SOURCE: Brinx Resources Ltd.
DENVER, CO--(Marketwired - Mar 26, 2014) - Brinx Resources Ltd. (OTCQB: BNXR) ("Brinx Resources" or "Brinx" or the "Company") announced today that it received notice from the Oklahoma-2013 project operator that drilling and testing of the 5th well of the Phase-1 exploration program has been completed. Subsequently, it was determined that the well did not encounter commercial quantities of oil or gas. As a result, well #5 will be plugged and abandoned.
As with previously exploration wells in Phase-1 of this ongoing program, the OK-13-5 exploration well target multiple potential hydrocarbon pay zones thought to be productive in the area. The OK-13-5 well reached a total depth of 7,759 feet on March 19, 2014. Testing conducted on the well, included mud logging with full spectrum chromatography and a complete suite of open hole logs. Finally, a well site geologist with over 30 years of experience was examined all drill cuttings from 4,300' to total depth. Based upon the total evaluation of all geological data and electric log analysis, the project operator recommends the OK-13-5 well be plugged and abandoned.
The Oklahoma-2013 project is a multi-phase multi-well exploration drill program currently being conducted by Brinx Resources and it partners. Phase-1 of the Oklahoma-2013 drill program consists of eight (8) wells targeting the first selections from at least 34 high-graded prospects generated by the partnership's proprietary 3D seismic database that covers the entire 83,043 acres or 130 square miles project area. Of the five wells drilled to date at the Oklahoma-2013, one well is currently in production with four wells plugged and abandoned. Drilling at the multi-phase Oklahoma-2013 project is expected to continue through 2014.
About Brinx Resources
Brinx Resources is an expanding exploration company focused on developing onshore North American oil and natural gas reserves. The Company's current focus is on the continued exploration and development of its current land portfolio in Oklahoma, as well as the drilling and production of the new Oklahoma-2013 Project (5% interest).
Safe Harbor Statement: Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas; cessation or delays in exploration because of mechanical, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. The Company has no official gas or oil reserves at this time and may not have sufficient funding to thoroughly explore, drill or develop its properties. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings.