NiMin Energy Corp.
OTC Bulletin Board : NEYYF

NiMin Energy Corp.

September 08, 2011 06:00 ET

NiMin Energy Corp. to Present at Wyoming IOR/EOR Conference

CARPINTERIA, CALIFORNIA--(Marketwire - Sept. 8, 2011) - NiMin Energy Corp. (TSX:NNN)(OTCBB:NEYYF)(OTCQX:NEYYF)(PINK SHEETS:NEYYF) (the "Company" or "NiMin") today announced that it will be presenting at the 3rd Annual Wyoming Improved and Enhanced Oil Recovery ("EOR") Conference on September 12-13, 2011 in Jackson Hole, Wyoming. Sponsored by the University of Wyoming Enhanced Oil Recovery Institute, the conference will address theoretical and practical aspects of a range of EOR methods through presentations from industry and global academic leaders focused on recovering Wyoming's stranded oil resource.

Sven Hagen, President of NiMin, and Scott Dobson, Chief Operating Officer of NiMin, will give the technical presentation on the Company's new, patented Combined Miscible Drive ("CMD") technology for heavy oil recovery, its application at Pleito Creek oil field, and the potential application to the large stranded oil resources in Wyoming. The process involves injecting foamed oxygen into the top of the oil reservoir to generate heat, steam, and carbon dioxide for increasing heavy oil production. In addition, since the CMD process takes place in the reservoir, the carbon footprint and air emissions are considerably less (only 10-15%) than traditional heavy oil recovery methods.

NiMin believes that its proprietary US patented process will be economic for producing heavy oil reservoirs that are too deep for conventional steam operations. NiMin has drilled four horizontal wells down dip of the CMD injector and three of the wells have shown positive production response. The Company has identified numerous oil fields in the US that have reservoirs believed to be high quality candidates for the CMD process. In the United States, this process could be applied to 165 oil fields with low recovery efficiencies that represent approximately 14.2 billion barrels of oil in place.

NiMin currently operates and produces from four heavy oil fields in the Big Horn Basin, Park County, Wyoming. The Company is actively developing the fields with conventional infill drilling and workovers although these fields may be future candidates for CMD tertiary recovery.

About NiMin Energy

NiMin is a California based independent oil and gas exploitation and production company with principal operations in the Bighorn Basin of Wyoming, the San Joaquin Basin in California and South Louisiana onshore areas of the U.S. The Company has over 27 million barrels of proved and probable reserves, 97% of which are oil.

About University of Wyoming Enhanced Oil Recovery Institute

The Enhanced Oil Recovery Institute (EORI) works to help the State of Wyoming and its energy producers to recover a large resource of stranded oil in depleted oil reservoirs as rapidly, responsibly, and economically as possible. EORI is the only institution devoted to enhanced oil recovery in Wyoming oil fields.

Cautionary Statements

This news release contains forward-looking statements and information ("forward-looking statements") within the meaning of applicable securities laws, including the amount of fields and oil in place to which the CMD process can be applied. Although NiMin believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based upon currently available information to NiMin. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in forward-looking statements. Risks include, but are not limited to: the risks associated with the oil and gas industry (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in more detail in our Annual Information Form and other documents available at and Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release, and, except as required by applicable law, NiMin does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. NiMin undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the NiMin, Legacy or their respective financial or operating results or, as applicable, their securities. The net present value of future net revenue attributable to NiMin's reserves do not represent fair market value. Barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet ("mcf"): one barrel ("bbl") is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

The material differences between reserve quantities disclosed under National Instrument ("NI") 51-101 and those disclosed under the U.S. SEC guidelines and the United States Financial Accounting Standards Board (the "U.S. Rules") is that NI 51-101 requires the determination of reserve quantities to be based in forecast pricing assumptions whereas the U.S. Rules require the determination of reserve quantities to be based on constant price assumptions calculated using a 12 month average price for the year (sum of the benchmark price on the first calendar day of each month in the year divided by 12).

Contact Information

  • Investors
    NiMin Energy Corp.
    Jonathan Wimbish, CFA
    Chief Financial Officer
    +1(805) 566- 2900

    Sard Verbinnen & Co
    Dan Gagnier
    +1 (212) 687-8080

    Sard Verbinnen & Co
    Jared Levy
    +1 (212) 687-8080