Marauder Resources East Coast Inc.: News Release
CALGARY, ALBERTA -- (Marketwire) -- 11/01/12 -- Marauder Resources
East Coast Inc. (TSX VENTURE:MES) is pleased to announce that its
wholly owned subsidiary, Marauder Resources East Coast (NZ) Ltd., has
been awarded Petroleum Exploration Permit 53806 in the East Coast
Basin of New Zealand. Marauder will be the operator of the permit and
a 50% working interest holder, with the remaining 50% being
transferred to an international oil and gas exploration company based
in Canada. The permit covers an area of 965 km2 and has an initial
term of 5 years.
The East Coast Basin is considered highly prospective for large
accumulations of oil and gas with over 300 surface seeps present. The
recent focus in the basin has been on a potential light oil
unconventional resource play within the Paleocene to Cretaceous aged
Whangai and Waipawa shales. These formations exhibit characteristics
similar to the productive Bakken Formation in Saskatchewan and North
Dakota. Offsetting permit holders in the basin, Tag Oil and New
Zealand Energy, have had third parties assign shale oil resource
potential of 12.6 and 20.9 Billion Barrels Original Oil In Place
respectively. Apache Corporation farmed in on Tag Oil's East Coast
Basin permits in September 2011 and are expected to commence a 4 well
exploration program in early 2013 targeting shale oil.
The Whangai Formation is the primary unconventional target over PEP
53806. It is naturally fractured and widespread throughout the East
Coast Basin reaching thicknesses of up to 600m. Three of the most
prominent oil seeps in the basin have been geochemically linked to
generation in the Whangai Formation. The oil is light, sweet crude
with gravities of up to 50 degrees API.
Marauder will be commissioning a third party engineering group to
prepare a resource report and economic analysis to estimate the
unconventional potential over PEP 53806. A map showing the permit
holders in the East Coast Basin is attached, with Marauder's acreage
highlighted in green.
New Zealand remains highly underexplored with respect to hydrocarbon
resources. The world class potential combined with a stable
geopolitical setting and excellent fiscal terms, make New Zealand a
core focus area for Marauder going forward with addition
opportunities being pursued.
To view the map associated with this release, click the following
This press release may contain forward-looking statements within the
meaning of applicable securities laws. Forward-looking statements may
include estimates, plans, anticipations, expectations, opinions,
forecasts, projections, guidance or other similar statements that are
not statements of fact. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove to be correct. These statements are subject to certain risks
and uncertainties and may be based on assumptions that could cause
actual results to differ materially from those anticipated or implied
in the forward-looking statements. These risks include, but are not
limited to: the risks associated with the oil and gas industry (e.g.
operational risks in development, exploration and production; delays
or changes in plans with respect to exploration or development
projects or capital expenditures; the uncertainty of reserve
estimates; the uncertainty of estimates and projections relating to
production, costs and expenses and health, safety and environmental
risks), commodity price and exchange rate fluctuation and
uncertainties resulting from potential delays or changes in plans
with respect to exploration or development projects or capital
expenditures. The Company's forward-looking statements are expressly
qualified in their entirety by this cautionary statement. The
forward-looking statements contained in this press release are made
as of the date hereof and the Company undertakes no obligations to
update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events or
otherwise, unless so required by applicable securities laws.
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 press
Marauder Resources East Coast Inc.
Robert V. Shields
Marauder Resources East Coast Inc.
720, 440 - 2nd Avenue S.W.
Calgary, Alberta T2P 5E9
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