April 05, 2007 09:00 ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 5, 2007) - Wall Street Financial Corp. announced today that Source Petroleum, Inc. (OTCBB:SOPO) is its new featured company spotlight stock. The comprehensive profile of Source Petroleum is available at http://www.source-petroleum.com.
Source Petroleum, Inc. is currently domiciled as a Nevada Corporation and is a publicly traded entity on the Over the Counter Bulletin Board in the USA under the symbol SOPO. The company holds a farm-in of a 50% working interest in the Harmon Valley area (TWP 83-19-W5M block) in the Peace River heavy oil district of Alberta and a 37% working interest in the Working gas project, with a current discovery (TWP 75-4-W6M) in central Alberta.
Based on the recent resource estimates on Source Petroleum's Harmon Valley heavy oil project, AJM petroleum Consultants from Calgary, Alberta, assigned a contingent resource of 247 Million barrels and a (p10) case of 323 Million Barrels on the Harmon Valley heavy oil asset situated in the Alberta Peace River Arch heavy oil district.
Preliminary economics by AJM, based on only 5% Cold flow recovery and 12.5% SAGD recovery have been assigned a Net Present Value (discounted at 10% (NPV10) at forecast price of $217.5-Million.
Furthermore, the report conducted by AJM was prepared prior to the drilling of the first horizontal well on the property which is currently under evaluation and the company looks forward to providing a new engineering report as early as possible.
The Harmon Valley asset is situated 25 KM S.W. of BlackRock Ventures heavy oil Project which was recently sold to Shell Canada for $2.4-Billion.
Except for the historical and present factual information contained herein, the matters set forth in this release include statements of management's current expectations. Statements identified by words such as "expects," "projects," "plans," "believes," "estimates," "may" and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, include the statement that we believe there may be an estimate of 9 billion barrels oil in place at the Peace River Oil Sands District, that there is a potential ooip reserve of up to 260 - 450 million barrels on the our Peace River property are subject to risks and uncertainties that may cause actual results to differ materially, including the possibility that the historical data may be inaccurate or misinterpreted, the anticipated benefits from our operations cannot be fully realized, the possibility that commodity prices, costs or difficulties related to the conduct of its business will be greater or lesser than expected, and the impact of competition and other risk factors relating to our industry will be greater than expected, all as detailed from time to time in the company's reports filed with the SEC. The company disclaims any responsibility to update these forward-looking statements.
Wall Street Financial Corp.Shawn Balaghi(604) 773-0242orSource Petroleum Inc.Sam CharanekPresident and CEOToll free: 1-866-913-SOPO (7676)Website: www.source-petroleum.com
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