Jaguar Resources Inc.
TSX VENTURE : JRI

Jaguar Resources Inc.

October 10, 2014 12:30 ET

Jaguar Resources Inc. Announces Additional Seismic and Drilling On Saskatchewan Oil Properties

CALGARY, ALBERTA--(Marketwired - Oct. 10, 2014) -

NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.

Jaguar Resources Inc. ("Jaguar" or the "Company") (TSX VENTURE:JRI) is pleased to announce that Jaguar Resources Inc. and Saturn Minerals Inc. have commenced a 2D seismic program over Petroleum Exploration Permit 72 (the "Bannock Creek Property") and Exploration Permit 71 (the "Little Swan Property") in the northern Williston Basin in eastern Saskatchewan. Harbinger Exploration Inc. of Calgary has been retained to complete approvals and mapping, and GeoStrata Resources Inc. also of Calgary, has been retained by the companies for the acquisition of up to 52 km of 2D proprietary seismic data on the Bannock Creek and Little Swan Properties. This work phase will finalize drilling locations for the completion of up to four exploration wells, with Jaguar as operator, in the first quarter of 2015. Jaguar, as operator, and Coil Works Inc. and HG Tubulars (Canada) Ltd., who both have extensive operations in south east Saskatchewan, will execute the drilling plan.

The seismic program will consist of two lines on the Bannock Creek Property, each measuring 10 km long, and one line on the Little Swan Property, measuring 32 km long. Completion of this program will bring Jaguar's total 2D seismic database to five lines on the Bannock Creek Property for a total of 51 km, and four lines on the Little Swan Property for a total of 75 km. The Company's seismic database represents a major asset to the Company for the purposes of exploration.

Already completed 2D seismic surveys as well as aerial surveys revealed normal faulting orientation which increases the likelihood of closures at the deeper intervals in the region. As a result, Jaguar is moving towards identifying a drill target along geological faults where migrations of oil may be blocked and forming pools. Significantly, the final seismic program will confirm the identified drilling location on a large structure discovered at the Red River interval on the Bannock Creek property from analysis of the previous seismic data. This structure, as interpreted, compares directly to the analogous fault bounded "Tyvan" oil pools, which produce from the Red River (Yeoman) and Winnipeg sandstone formations, which are approximately 100 miles to the south of the Bannock Creek and Little Swan Properties in the same stratigraphic basin. The Tyvan oil pool has produced over 2.8 million barrels of light sweet 43 API oil since 1998 from 21 wells, with an average pay zone of approximately 65 feet. The individual wells at Tyvan are producing up to 140 barrels of oil per day with estimated accumulations of up to 170,000 barrels per well (Geoscout 2014).

The proposed vertical drilling program has an estimated total depth of approximately 1000 Meters (3280 feet) to the Precambrian intervals with no horizontal drilling or multi-stage fracing required. The two zones of interest are the Yeoman formation (Red River) and the Black Island formation in the Winnipeg Group which are productive at Tyvan. The drilling time is estimated up to take ten days per well including coring and testing. Conventional completions will be used to complete the wells. The Bannock Creek and Little Swan Properties represent some of the largest exploration permits within the Province of Saskatchewan and hold the potential for light oil reserves.

Jaguar's joint operating partner with respect to the Bannock Creek and Little Swan Properties drilled test holes on nearby properties between 2008 and 2011, which showed evidence of hydrocarbons Core samples from this exploratory drilling revealed oil staining with oil pooling in the mud pits. Well logs obtained from other wells in the area, but not on the Bannock Creek and Little Swan Properties, showed close similarities to other successful oil wells drilled elsewhere in the Williston Basin. Jaguar and its partner have identified circumstantial evidence of the presence of hydrocarbons including oil rich source rock, subsurface oil seeps occurring in nearby properties and the widespread presence of high porosity geological structures. At least 7 known Williston Basin geological zones exist across the Bannock Creek and Little Swan Properties.

About Jaguar

Jaguar's business strategy is to seek to provide shareholders with growth by exploring the existing assets in the Saskatchewan Little Swan and Bannock Creek plays where Jaguar will be drilling and operating wells. As part of its corporate strategy of acquiring additional assets, the Company is in the process of evaluating several potential transactions which individually or together could be material. The Company cannot predict whether any current or future potential opportunities will result in one or more transactions involving the Company. The Company may issue equity or utilise debt facilities to finance all or a portion of any such potential acquisitions and or drilling programs on its Saskatchewan lands.

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 release.

This press release is not an offer of the common shares for sale in the United States. The common shares may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended, or an exemption from such registration. Jaguar has not registered and will not register the common shares under the U.S. Securities Act of 1933, as amended. Jaguar does not intend to engage in a public offering of common shares in the United States.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

Forward Looking Information

Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to, information with respect to: completion of seismic programs, the timely identification of drilling targets, receiving necessary government approvals, expected drilling times, expected development and exploration plans and the timing thereof; and future opportunities. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect. Although Jaguar believes that the expectations reflected in such forward-looking information is reasonable, undue reliance should not be placed on forward-looking information because Jaguar can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things: the timely receipt of any required regulatory approvals; the ability of Jaguar to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability of Jaguar to execute its exploration and development plans; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters; and the ability of Jaguar to successfully market its oil and natural gas products. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.

Forward-looking information is based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Jaguar and described in the forward-looking information. The material risk factors affecting Jaguar and its business are contained in Jaguar's annual management's discussion and analysis which is available under Jaguar's issuer profile on SEDAR at www.sedar.com. The forward-looking information contained in this press release is made as of the date hereof and Jaguar undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward looking information contained in this press release is expressly qualified by this cautionary statement.

Contact Information

  • Jaguar Resources Inc.
    Corbin Blume
    President & CEO
    Main Phone (587) 350-7500
    (587) 350-7505 (FAX)