SCOTTSDALE, AZ--(Marketwired - May 12, 2014) - Mondial Ventures Inc. (OTCQB: MNVN) (the "Company") is pleased to release the latest update for its majority owned subsidiary Boomerang Oil, Inc. currently trading on the Canadian Securities Exchange (CSE: BOI).
As previously reported, Boomerang Oil, Inc. (referred as "Boomerang") is an emerging oil and gas exploration, production, and Development Company with concentration in the Permian Basin West Texas. They have recently announced their future drilling plans, which include the first proposed well locations of at least three new locations on the J.B. Tubb Leasehold Estate located in Ward County, Texas.
Boomerang confirms its intention to undertake both a well stimulation program in order to maximize production from its economic well and to drill its first deep well located in the Crawar Field in Ward County. These programs are currently being updated and are expected to commence early this summer. Other current exploration and development plans include a small focused frac to be performed on the Glorieta formation to increase flow from the hard rock formation in order to increase reservoir fluid for production. For future development, Boomerang is first targeting the Ellenburger formation on the Company's J.B. Tubb Leasehold Estate at approximately an 8,300' foot depth with capital expenditures ("CAPEX") requirements now set at approximately USD$1.6 million.
Additionally, Boomerang plans to drill up to three more wells on the South 40 location pursuant to the option contained in the Participation Agreement with Success Oil Co. ("Success Oil"). Boomerang's first objective in respect to the South 40 is to drill the Ellenburger well. According to the Company's consultant geologists, the Ellenburger formation sets along a fault plane increasing viability noted below 6,200' ft. and viable at approximately 8,300' -8,400' ft. The second and third target well locations are located in the Waddel formation at the 7,700'-7,900' ft. depth, and the Wolfcamp formation at approximately 6,200' ft. depth, respectively.
Jeru Morgan, President of Success Oil, the Company's operator and partner, stated, "Both prospect wells are supported by solid well control and are targeting a minimum of 40,000 to 50,000 barrels of oil equivalent (BOE) recoverable per well, net to our interest. Each well could have at least 3-5 potentially productive zones, substantially increasing the likelihood of achieving a commercially producing well."
Dennis Alexander, CEO of Mondial Ventures, stated, "We believe our business plan is mobilized and we are focusing exclusively on financing our fracing, drilling, and development plans. Our goal is to build a dynamic portfolio of oil and natural gas programs that range from seismic-supported exploration projects, drilling locations with proved reserves and fully producing properties. North America continues to show well stimulation dominance and the United States is currently the world's largest well stimulation market, accounting for about 80 percent of the global total. Meanwhile, more wells are drilled in the US than any other nation, and the US oil and gas industry has been quicker to embrace horizontal drilling and hydraulic fracturing technologies than anywhere else in the world. We look forward to the opportunities through our majority owned subsidiary Boomerang Oil, Inc., in order to realize our full potential ahead."
Boomerang Oil, Inc. Information Video Clip:
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About Mondial Ventures, Inc. & Boomerang Oil, Inc.
We are an Oil and Gas Producer engaged in the acquisition of Oil and Gas properties and assets that can be developed into revenue producing assets. The Company has put an emphasis on acquiring existing Oil fields with proven reserves or by the rehabilitation of oilfields with potentially high throughput.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Mondial Ventures Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Mondial Ventures Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Mondial Ventures Inc.'s filings with the Securities and Exchange Commission.
CAUTIONARY NOTE TO UNITED STATES INVESTORS
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms, such as prospective resource or Original Oil in Place (OOIP) or Petroleum Initially In Place (PIIP), that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10K.
Additional information may be found at the following web site: