CHANG CHUN, CHINA--(Marketwire - Dec. 7, 2012) - Breezer Ventures Inc. (BRZV) (OTCQB:BRZV) ("Breezer" or the "Company") is pleased to announce the development of Well C-1 located on the Jackson Lease, located in Texas. This is the third well that has been drilled as part of a multi-well drill program initiated by the company.
Well C-1 was recently drilled to the depth of the Tannehill Sand Formation, approximately 1,000 feet deep. Upon reaching the Tannehill Formation, the oil and gas reserves within the formation indicated a pressure reading of 190 lbs, which is above normal and is considered a good sign. Also, logs, drill stem tests and samples have confirmed the presence of hydrocarbons in multiple breaks, indicating commercial quantities of oil. In addition, this well achieved an accumulation of oil in the well bore after the drilling was completed. These various positive indicators led us to frac the Tannehill Formation. After fracing, C-1 was producing steady quantities of oil while also recovering a large amount of the frac fluid. The amount of oil being produced in relation to the frac fluid is increasing as the frac fluids are recovered. The well is currently undergoing production testing to increase the level of oil production. The company anticipates that higher and more stable rates of production can be achieved on the C-1 well as it currently is carrying a higher than expected fluid level.
The oil production volume collected from the C-1 have already been sold which will result in the recording of oil production revenue on the company's financial statements.
The success from the C-1 confirm that our strategy of rehabilitating and re-drilling wells on the Jackson Property is proving to be successful and that a ramp up in exploration and development activity is warranted. We look forward to updating our shareholders on the results from production testing and our forward work plans to open further wells and explore for new oil and gas reserves in Texas.
About Breezer Ventures Inc.
Breezer Ventures Inc. (OTCQB:BRZV) www.breezerventures.com is a company engaged in oil and gas production and its associated activities including: exploration, extraction, processing, and reclamation. The Company specializes in sustainable, low-cost oil and gas production which delivers value from efficiency. The Company currently owns and operates and also has several options on various wells located in the Jackson Oil and Gas leases located in Texas.
This current report contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, continuing production from the "Jackson Oil and Gas Leases", or the generation of positive cash flow as a result, updating of the corporate website or the availability of an independent geological report outlining the leases, their production, and their potential. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with oil and gas exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of oil and gas prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF BREEZER VENTURES INC.
Tang Xu, President