dayneyus
15年前
Shares outstanding:
At September 30, 2010 and the current date, the Company has 187,088,733 shares outstanding.
Management Cease Trade Order
On September 18, 2010, the Company’s requested the B.C. Securities Commission to issue a Management Cease Trade Order (“MCTO”) as the annual audited financial statements for the year ended December 31, 2009 could not be SEDAR filed on time. The Company completed the financial statement filing on July 13, 2010, but the Company continues to be under a MCTO until the 51-101 reserve report is filed. An independent party has been engaged to complete the reserve report, which is currently being prepared.
SPARK
17年前
Overview
of Odyssey’s Key Oil Fields
Future Revenue and Current Reserves
■Potential future revenue is $978.9 million – based on constant prices and expenses, NPV 10*
■Proven, probable and possible reserves of more than 34.6 million barrels of oil and 97.5 million MCF of gas
■This data is based on Odyssey Petroleum’s published NI 51-101 produced by Fletcher Lewis Engineering Inc. and dated December 7, 2006
*Net present value discounted at 10%
--------------------------------------------------------------------------------
Puckett Field, Rankin & Smith Counties, Mississippi
•Potential future revenue of $200 million
•25 well oil and gas field, 14 wells currently producing
•Estimated future recovery: five million barrels of oil and five million cubic feet of gas, 38 producing zones
•Blue sky potential – new deeper drilling can add significant additional reserves
Pelahatchie Field, Rankin County, Mississippi
•Potential future revenue of $2.9 billion
•Proven and probable reserves – 50,000,000 (BOE)
•Multiple productive zones 7500 ft to 17,000 ft. subsurface and 4,300 acres
•Most infrastructure in place, eight wells producing
•Acquisition/development cost under $2 per barrel
The Verba Field, Mississippi
•12 wells, including seven which are presently fully-equipped oil wells producing 3600 – 4400 barrels per month, and three orphan wells with added potential
•Two operational salt water disposal wells and mineral leasehold rights to the majority of the known productive limits extending over approx. 1,500 gross acres
•Located 50 miles from the Company’s core operations, Verba produced 2M barrels of oil from eight formations
Barber Creek Field, Scott County, Mississippi
•Smackover Formation includes three productive wells
•1.2M barrels of oil have been produced in the past
•Report estimates 2.6M barrels of recoverable oil
•Geology indicates a new well can be drilled in a superior position to the three producing wells, and should recover appreciable new oil reserves
•Comprising approximately 850 acres, Barber Creek Field is located 35 miles east of Jackson, Mississippi, only 12 miles north of the Company’s core operations
SPARK
17年前
INVESTMENT HIGHLIGHTS
• Emerging oil and gas company
with undervalued share price
• Experienced management
• Properties located in the oil
and gas-rich Louisiana /
Mississippi area
• Employs latest geophysical
and geological technologies
• Focused on improving
production / cash flow
from wells
• Drilling in highly prolific areas
will continue to rapidly
increase production
• Increased production in the
third quarter 08 by 13.6%
to a total of 95,134 BOEs
• $42.3M spent acquiring and
developing properties
• Owns infrastructure valued at
$20 million
• Current production of 400+
barrels of oil equivalents / day
• Short term goal to produce
1,000 barrels / day generating
$16 million per annum
• Extensive reserve studies by
Fletcher Lewis of Oklahoma
• Over 30 years of geological
data and historical information
PROPERTY HIGHLIGHTS
• Pelahatchie Field, Rankin
County,Mississippi: Potential
future revenue of $2.9B, 4300
acres, in excess of 50M (BOE)
proven and probable
• The Verba Field,Mississippi:
12 wells and 1,500 gross acres
• Puckett Field, Rankin & Smith
Counties,Mississippi: Potential
future revenue of $200M, 25
well field / 38 producing zones
• Barber Creek Field, Scott
County,Mississippi:Three
productive wells with estimates
of 2.6M barrels of recoverable
oil and 850 acres of land
SPARK
17年前
Current reserves of 34 million barrels of oil and 97 million MCF of gas
Odyssey is growing its operations to 1,000 plus barrels of oil per day by exploiting the potential of its low risk Puckett, Pelahatchie, Verba and Barber Creek Mississippi oil and gas fields. During 2008 and 2009 the company will be drilling and developing its major Mississippi oil and gas reserves. By applying the latest geophysical and geological technologies when selectively drilling its new wells, the company reduces the risks typically associated with oil and gas exploration.
The growth of Odyssey’s revenue will come from its proven, probable and possible reserves of more than 34.6 million barrels of oil and 97.5 million MCF of gas, which have a potential future revenue of $978 million. This data has been published in Odyssey’s NI 51-101.
http://www.odysseypetroleum.com/
SPARK
17年前
Odyssey Petroleum Announces New Workover Plans
9/29/2009 11:46:25 AM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Sep 29, 2009 (MARKETWIRE via COMTEX News Network) --
Odyssey Petroleum Corp. (TSX VENTURE: ODE)(FRANKFURT: YQN) (the "Company" or "ODE") announces progress with its oil and gas development programs in the U.S. The following summarizes current activities:
New Workover Program Initiated for Pelahatchie Field
The Company has initiated operations to improve production in four previously drilled wells in the Pelahatchie Field. One such effort is driven by the results of new geological mapping in the field. Management recently commissioned a study of the production characteristics attributable to an excellent producing well in the southern-most part of the two mile long oil field. In the aforementioned mentioned well, the Company recompleted in the 10,500 ft Rodessa sand from a poorly performing zone in September 2006. Initially the well flowed at the rate of 400 barrels of oil per day, however it was immediately restricted by production personnel with a 8/64's choke to approximately 80-100 barrels of oil per day in order to protect the zone. Since that time the well has produced approximately 75,000 barrels of oil. After three years, the well still continues to average 65-70 barrels of oil per day, with good associated gas and little water.
Mapping indicates that this particular sand appears to be a fluvial point bar type of deposit that is trapped stratigraphically to the north and to the east against the Pelahatchie salt structure. Maximum thickness is 16 feet in a well in the northern portion of the field. Original oil in place over the 570 acres covered by this particular sand indicates that there are 2,055,606 barrels of oil in place (10,500 ft sand alone). Recoverable oil, estimated at 50% recovery is expected to be 1,027,803 barrels of oil. At Pelahatchie Field, as many as 38 stacked oil zones have been found, each at different horizons - some larger than others, and some more prolific than others.
The 10,500 ft sand in this recent study is present and appears to be saturated with oil in the majority of Odyssey's producing wells, in several shut in wells, and in a number of previously abandoned wells in the field. Utilizing data gained from the study, Odyssey intends to start immediately to access oil in this zone from a number of different wells (as one well will normally only drain approximately 40 acres). Re-completions in existing wells are expected to cost less than US$50,000 per well, and approximately US$150,000 in each closed in well, where tubular and a pumping unit must be purchased.
In addition to exploitation of this newly defined zone, new cased hole logs run in the wells recently drilled in the field have provided important new geological data that indicates many additional accumulations of oil at various depths in the wells. Company and independent geologists are studying and mapping formations utilizing this data, in order to provide insight into which zones have the best production characteristics and should be targeted for new re-completions in the field - all in the interest of increasing production.
About Odyssey Petroleum Corp. - Odyssey Petroleum Corp. is a Canadian based junior oil and gas company traded publicly under the symbol ODE on the TSX-V Exchange. The Company's mission is the discovery and development of economic oil and gas through the exploration of high quality projects located primarily in the Southeastern United States.
ON BEHALF OF THE BOARD
Whitney Pansano, President & COO
Forward-Looking Statements:
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in ODE's periodic filings with Canadian and European Securities Regulators. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. ODE does not assume the obligation to update any forward-looking statement.
Neither the 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.
Contacts: Odyssey Petroleum Corp. - Investor Information Whitney Pansano President & COO (604) 718-2800 (604) 718-2808 (FAX) pubco@odysseyexplorations.com www.odysseypetroleum.com
SOURCE: Odyssey Petroleum Corp.
mailto:pubco@odysseyexplorations.com http://www.odysseypetroleum.com
SPARK
17年前
Odyssey Petroleum Plan to Increase Oil Production and Tap Large Reserves is Featured in Journal
9/25/2009 2:14:39 PM - BSR
Sep 25, 2009 (BAYSTREET NEWSWIRE via COMTEX News Network) --
Energy Market Watch Journal has published a review on Odyssey Petroleum Corp. (TSX VENTURE: ODE) (Frankfurt: YQN) (Pink Sheets: ODEFF). The review offers insight and opportunity afforded investors as ODE.V is set to readily increase near term oil production and complete 3D imaging of first targets to produce large deep reserves.
The full review and valuation commentary may be found at:http://energymarketwatch.net/ode.htm online.
Excerpts: Odyssey Petroleum Corp. is now at an inflection point as an emerging oil and gas exploration and production company with significant land based reserves in the Southern United States containing multiple productive zones 7,500 ft to 17,000 ft subsurface. ODE.V possesses large reserves at depth with proven and probable reserves of 50,000,000 (BOE). Since inception in 2005 Odyssey has created a small base of production from wells at shallower depths through a highly skilled, cost effective, in-house workforce and hands-on management. Odyssey now feels they are securely in position to exploit the deeper known reserves, a move which will propel Odyssey to large production status/cash flow. 3D imaging of the first wells targeted at the ~17,000 ft zone of the reserves will be completed by the end of Q1 2010 and the results will be used to facilitate (operationally and financially) the drilling/production. Energy MarketWatch Journal has confirmed debt financing readily serviced by production is arranged to facilitate a two phased plan now underway. Phase one involves immediate action to boost production from current ~350 barrels per day to between 600 and 1000 through low risk development of work-overs -- this will occur while 3D imaging is being performed to set the stage for Phase 2 where the imaging results will have minimized risk and provide a means to drill and produce multiple wells drilled to ~17,000ft. Each deep well will cost ~USD$5M to drill yet is expected to yield 500 to 1000+ barrels of oil a day for 20+ years (4,000,000 barrels of oil and 4B cubic feet of gas from each well).
The risk-reward characteristics are highly advantageous for investors establishing a long position in ODE.V now. With less than ~188M shares outstanding (208M after closing of recent private placement announcement) and trading under CDN$0.10 ODE.V is poised for significant upside revaluation.
Change valuation from 'proven undeveloped' to 'proven producing': On a 50,000,000 barrel reserve which Odyssey Petroleum Corp. now possesses, if it were given a 'proven developed producing' type reserve evaluation using accepted valuation metrics then it would be appropriate to attribute $12-14 per barrel in the ground. It is evident that a significant upside share price revaluation is in store for ODE.V shareholders as Energy Market Watch Journal has confirmed with Joe DeVries, Chief Executive Officer & Director of Odyssey Petroleum Corp. that the company is being capitalized to implement a two phased plan to take the Company to a self sustaining rapid production growth position. In light of the serious and imminent nature of this capitalization of the company to accomplish its goals it is not unreasonable for shares of ODE.V on a forward discounted bases trade and gravitate significantly higher in the interim.
This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. The term investment advisory refers to the fact the reader is being advised there is a publication on an item that is also an investment, and not advice to buy or sell. Articles, excerpts, commentary and reviews herein are for information purposes and are not solicitations to buy or sell and of the securities mentioned. Readers are referred to the terms of use, disclaimer and disclosure located at the above referenced URL.
Contact Info:
James O'Rourke, Editor
Energy Market Watch Journal
info@energymarketwatch.net
Copyright 2009 BAYSTREET NEWSWIRE
SPARK
17年前
TransAmerican Energy Inc.: Disposition of Mississippi Assets
9/2/2009 6:10:29 PM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Sep 02, 2009 (MARKETWIRE via COMTEX News Network) --
TransAmerican Energy Inc. (TSX VENTURE: TAE)(FRANKFURT: YQJ) (the "Company" or "TransAmerican") announces that it has reached an agreement with Odyssey Petroleum Corp. (TSX VENTURE: ODE) ("Odyssey"), pursuant to which the Company has agreed to sell all of its Mississippi oil and gas assets to Odyssey (who is the operator of the assets) in consideration for the payment to the Company of $3,017,300 (the "Sale").
Upon completion of the Sale, the Company's secured lender, Trafalgar Capital Specialized Investment Fund, FIS ("Trafalgar"), has agreed to release the Company from its indebtedness pursuant to two Convertible Debentures issued by TransAmerican to Trafalgar in 2007 and 2008 (see the Company's News Releases dated December 11, 2007 and March 8, 2008). As at July 31, 2009, TransAmerican was indebted to Trafalgar for the total amount of $3,017,300.
The Sale of the Mississippi assets to Odyssey will significantly reduce the Company's debt load and monthly payment obligations of over $160,000. The Company will maintain its oil and gas assets in Texas, Louisiana, Oklahoma and Alberta.
ON BEHALF OF THE BOARD
Jurgen Wolf, director
Neither the 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.
Contacts: TransAmerican Energy Inc. Jurgen Wolf Director (604) 718-2800 (604) 718-2808 (FAX)
SPARK
17年前
Odyssey Increases Holdings in Mississippi
9/2/2009 4:57:59 PM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Sep 02, 2009 (MARKETWIRE via COMTEX News Network) --
Odyssey Petroleum Corp. (TSX VENTURE: ODE)(FRANKFURT: YQN) ("Odyssey" or the "Company") announces that it has reached an agreement with TransAmerican Energy Inc. (TSX VENTURE: TAE), pursuant to which TransAmerican has agreed to sell all of its Mississippi oil and gas assets (the "Assets") to Odyssey (who is the operator of the Assets), in consideration for the assumption by the Company of $3,017,300 debt owing by TransAmerican to Trafalgar Capital Specialized Investment Fund, FIS ("Trafalgar"), a secured lender (the "Debt Obligation").
The Company has further agreed that it will invest not less than US$600,000 in required work to be conducted in respect of the Assets. The Company has also agreed to assign to Trafalgar 25% of gross revenue to pay down the assumed debt, after deducting royalties and taxes only, but before deducting operating costs, from the acquired Assets, and further agreed to fix the Euro/US dollar exchange rate based on the exchange rate as at July 31, 2009, which will be used to convert the assumed indebtedness from Cdn$3,017,300 to US$2,743,000, which will be the total amount due, without penalties, interest or bonuses. In the event that the Euro strengthens significantly against the US Dollar during the term of the Debt Obligation, an adjustment on payments or redemptions will be made.
Once the transfer and assignment has occurred, Odyssey will grant a general security agreement and specific mortgages in favour of Trafalgar, charging all of Odyssey's right, title and interest in and to the acquired Assets.
Further, in regard to a prior debt obligation of $1,500,000 between Odyssey and Trafalgar entered into on October 27, 2007, Trafalgar has agreed to an extension to the original repayment schedule with all principal and interest now to be repaid by October 31, 2010.
ON BEHALF OF THE BOARD
Whitney Pansano, President
Neither the 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.
Contacts: Odyssey Petroleum Corp. Whitney Pansano President (604) 718-2800 (604) 718-2808 (FAX) pubco@odysseyexplorations.com
SPARK
17年前
Odyssey Petroleum Announces New Workover Plans
9/29/2009 11:46:25 AM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Sep 29, 2009 (MARKETWIRE via COMTEX News Network) --
Odyssey Petroleum Corp. (TSX VENTURE: ODE)(FRANKFURT: YQN) (the "Company" or "ODE") announces progress with its oil and gas development programs in the U.S. The following summarizes current activities:
New Workover Program Initiated for Pelahatchie Field
The Company has initiated operations to improve production in four previously drilled wells in the Pelahatchie Field. One such effort is driven by the results of new geological mapping in the field. Management recently commissioned a study of the production characteristics attributable to an excellent producing well in the southern-most part of the two mile long oil field. In the aforementioned mentioned well, the Company recompleted in the 10,500 ft Rodessa sand from a poorly performing zone in September 2006. Initially the well flowed at the rate of 400 barrels of oil per day, however it was immediately restricted by production personnel with a 8/64's choke to approximately 80-100 barrels of oil per day in order to protect the zone. Since that time the well has produced approximately 75,000 barrels of oil. After three years, the well still continues to average 65-70 barrels of oil per day, with good associated gas and little water.
Mapping indicates that this particular sand appears to be a fluvial point bar type of deposit that is trapped stratigraphically to the north and to the east against the Pelahatchie salt structure. Maximum thickness is 16 feet in a well in the northern portion of the field. Original oil in place over the 570 acres covered by this particular sand indicates that there are 2,055,606 barrels of oil in place (10,500 ft sand alone). Recoverable oil, estimated at 50% recovery is expected to be 1,027,803 barrels of oil. At Pelahatchie Field, as many as 38 stacked oil zones have been found, each at different horizons - some larger than others, and some more prolific than others.
The 10,500 ft sand in this recent study is present and appears to be saturated with oil in the majority of Odyssey's producing wells, in several shut in wells, and in a number of previously abandoned wells in the field. Utilizing data gained from the study, Odyssey intends to start immediately to access oil in this zone from a number of different wells (as one well will normally only drain approximately 40 acres). Re-completions in existing wells are expected to cost less than US$50,000 per well, and approximately US$150,000 in each closed in well, where tubular and a pumping unit must be purchased.
In addition to exploitation of this newly defined zone, new cased hole logs run in the wells recently drilled in the field have provided important new geological data that indicates many additional accumulations of oil at various depths in the wells. Company and independent geologists are studying and mapping formations utilizing this data, in order to provide insight into which zones have the best production characteristics and should be targeted for new re-completions in the field - all in the interest of increasing production.
About Odyssey Petroleum Corp. - Odyssey Petroleum Corp. is a Canadian based junior oil and gas company traded publicly under the symbol ODE on the TSX-V Exchange. The Company's mission is the discovery and development of economic oil and gas through the exploration of high quality projects located primarily in the Southeastern United States.
ON BEHALF OF THE BOARD
Whitney Pansano, President & COO
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