Solimar: Major Increase in Contingent Recoverable Oil Resource

Solimar Energy (TSXV:SXS,ASX:SGY)  announced the release of the Contingent Resource Assessment for the Company’s 100% owned Kreyenhagen shallow oil field redevelopment project in the San Joaquin Basin, California.

Highlights from Marketwire press release:

• Contingent Recoverable Resource (C2 – Best Estimate) attributable to the Temblor Sandstone in the Kreyenhagen Field has increased 3,101% to 4.15 million barrels (“mmbo”) from 0.13 mmbo. 
• The large increase in Contingent Recoverable Resource is a result of the Company’s efforts and commitment to current and future primary and thermal development activity in the Temblor Sandstone at the Kreyenhagen Field. 
• The Company anticipates realizing future Proven Reserves in the Kreyenhagen Field through continued primary production. The drilling of infill wells and initiation of the cyclic steam pilot in Q1 2013 is planned to develop the Contingent Resource Sproule has assigned to the area. Further Contingent Recoverable Resource additions are expected within the Company’s field area lease holdings through a planned appraisal well program and future expansion of the cyclic steam program and conversion to a steam flood. Additionally the Company continues to mature the Kreyenhagen Shale oil play present in its acreage as industry activity increases in the surrounding areas.

Click here to read full Solimar Energy press release.