SOURCE: Strongbow Resources Inc.
HOUSTON, TX--(Marketwire - Aug 9, 2012) - Strongbow Resources Inc. (OTCQB: STBR) (OTCBB: STBR) ("Strongbow" or "the Company"), announces the completion of its new Viking oil well, Big Lake Compeer 5-29-33-2W4. The well was fracture stimulated along a 1200 meter lateral section using a 10 segment multi-fracture stimulation. Following stimulation, the well was "swabbed" to recover the fluid (approximately 520 cubic meters or 3,271 barrels) used for the stimulation. After recovery of approximately 180 cubic meters, the well started to produce oil along with the frac fluid. Initially, the fluid being recovered contained 5 percent oil. This "oil cut" continued to increase to 20 percent, at which time, it was decided to run production equipment to put the well on pump. It is expected this oil ratio will continue to rise as the frac fluid is fully recovered. Strongbow anticipates that bottom hole pumping equipment, along with a surface pumping unit, will be placed on the well within the next few weeks, together with production tanks and required surface production equipment. The oil recovered to date is light, sweet crude with a relatively high solution gas content which the Company believes will assist in the ultimate recovery. It is too early to provide stabilized production forecasts.
The Viking Formation oil prospect is part of an emerging large oil resource play in Eastern and Central Alberta as well as in the Dodsland area of Saskatchewan. The Viking Formation is the Compeer play will be developed by up to four (4) horizontal wells per section. Strongbow has farmed in to eight sections in the Compeer area.
About Strongbow Resources Inc.
On February 21, 2012 Strongbow executed an agreement through which it acquired the right to earn an undivided 100% working interest in a Petroleum and Natural Gas License covering eight (8) sections of land (5,120 acres, more or less) located in the Compeer Area in the Province of Alberta, Canada. Strongbow is also negotiating a number of additional oil and gas leases through which it intends to expand its operations in Canada and the United States.
Strongbow Resources Inc. operates as Big Lake Energy Ltd. in Alberta.
Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which the Company has little or no control. The Company does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the Company's recent filings with the SEC.