CALGARY, Jan. 26 /PRNewswire-FirstCall/ - Goldnev
Resources Inc. ("Goldnev" or the "Corporation") (TSXV: GNZ), is
pleased to announce that it has entered into a farm-in agreement
(the "Agreement") to earn unexploited shallow rights on developed
lands in the producing Noel field of northeastern British Columbia. The Corporation currently
controls a 57% working interest in 1 section (640 acres) of land
containing one producing well located adjacent to the designated
farm-in lands.
The Agreement provides for Goldnev to earn in 24 sections
(approximately 15,360 acres) of petroleum and natural gas rights to
the base of the Cardium formation. Under the terms of the
Agreement, Goldnev must elect and spud the initial earning well on
or before March 31, 2011 and then
provides for continuous rolling options to earn in the remaining
undrilled lands. The Farmor has the right to participate in certain
option wells or retain a gross overriding royalty interest.
The Noel prospect consists of two Cardium zones, a channel
system and regional Cardium sand, located at a depth of
approximately 950 meters subsurface. The majority of the sections
on the farm-in lands contain existing wells drilled to and
producing from deeper horizons. These wells provide very good data
coverage for the region allowing for broad mapping of the Cardium
over four townships. The economics of this project are supported by
the localized presence of existing roads and nearby pipelines and
processing infrastructure.
Historically, the shallow Cardium zones have not been exploited
in this field in favor of the deeper zones, which have proved to be
prolific producers. The Cardium sands are common producing
reservoirs throughout Western
Alberta and N.E. British
Columbia and log analysis indicates good reservoir quality.
The Corporation anticipates drilling vertical wells initially but
the potential exists for a horizontal well development program.
Marc Dame, President & CEO of
Goldnev commented, "This farm-in deal of the Noel Cardium natural
gas prospect culminates three years of negotiations and planning.
Goldnev is well positioned to build a sizable production and land
base with a large inventory of high reward, low risk drilling
opportunities. It has the potential to become a significant portion
of Goldnev's future growth and complements the Corporation's
diversified light oil and unconventional oil shale projects.
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
About Goldnev
-------------
Goldnev Resources Inc. is a public energy company focused on the
exploration and development of conventional and unconventional
hydrocarbons in northeastern British
Columbia, southwestern Alberta and east central Saskatchewan. Goldnev shares trade on the TSX
Venture Exchange under the symbol "GNZ."
Anyone wishing to be added to the Corporation's news release
recipients list may forward an e-mail request to
info@goldnevresources.com.
A new corporate presentation will be available for viewing on
the Corporation's website on January 27,
2011.
Forward Looking Statements
This Company Press Release may contain certain "forward-looking"
statements and information relating to the Company that are based
on the beliefs of the Company's management as well as assumptions
made by and information currently available to the Company's
management. Such statements reflect the current risks,
uncertainties and assumptions related to certain factors including,
without limitations, competitive factors, general economic
conditions, customer relations, relationships with vendors and
strategic partners, the interest rate environment, governmental
regulation and supervision, seasonality, technological change,
changes in industry practices, and one-time events. Should any one
or more of these risks or uncertainties materialize, or should any
underlying assumptions prove incorrect, actual results may vary
materially from those described herein. As a result of this being a
new exploration and exploitation venture for this field, there is
no guarantee that any wells drilled will be commercially
successful.
SOURCE Goldnev Resources Inc.
Copyright . 26 PR Newswire