision is ultimately 100,000 bbl/d of bitumen from these lands and objectives are to create value by developing these oilsands properties using scalable project development targeting multiple 5,000 -10,000 bbl/d facilities with stakeholder involvement at every stage – Environment, Occupational Health and Safety are of paramount concern. Use of known technologies while remaining flexible to adopt new processes to maximize recovery of oil in place while reducing operating costs to the targeted sub $20/bbl and a relatively quick development schedule and lower capital costs compared to other oilsands projects resulting in maximum return on capital invested and quicker shareholder returns.
Contact
Octagon 88 Resources Inc.
Steinhausen – 6312
Switzerland
Tel:(+41) 79 237 6218
This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.octagon-88.com
CEC North Star Ltd.
15th St SW
Calgary, Alberta T2T 5X3
+1 587 353 5550
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations
Helvetic Prime
Alexander Baldi
Tel:(+41)79- 256-9534
This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.helveticprime.com
Forward-looking Statements:
This press release contains forward-looking statements concerning future events and the Company's growth and business strategy. Words such as "expects," "will," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations on such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Forward looking statements in this press release include statements about our drilling development program. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the timing and results of our 2013 drilling and development plan. Additional factors include increased expenses or unanticipated difficulties in drilling wells, actual production being less than our development tests, changes in the Company's business; competitive factors in the market(s) in which the Company operates; risks associated with oil and gas operations in the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission including the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2013. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as "probable," "possible," "recoverable" or "potential" reserves among others, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the disclosure in our filings with the SEC.
Octagon 88 Resources Provides Investors with an Executive Update of Project Development
April 29, 2013 -
Zug, Switzerland –(BUSINESS WIRE)– Octagon 88 Resources Inc. (OCTX) is pleased to provide its investors with the following executive update on its current active developments.
From recent core sample results received from AGAT laboratories, the Company has determined it has a second primary production project to bring on early cash flows in addition to the Bluesky Gething project. As the development advances the project will move to ERO (enhanced recovery) before proceeding with the last stage of thermal enhancement. The cash flows from Primary and ERO minimize the need for dilutive financings for full commercial development. The full report and further results confirming the successes of the project will be announced and made public in Company’s 8k filings. The Slumberger simulation study is currently underway. The confirmation of optimal recovery rates will be available to the Company by the end of May 2013.
Debolt Erosional Edge (New Project Introduction)
A coring program is being designed to be implemented in parallel with the drilling program on the Elkton for late 2013. Two separate Erosional edge targets have been now identified via the tremdous well control provided in the past via the 25 plus wells drilled prior in the immediate area. With the expected final confirmation of the Elkton Lab results the Company is now moving a priority focus to all Erosional Edge projects identified in the leases. The establishment of Primary production possibilities has become the “game changer” from previously designed typical but successful Thermal production methods. The economics are the major change and the advantages to our shareholders are substantial as it minimizes the Company’s need for external financing.
CEC North star has recently reported to the Company that they commissioned the follow up 3D seismic on behalf of Octagon 88 to be implemented in the field immediately. The second stage 3D seismic will be completed by the end of May, being two months earlier than initially scheduled. The seismic data will be included in both the feasibility studies and reserve reports on all engaged projects. The 3D seismic will furthermore provide crucial information for additional coring and licensing of the first production test well on the project. Similarly to the Elkton Project, the Slumberger simulation analysis is currently active to establish the best recovery methods for optimal recovery rates.
Octagon 88 Resources is pleased to advise that the surveying for the first of 2 of 4 wells on the Company’s Light Sweet Crude project is currently underway. When the surveying is concluded the Company will proceed to license the wells for scheduled drilling in the third quarter of 2013.
“Octagon 88 is extremely pleased with the work done by the CEC North Star group. The interrelationships and contributions between the two companies have been tremendous. The synergy of the companies developing the projects has over-succeeded expectations regarding time lines and results. It is a demonstration of how qualified groups of management covering multiple aspects required for a project have created momentum and competitive advantages. The Company will now focus on furthering acquisition opportunities inventoried, growing the Company byway of M&As, solidifying Octagon 88 as a consolidator of developmental assets.”
- Guido Hilekes CEO
Octagon 88 Resources
Zug Switzerland
Octagon 88 Resources Inc.
In 2012 / 2013 Octagon 88 Resources, Inc. acquired substantial light and conventional heavy oil assets in Northern Alberta. The acquired projectshave been substantially de-risked which leads the company to emerge as a development stage oil and gas company as of January 22, 2013. The company’s intention is to grow shareholder value through mergers and acquisitions opportunities available to the company.Octagon 88 Resources is the largest publicly trading shareholder of CEC North Star Ltd. with a 33% ownership.
The current program schedule entails working with the operator of these properties to bring on production and cash flow through the company’s direct working interests, and indirect investments spread throughout the projects.
CEC North Star Energy Ltd.
CEC North Star Energy Ltd is a non-public Calgary based Energy Corporation with a substantial Oilsands lease holding in the Peace River block of north western Alberta Canada.
CEC North Star has acquired sixty-seven (67) sections of oilsands leases. The independent petroleum engineering firm conducted a feasibility study 139 Mil (NPV @ 10% fully risked) based on a typical four sections development of the Elkton/Debolt. In addition the property is prospective for Bluesky/Gething oil sands formations which may lead to early primary production development similar to other projects in the Peace River Block offering significant production potential.
CEC North Star has entered into joint venture on adjoining properties consisting of 23 sections or 14,720 acres which may increase PIIP (Petroleum Initially in Place) to in excess of three (3) billion barrels.
CEC North Star’s vision is ultimately 100,000 bbl/d of bitumen from these lands and objectives are to create value by developing these Oilsands properties using scalable project development targeting multiple 5-10,000 bbl/d facilities with stakeholder involvement at every stage – Environment, Occupational Health and Safety are of paramount concern. Use of known technologies while remaining flexible to adopt new processes to maximize recovery of oil in place while reducing operating costs to the targeted sub $20/bbl and a relatively quick development schedule and lower capital costs compared to other oilsands projects resulting in maximum return on capital invested and quicker shareholder returns.
Contact
Octagon 88 Resources Inc.
Steinhausen - 6312
Switzerland
Tel:(+41) 79 237 6218
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.octagon-88.com
CEC North Star Ltd.
15th St SW
Calgary, Alberta T2T 5X3
+1 587 353 5550
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations
Helvetic Prime
Alexander Baldi
Tel:(+41)79- 256-9534
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.helveticprime.com
Forward-looking Statements:
This press release contains forward-looking statements concerning future events and the Company's growth and business strategy. Words such as "expects," "will," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations on such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Forward looking statements in this press release include statements about our drilling development program. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the timing and results of our 2013 drilling and development plan. Additional factors include increased expenses or unanticipated difficulties in drilling wells, actual production being less than our development tests, changes in the Company's business; competitive factors in the market(s) in which the Company operates; risks associated with oil and gas operations in the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission including the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2013. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as "probable," "possible," "recoverable" or "potential" reserves among others, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the disclosure in our filings with the SEC.
Octagon 88 Resources Announces New Drilling Program Targeting Light Sweet Crude Oil in Red Earth Alberta
April 17, 2013 -
Zug, Switzerland –(BUSINESS WIRE)-- Octagon 88 Resources, Inc.(OCTX), announced today that it has engaged CEC North Star Energy Ltd of Calgary, Alberta to license and operate a summer drilling program for the first of two drill targets on leases owned in the Red Earth area of north central Alberta Canada. These Keg River drill targets are in an area which historically has been known to have initial production ranging from 150 to 450 barrels a day of light crude with the extra benefit of low operating costs, long production curves and high net backs resulting in quick payouts.
Octagon 88 owns 100% working interest in the Red Earth leases, Octagon has now engaged CEC North Star to be the operator, this being a direct result from recent success of the coring program completed in Q1, 2013.
This first well will be fully funded under the Company‘s existing financing agreement with Zentrum Energie Trust AG, a Private Equity firm in Zug, Switzerland.
The Company‘s goal is to bring on significant early cash flows in 2013. This with the forth coming lab results from both the Bluesky Gething and Elkton Erosional Edge coring programs will ultimately enable the Company to obtain feasibility studies and updated third party engineering reserve reports. This is a fundamental step in a goal of applications for listing the Company‘s shares on more senior exchanges.
The Company by taking these steps intends to continue to grow shareholder value by means of acquisitions and further merger opportunities currently under review.
In 2012 / 2013 Octagon 88 Resources, Inc. acquired substantial light and conventional heavy oil assets in Northern Alberta. The acquired projects have been substantially de-risked which leads the company to emerge as a development stage oil and gas company as of January 22, 2013. The company’s intention is to grow shareholder value through mergers and acquisitions opportunities available to the company.Octagon 88 Resources is the largest publicly trading shareholder of CEC North Star Ltd. with a 33% ownership.
The current program schedule entails working with the operator of these properties to bring on production and cash flow through the company’s direct working interests, and indirect investments spread throughout the projects.
Contact
Octagon 88 Resources Inc.
Steinhausen - 6312
Switzerland
Tel:(+41) 79 237 6218
This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.octagon-88.com
Investor Relations
Helvetic Prime
Alexander Baldi
Tel:(+41)79- 256-9534
This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.helveticprime.com
Forward-looking Statements:
This press release contains forward-looking statements concerning future events and the Company's growth and business strategy. Words such as "expects," "will," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations on such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Forward looking statements in this press release include statements about our drilling development program. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the timing and results of our 2013 drilling and development plan. Additional factors include increased expenses or unanticipated difficulties in drilling wells, actual production being less than our development tests, changes in the Company's business; competitive factors in the market(s) in which the Company operates; risks associated with oil and gas operations in the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission including the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2012. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as "probable," "possible," "recoverable" or "potential" reserves among others, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the disclosure in our filings with the SEC.
Octagon 88 Resources And CEC North Star Release Successful Results Of The Elkton Erosional Edge - AGAT Laboratory Analysis
April 9, 2013 -
New York--(BUSINESS WIRE)-- Octagon 88 Resources Inc (OCTX) and CEC North Star Energy Ltd are pleased to announce the AGAT laboratories results on the successful Elkton Erosional Edge well cores. The Elkton Erosional edge core results show an oil API of 14.49, almost 50% higher than industry average needed for primary production. These results confirm the Company has a dynamic geological game changing event.
Location: 11-04-092-23W5M
“Excellent cap rock with oil and gas traces present in all the cores taken after entering the zone. Gas traces 2-4 times higher than those found in the previously announced Bluesky/Gething well. Overall 20 meters of oil bearing sands and carbonate were identified. Visual observations of the cores showed, high oil saturation, some portions highly fractured, and over 25 percent consisting of unconsolidated material. No water shows were found. 3rd party Lab reports showed oil API of 14.49 and Viscosity of 9,335 cp at reservoir conditions. Logs of porosity showed zones approaching 30 percent. The erosional edge model or “sweet spot” has been confirmed with only permeability results to follow. The quality of the oil is much better than expected and well in the range of primary recovery in typical reservoir conditions.Two successful coring operations have been completed on schedule and confirming geophysical and geological modeling was very accurate.”
-CEC North Star Technical Team
Schlumberger Ltd. has been engaged by CEC North Star Ltd. to provide dynamic reservoir simulations for both the Bluesky and Elkton projects, to determine preferred methods (technical) for production of reservoirs. Simulations would include both primary and thermal recovery technics in vertical and horizontal wellbores (and horizontal well pairs). These results will be available in Q2 of 2013 and provide the ultimate recovery rates in the range being reported by neighbouring developments of 40 to 70 percent.
This will cause a revaluation methodology change on the Company’s assets, for new third party engineering reports, to recoverable barrels and accordingly economics of the projects.
The presence of primary production abilities in both projects is a major advantage to the Company, in that the average typical thermal projects would have longer timelines due to engineering analysis and applications to the ERCB for licensing pilot production plants. This will be occurring for future planned secondary production but with the advantage the Company has now established of being, and thus able to immediately start planning for licensing and drilling primary productions wells in 2013.
These first two projects combined will target scaled development possibilities of 50,000 barrels per day of conventional heavy oil production beginning this year.
In 2012 / 2013 Octagon 88 Resources, Inc. acquired substantial light and conventional heavy oil assets in Northern Alberta. The acquired projects have been substantially de-risked which leads the company to emerge as a development stage oil and gas company as of January 22, 2013. The company’s intention is to grow shareholder value through mergers and acquisitions opportunities available to the company.Octagon 88 Resources is the largest publicly trading shareholder of CEC North Star Ltd. with a 33% ownership.
The current program schedule entails working with the operator of these properties to bring on production and cash flow through the company’s direct working interests, and indirect investments spread throughout the projects.
CEC North Star Energy Ltd is a non-public Calgary based Energy Corporation with a substantial oilsands lease holding in the Peace River block of north western Alberta Canada.
CEC North Star has acquired sixty-seven (67) sections respectively 39,040 acres of leaseholds with a prospective resource of 873 MM bbl (Best Estimate) PIIP in the Elkton Debolt formations based on a 25 section independent analysis. The same independent petroleum engineering firm conducted a feasibility study 139 Mil (NPV @ 10% fully risked) based on a typical four sections development of the Elkton/Debolt. In addition the property is prospective for Bluesky/Gething oil sands formations which may lead to early primary production development similar to other projects in the Peace River Block offering significant production potential.
CEC North Star has entered into joint venture on adjoining properties consisting of 23 sections or 14,720 acres which may increase PIIP (Petroleum Initially in Place) to in excess of three (3) billion barrels.
CEC North Star goals of ultimately 200,000 bbl/d of bitumen from these lands and objectives are to create value by developing these oilsands properties using scalable project development targeting multiple 5-10,000 bbl/d facilities with stakeholder involvement at every stage – Environment, Occupational Health and Safety are of paramount concern. Use of known technologies while remaining flexible to adopt new processes to maximize recovery of oil in place while reducing operating costs and a relatively quick schedule and lower capital costs compared to other oilsand projects resulting in maximum return on capital invested and quicker shareholder returns.
Contact
Octagon 88 Resources Inc.
Hochwachtstrasse 8
Steinhausen - 6312
Switzerland
Tel:(+41) 79 237 6218
This email address is being protected from spambots. You need JavaScript enabled to view it.
15th St SW
Calgary, Alberta T2T 5X3
+1 587 353 5550
This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.cecnorthstar.com
Helvetic Prime
Alexander Baldi
Tel:(+41)79- 256-9534
This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.helveticprime.com
Forward-looking Statements:
This press release contains forward-looking statements concerning future events and the Company's growth and business strategy. Words such as "expects," "will," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations on such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Forward looking statements in this press release include statements about our drilling development program. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the timing and results of our 2013 drilling and development plan. Additional factors include increased expenses or unanticipated difficulties in drilling wells, actual production being less than our development tests, changes in the Company's business; competitive factors in the market(s) in which the Company operates; risks associated with oil and gas operations in the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission including the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2012. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as "probable," "possible," "recoverable" or "potential" reserves among others, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the disclosure in our filings with the SEC.
Company Articles
Steam Assisted Gravity Drainage (SAGD)
In 2013 Octagon 88 Resources Inc. successfully acquired 33% of a new Canadian Oil and Gas Development company, resulting in our company being the largest publicly traded shareholder of CEC North Star LTD.
Read more...Heavy Oil
Octagon 88 Resources (OCTX) is currently developing heavy oil processing in Alberta, Canada. Formed in 2008, Octagon 88 has grown considerably acquiring new assets including becoming the control interest in CEC North Star. With the acquisition of new assets, Octagon 88 Resources is preparing to start oil processing in the Alberta oil sands using both steam-assisted gravity drainage (SAGD) and cyclic steam stimulation (CSS).
Read more...