GOE:TSX-V content-type content▼type (content-type%)
CVE:GOE

GOE:TSX-V

Company ID [CVE:GOE] Last trade:content-type Trade time:content-type Value change:content▼type (content-type%)
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Overview

The Company originally qualified as a reporting issuer on the TSX Venture Exchange with its Savant Lake property in northwestern Ontario, Canada, an asset that Management believes to have been overlooked for its exploration potential at two separate mineralization targets.

For its second asset, through Management’s affiliations in the petroleum sector, the Company has been successful securing an excellent opportunity for rapid growth with a light oil production development play in the Oklahoma pan handle called the Keyes Dome Project, which currently comprises five sections (3,200 acres) with an option to increase its holding in 2013 by four more adjacent and nearby sections.  

The Company commissioned and received an independent Reserves and Resources Evaluation Report in accordance with NI 51-101 prepared by Gustavson Associates (Boulder, CO), in January 2013 that supports a “best estimate” Contingent Oil Resource estimate for the project area at 40.0 million barrels (bbls), or 1.0 million barrels per well, as long as employing under-balance drilling and completion techniques using oil based drilling fluids can be successfully demonstrated.

On the Keyes Dome project the Company’s newly appointed VP of Exploration, Monty Hoffman, a published Reservoir Geologist considered by many as a regional expert on enhancing oil recoveries in reservoirs that are not in pressure equilibrium, provides his views as follows:  

“We see a great opportunity here at Keyes Dome.  We are targeting a proven structure and formations already exploited for its natural gas, but not oil because the permeability of the formation’s pay zones are subject to damage with earlier completion methods using over balance drilling and water based drilling fluids.  We’re excited about the opportunity at Keyes Dome because modern completion techniques and know how have yet to be fully employed here and we are now in the position of being able to do so in a scale-able manner over a sizeable play.  Further by having the project located where the infrastructure and regulations are already present for immediate commercialization, we will be able to complete our appraisal of the play with just our first two wells, beginning early May 2013, over a three to four week time frame.  If our completion employing under-balance drilling with oil based drilling fluids prove up, we will begin a development schedule drilling one well per month and aim for an achievable 1,500 bpd commercial production by end of the year (first 6 of 40 planned wells – 8 wells per section).”