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| Datum : | 16.05.2014 |
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DGAP-News: CASSONA prepares the horizontal drilling in Alberta |
| Meldung : | DGAP-News: CASSONA SE / Key word(s): Miscellaneous CASSONA prepares the horizontal drilling in Alberta 16.05.2014 / 11:31 --------------------------------------------------------------------- CASSONA prepares the horizontal drilling in Alberta After beginning to work on the pilot well in Q1, CASSONA prepares to expand the light oil production in the Red Earth area and intends to exploit as well the proven heavy oil deposits. Frankfurt (16 May 2014) - CASSONA SE (COE) gives an update on the progresses of the crude oil production in Alberta. Since the first quarter 2014, CASSONA is producing light oil on the first pilot well on its property in the Red Earth area in Canada. "The expert's opinion confirmed the amount of 50.8 million barrel light oil. With the producing pilot well we have started to put these vast resources into production", confirms the CEO Dr. Guido Quadri. "We are now planning to expand our production with horizontal drilling starting in December 2014." Contemporaneously to the production of light oil from the Slave Point formation, CASSONA has initiated to prepare the heavy oil production and the company intends to establish blending facilities to exploit the proven reserves of 102.6 million barrel heavy oil of the Peace River formation. "We are currently identifying the best drilling locations and we have to negotiate with selected drilling companies", states Dr. Quadri. "What makes the difference is that we are not just owning the proven reserves, we as well intend to be successfully in production with these reserves." CASSONA is an investment company for targets of the business sectors oil & gas and other natural resources, mining and related infrastructure. CASSONA is a European corporation with domicile in Frankfurt Main. The shares are listed at the regulated market of GXG Markets and they are traded at the Open Market of Frankfurt Stock Exchange FWB and at Berlin Stock Exchange (ISIN DE000A1C6T63). CASSONA SE Schubertstr. 14 60325 Frankfurt Main Germany ir@cassona.de www.cassona.de This announcement contains forward-looking statements that are based on current assumptions and forecasts of the management of CASSONA SE. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our company. The company assumes no liability to update these forward-looking statements or to conform them to future events or developments. (c) 2014 CASSONA SE is a European corporation in the legal form societas europaea (SE) with headquarters in Frankfurt am Main, country of origin Germany and first quotation at the Danish stock exchange GXG Markets A/S in the EU regulated market segment GXG Official List. End of Corporate News --------------------------------------------------------------------- 16.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------- Language: English Company: CASSONA SE Schubertstrasse 14 60325 Frankfurt Germany Phone: 030 6150 82 151 Fax: 030 6150 82 152 E-mail: info@cassona.de Internet: www.cassona.de ISIN: DE000A1C6T63 WKN: A1C6T6 Listed: Freiverkehr in Berlin; Frankfurt in Open Market ; GXG End of News DGAP News-Service --------------------------------------------------------------------- 268997 16.05.2014 |
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