Feb 5 ANO.ASE Oil and Gas Aquisition
William A. MacPherson, President,
is pleased to announce that American Manor Corp (ANO-ASE) has reached an Agreement with Fort Point Resources (FTP-VSE) to acquire 100% of Fort Point's interest in 27 sections (17,280 acres) in Northern Alberta. These areas are designated as the Hawk/Nina, in which Fort Point has a 75% working interest. Also included in the purchase is an 80% working interest in the Enchant Play, 480 acres, for rights below the base of the Mannville. Purchase price is $1,500,000 to be satisfied by the issuance of 1,500,000 Special Preferred Shares. Redemption of the Preferred Shares is to be from
production revenue from the plays purchased. Fort Point will retain a 5.0% GOR on the Hawk/Nina and a 10.0% GOR on the Enchant.
A geological study of the Hawk/Nina has defined prospective oil plays in the Gilwood and Granite Wash Zones. There is also potential for low to medium pressure gas plays in the Bluesky, Slave Point and Keg River Zones. Production rates from successful wells in the same formations in other oil fields in Alberta are 200 to 500 bopd from the Gilwood and or from the Granite Wash. Fields in Alberta with recoverable oil in the same formations are the Mitisue(386 million bbls), the Nipisi (377 million bbls) and the Evi (42 million bbls).
In the Enchant area very significant oil reserves have been discovered in a pinnacle like structure in the Arcs Zone to the South. Three wells averaged 145 to 355 bopd during year one of operation. A 3.0 million barrel reserve has been assigned to these wells. Two potential zones exist on the land acquired, the Arcs and the Mississippian.
The above purchase is subject to regulatory approval.
This transaction is part of American Manor's strategy to position the
Company in the Oil & Gas Industry, through the acquisition of large land positions with significant upside potential. American Manor holds an interest in 22,000 acres of oil and gas lands in Montana and is also active in Saskatchewan and internationally.
American Manor currently has $6.5 million in working capital and is
aggressively pursuing production and land acquisitions in the Oil and Gas Industry with a view to establishing a strong domestic base.
The Alberta Stock Exchange has neither approved nor disapproved the contents of this Press Release.
William A. MacPherson P.ENG
President American Manor Corp |
