VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 3, 2014) - Super Nova Petroleum Corp. (CSE:SNP)(PINKSHEETS:SNOVF) (the "Company" or "Super Nova" or "SNP") reports that BNV Energy Company LLC ("BNV"), the Company's joint venture partners on a portion of the Milford colony Lands, located on the Bakken fairway in North-West Montana, intends to drill 3,200 feet vertical depth on 18N-5W Section 14 of the Milford Colony Lease. Drill location is 1005 from North Line, 1163 from East Line, targeting a seismic anomaly that consultants working for BNV say is consistent with natural gas and is of a depth consistent with the Eagle Formation. The same anomaly appears on both 2D seismic lines acquired by BNV across the Milford Colony Lease. The decision to drill is also based on the N.I. 51-101 report on the property authored for the Company by Chapman Engineering earlier this year. The drilling of the well is currently expected to commence on September 5th, 2014, pending the drilling rig schedule. A drilling pad has been excavated out of the surrounding wheat field, and bids for the well services work for this well has been received by BNV. A Gas Pipeline with the capacity to transport our gas is located 2-3 miles from the gas wells being drilled.
There is no guarantee that gas will be found, or that if it is found, will be in commercial quantities.
Mr. Ben Chu is the managing member of BNV, and now also serves as President, Director and COO of Super Nova. As originally agreed in the Purchase and Farm-In agreement, prior to Mr. Chu's joining of Super Nova on July 17th, 2014, BNV or its owners will earn 3,000,000 shares of Super Nova stock upon reaching of 3,000-4,000 feet or a depth sufficient to test the Eagle Formation. BNV may also earn by drilling a second gas well either $150,000 worth of Super Nova shares or cash. The shares will be issued at market value at the time of issuance and at a minimum of $0.05 per share. Finally, an additional 3,000,000 warrants exercisable at $0.10 by June 6th, 2016, will be earned upon commercial sale of gas. Total investment for the two completed gas wells and gathering system is budgeted at 1.5 million dollars and funded 100% by BNV. In return, Super Nova will receive a 40% working interest, which is subject to a 20% working interest to the Vendors of the property.
The commencement date to begin the drilling for the deeper horizon test well to be drilled by Augusta Exploration LLC ("Augusta") next to the 1962 Shell Krone well is set for Sept 22nd, 2014. A primary objective of this well is to log and core the Bakken formation, which was encountered by the Shell Krone well in 1962, prior to recent innovations allowing for the extraction of oil from shale. The Shell Krone Well is located 6-7 miles southwest from our Milford colony farm in lands. Super Nova will earn a 20% working interest in the completed well and Augusta will fund 100% of the well.
The third tranche of private share offerings for accredited investors will close September 5th, 2014.
On behalf of the Board of Directors: SUPER NOVA PETROLEUM CORP.
Wolf Wiese, CEO
THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. NEITHER CSE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS DOCUMENT CONTAINS CERTAIN FORWARD LOOKING STATEMENTS WHICH INVOLVE KNOWN AND UNKNOWN RISKS, DELAYS, AND UNCERTAINTIES NOT UNDER THE COMPANY'S CONTROL WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE RESULTS, PERFORMANCE, OR ACHIEVEMENTS IMPLIED BY THESE FORWARD LOOKING STATEMENTS. WE SEEK SAFE HARBOR.