News Releases
April
11, 2007
TSX:
“ISR”
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Outstanding: 13,925,084
INTERNATIONAL
AND DOMESTIC UPDATE
International
Sovereign Energy Corp. (the “Company”) is pleased
to announce that it has provisionally been awarded an oil
and gas block (Injra) located in the prolific Potowar region
of Pakistan. The block covers an area 1,465 Sq. Km and falls
into two basins, Potowar basin and Kohat basin. Potowar basin
target formations are Chorgali and Sekaser limestone, Datta
sandstone and Khewra sandstone. Whereas in Kohat basin producing
formations are Lockhart limestone, Lumshiwal sandstone, Datta
sandstone, Hangu limestone and Khewra sandstone. Early indications
are that all these formations are present in Injra, with all
formations having their source rocks established in the area
as well.
The
Company also has 15% W.I. in two blocks with Mari Gas Company
Ltd. (the second largest producer of gas in Pakistan): Sukkur
block, which covers an area of 2,435 Sq. Km, and Sujawal block,
which covers an area of 2,416 Sq. Km, both located in the
Sindh Province of Pakistan. Mari Gas has already acquired
seismic data in the Sukkur block, which is being interpreted,
and two wells are expected to be drilled in the last quarter
of 2007. The reservoir rocks of lower Goru and Sui main limestone
have combined potential of 0.5 to 10 TCF of gas. Gas pipeline
is situated within the block. Sujawal block is located in
the Badin area, which contributes more than 50% of the oil
production in the country, and numerous oil and gas discoveries
exist to the East of the block; drilling of one exploratory
well is expected in the third quarter of 2008.
In
Ecuador, implementation of the modified work program for the
Charapa Concession requires an updated environmental baseline
study, along with environmental impact studies for the areas
to be covered in the pending seismic program, as well as the
access and drill pad location for the initial drill target
in the Conejo section of the Concession (Conejo 1 well). This
target is based on existing seismic data. Work is scheduled
to commence in April 2007. The Charapa Concession is located
North of the producing Lago Agrio field, which has produced
145 million barrels of light oil since 1972, primarily from
the cretaceous Hollin formation. Cumulative past production
from the Charapa field was some 1.694 million barrels of oil
primarily from the Caliza ‘B’ reservoir. The Charapa block
contains three prospective untested structures, which are
the primary areas of interest within the Concession, namely:
Conejo, Charapa S.W. and Halcon.
Domestically,
one of the main areas for production expansion in 2007 is
Berwyn, Alberta. Three additional sections of land were acquired
in the first quarter of 2007. This purchase provides two to
three locations for drilling in the third quarter of 2007,
plus a twin well in an existing section. The objective for
this area is to increase production with new wells which,
when combined with existing production, could reach over 5
mmcf/d (833 boed) from Berwyn field in order to justify tie-in
to the nearest pipeline. A technical and economical study
of the development of this field is underway. The Company
has also acquired 3-¾ sections of land in the Boundary Lake
(40 % W.I.) and the Windfall (100 % W.I.) areas in Alberta,
for further drilling in the third and fourth quarters of 2007.
The
Company has entered into an agreement with General Research,
a corporation incorporated in Germany, to develop and execute
a market awareness program for the Company in Europe. The
agreement is for three months at a monthly fee of 33,000 Euros
per month, and 100,000 stock options to purchase common stock
of the Company at an exercise price of $2.00 per share; these
options are granted under the Company’s existing stock option
plan. This agreement may be extended upon written mutual consent
between the parties for an additional term.
The
Company’s Annual Information Form (AIF) for the year ended
December 31, 2006 was filed on SEDAR on March 30, 2007. The
AIF includes the disclosure and reports relating to reserve
data and other oil and gas information required pursuant to
National Instrument 51-101. The AIF can be accessed through
the SEDAR website at www.sedar.com
International
Sovereign Energy Corp. is an oil and gas exploration development
and production company with offices in Vancouver, British
Columbia, Calgary, Alberta and Islamabad, Pakistan and is
active in the exploration and development of hydrocarbon reserves
in Western Canada and internationally.
For
further information, please contact:
Omair
Choudhry
Chief
Financial Officer
Tel:
(604) 684-7372
Fax:
(604) 684-2407
Or
visit our website at www.isove.com
The
Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Certain information provided in this press release contains
forward-looking statements that by their nature are subject
to numerous risks and uncertainties and readers are cautioned
that actual results may vary considerably from those forecasted.
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