Goldstrike Resources Ltd.
TSX VENTURE : GSR
PINKSHEETS : APRAF
FRANKFURT : KCG1

Goldstrike Resources Ltd.
Petro One Energy Corp.
TSX VENTURE : POP
PINKSHEETS : CUDBF
FRANKFURT : C6K1

Petro One Energy Corp.

February 24, 2014 07:45 ET

Petro One and Goldstrike Announce Drill Results from SR-1

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 24, 2014) - Petro One Energy Corp. (TSX VENTURE:POP)(PINKSHEETS:CUDBF)(FRANKFURT:C6K1) and Goldstrike Resources Ltd. (TSX VENTURE:GSR)(PINKSHEETS:APRAF)(FRANKFURT:KCG1) have completed drilling the first well of their joint venture announced on November 26, 2013 - the SR-1 vertical wildcat well at South Reston, Manitoba (5-17-6-26W1). Drilling encountered a large Waulsortian mound with a strong oil show in a 20 metre interval at the top of the Mississippian Lodgepole formation, which was the targeted formation. Cuttings from 790 to 810 metres drill depth had medium brown oil stain, vivid fluorescence and fluorescent cut, and emitted a strong petroliferous odor during sample wash. Parameters calculated by an independent petrophysicist for what he has indicated to be a newly discovered reservoir are 17 metres of indicated net pay, 10.34 per cent porosity, 50.89 per cent water saturation, and 0.63 mD permeability.

Due to the low permeability of the zone, Petro One's consulting geologists, engineers and petrophysicist have suggested that horizontal drilling will be necessary to recover oil from the zone encountered in the hole. The SR-1 well has been cased and left standing, and the companies are assessing their options.

ON BEHALF OF THE BOARD ON BEHALF OF THE BOARD
PETRO ONE ENERGY CORP. GOLDSTRIKE RESOURCES LTD.
"Peter Bryant" "Terrence E. King"
President & Director President & Director

Neither 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.
Forward-Looking Statements

Certain statements contained herein constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation, including, but not limited to management's assessment of future plans and operations, including: drilling plans and potential locations; expected production levels; development plans; reserves growth; production and operating sales and expenses; reservoir characteristics; the results of applying certain operational development techniques; certain economic factors; and capital expenditures.

Forward looking statements are typically identified by words such as "anticipate", "estimate", "expect", "forecast", "may", "will", "project" and similar words suggesting future events or performance or may be identified by reference to a future date. In addition, statements relating to oil and gas reserves and resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves or resources described, as the case may be, exist in the quantities predicted or estimated and can be profitably produced in the future. With respect to forward looking statements herein, the Company has made assumptions regarding, among other things; future capital expenditure levels; future oil and natural gas prices; ability to obtain equipment and services in a timely manner to carry out development activities; ability to market oil and natural gas successfully to current and new customers; the ability to obtain financing on acceptable terms; and the ability to add production and reserves through development and exploitation activities. Although the Company believes that the expectations reflected in the forward-looking statements contained herein, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included herein, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous risks and uncertainties that contribute to the possibility that the forward-looking statements will not occur, which may cause the Company's actual performance and financial results in future periods to differ materially from any estimates or projections. The forward-looking statements contained herein are made as of the date hereof. The Company does not undertake any obligation to, nor does it intend to, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained herein are expressly qualified by this cautionary statement. In addition, readers are cautioned that historical results are not necessarily indicative of future performance.

Contact Information

  • Investor Relations
    King James Capital Corporation
    Jeff Stuart
    (604) 805 0375
    jstuart@kingjamescapital.com

    Petro One Energy Corp.
    Telephone: 604 566 9089
    IR: 604 805 0375
    PetroOneEnergy.com
    Twitter.com/PetroOneEnergy

    Goldstrike Resources Ltd.
    Telephone: 604 681 1820
    IR: 604 805 0375
    GoldStrikeResources.com
    Twitter.com/GoldstrikeRes