Super Nova Petroleum Corp.
CNSX : SNP
PINKSHEETS : SNOVF

Super Nova Petroleum Corp.

September 22, 2014 09:15 ET

Super Nova Petroleum Corp.: Initial Test Results of the Eagle #1 Well

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 22, 2014) - Super Nova Petroleum Corp. (CSE:SNP)(PINKSHEETS:SNOVF) (the "Company" or "Super Nova" or "SNP") reports that the drilling operations of BNV Energy Company LLC ("BNV") and Super Nova's Eagle #1 was commenced in the morning of Sept. 6th and cased and cemented Sept 12th, 2014. Total depth reached was 3,134 feet measured depth. The well was drilled on Super Nova's Milford Colony lands on the Bakken Fairway in North -West Montana (see news release of Sept. 3rd, 2014). Preliminary results indicate the presence of hydrocarbons that were detected in both drill cuttings and mud gas log readings. Below are several facts gleaned from the data of the recent drilling of the well to indicate the presence of hydrocarbons.

Evidence of shallow oil zones:

  • At approximately 560 feet depth, oil was encountered within the sampled drilling cuttings as determined under 40x magnification. The presence of hydrocarbons in this sample, which was noted as being sand-stone, was further confirmed by "florescence" under black light, which indicates the presence of oil. The lead well site geologist Joe Large, president of RPM Geologic LLC of Denver Col. also noted that visible oil was washed out of sample during cleaning and has identified this shallower zone as belonging to the "Two Medicine" formation.

Evidence of deeper oil zones:

  • From approximately 2,420 feet to 2,760 feet measured depth, mud log total gas readings measured from the return drilling mud circulated downhole were consistently above 200 units. Readings measured the presence of propane and butane, indicative of oil.
  • At a depth of 2,643 feet, the maximum reading of 419 units was measured (= 4.19% gas). In that reading, methane was 17,946 ppm, ethane was 6,071 ppm, propane was 10,650 ppm and butane was 7,315 ppm. At that time, drilling mud weight was noted as 9.2 pounds per gallon.
  • From 2,590 feet to 2,760 feet trace amounts of oil were also noted in the drilling cuttings, and evident as florescence under black light.
  • Unfortunately open-hole logging tools were unable to get past a lost circulation zone around 2,500 feet and were only able to reach a depth of 2,470 feet. As such, we were unable to confirm potential pay zones with logging tools where the most elevated mud-gas readings were noted.

Upper Cretaceous Eagle formation was expected at a depth between 2,500 feet - 3,000 feet, corresponding to a 2-D seismic anomaly noted prior to drilling. However, the Eagle formation was found much shallower at a depth of 1565 feet, and was unremarkable in terms of mud-log hydrocarbon reads. However the deeper potential oil zone described above does seem to correspond to a depth and location consistent with the seismic anomaly. It is uncertain whether the seismic anomaly noted prior to drilling and the evidence of hydrocarbons at a similar depth are in fact related.

The Company anticipates cased-hole logging to gather more information, and then perforating and test swabbing the most promising zones encountered to determine the commercial viability of the well. These operations will commence at the appropriate time after a period of study and planning around the available data.

The hydrocarbons detected in the Eagle #1 well drilled on Super Nova's Milford Colony farm in lands, will require further testing such as swabbing and perforating the areas of detection to determine the commercially viability of this well.

Super Nova wishes to announce that the Shell Krone Well 3.5 miles south - west of the boundaries of the Milford Colony Lands will not commence drilling operations on Sept. 22nd, 2014, as previously announced, rather the date to commence drilling operations on this well has been postponed to Oct. 8th, 2014, due to delays in procuring of equipment. Augusta Exploration will be drilling this well to 7,000 feet to test the Bakken formation. This formation was tested by Shell Oil in 1962 and the technology to extract oil from these shales was not available at this time. Super Nova will earn 20% carried interest in this well.

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.

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