Reading and Understanding POP Press Releases Nov-Dec 2010
Nov 15, 2010 Chapman Updates Report:
- J9 Parcel:shows that a prolific Lower Mannville channel oil play extends across parcel from an adjoining oil pool.
- Adjacent producing wells are located only 95 and 130 m from Petro One's acreage, and have produced over 140,000 and 95,000 bbl respectively from a thick sand that is indicated to extend under the J9 parcel.
- J3 Parcel: Chapman's detailed geological review in preparation for drilling has identified positive indicators of a reef-like mound underneath.
- The presence of these structures in the immediate area is further confirmed by a 400 bpd oil well located 600 m downdip from Parcel J3.
- The presence of these structures in the immediate area is further confirmed by a 400 bpd oil well located 600 m downdip from Parcel J3. Similar structures are known to be 800 to 1,600 m across, have a domal or tabular shape, and are very prolific producers.
- J4 Parcel: located between two recently discovered oil pools with individual wells having produced up to 103,000 bbl to date.
- The Chapman study shows a structurally high trend running under the company acreage linking both productive oil pools.
- The reservoir unit beneath the Company’s land is mapped with a thickness of over 20 m, the same as seen in both adjacent oil pools.
Nov 17, 2010 Geophysics Identifies Gold Structures
- Survey revealed patterns of structures and anomalous potassium that coincide with extensive gold trends.
- The structural patterns closely resemble those associated with the gold discoveries reported by Kaminak on its Coffee Creek property and by Underworld on its 1.6 million ounce Golden Saddle and Arc discoveries.
- All of Petro One's claims are underlain by the same package of Devono-Mississippian metamorphic rocks that host the Coffee Creek gold discoveries and the Golden Saddle, and Arc gold deposits.
- The BRC claims are contiguous with and surrounded by Kinross to the west, south, and east, and by Golden Predator to the north.
- The Lucky Strike property is bordered by claims owned by Kinross and Golden Predator to the north and west, and by Shawn Ryan's Brew claims to the south.
Nov 19, 2010 Petro One Expands Holdings
- Acquire a 100% interest in three 5 year oil and gas leases covering approximately 1,120 acres (1.75 sections) of land in southeast Saskatchewan for $272.63 per acre.
- Parcel J11 is only 220 m from an active Red River oil well with strong cumulative production of almost 240,000 bbl.
- Parcel J12 is only 160 m from another current Red River producer that has returned over 96,000 bbl to date.
- Parcel J13 is 560 m from a Red River oil well with cumulative production of over 55,000 bbl. Further to the north of J13 is a prolific Red River oil well that has yielded over 317,000 bbl, with a daily average of 567 bpd over the first 12 months.
Nov 23 2010 Oversubscribed Financing Closed
- The financing was oversubscribed raising $3,313,500 at prices of $0.40 and $0.55. No warrants were issued as part of the two offerings.
- Significant level of institutional interest in this financing, which saw participation from well respected funds such as Matrix, Rothschild, Aran Asset Management, Tiverton Trading, Dharma Natural Resource Fund, Spartan Master Offshore Fund, 49 North Resources and Sequoia Aggressive Growth Fund.
- This indicates significant demand and a lower fully-diluted share structure about 55 million.
- Financials and records indicate approximately 7 million in cash.
Nov 24 2010 Accelerate Options Gold Properties / C.O.B.
- AXP announces it has been granted an option to acquire a 70% interest in the Lucky, Strike and AU mineral claims.
- AccelRate intends to become a pure gold explorer and to change its name to “Goldstrike Resources Ltd.” A new Yukon gold company is created.
- AXP must: Issue 2,000,000 common shares and 4,000,000 warrants to Petro One on closing, and issue an additional 1,000,000 common shares on each of the ensuing five anniversaries of the closing date;
- Pay a total of $500,000 to Petro One in four annual installments ($50,000, $100,000, $150,000 and $200,000) on the second, third, fourth and fifth anniversaries of the Closing
- arrange for an exploration program costing not less than $300,000 during 2011
- This is an obvious takeover of AXP by the new management team of Petro One
Nov 26, Petro One Stock Options
- 3 million set at market price, not below.
- Good for ten years, obviously they are building this company for a buyout.
