News Releases
July
30, 2007
TSX:
“ISR”
Shares Outstanding: 13,938,084
INTERNATIONAL
AND DOMESTIC UPDATE
International
Sovereign Energy Corp.
(the “Company”) provides the following update on its international
and domestic operations:
1.
International
(i)
Ecuador. Implementation
of the Charapa Hydrocarbon Concession modified work program
is underway, starting with the required environmental base
line study and impact studies. A specialist Ecuadorian Environmental
Group has been contracted to undertake the work program in
co-ordination with the Ecuadorian Government Ministries. Completion
of both the environmental fieldwork and the reports is expected
by the beginning of Q4, 2007. Following this a 50 Sq. Km 3D
seismic survey is planned during Q4, 2007 on two of the three
prospective, but untested, structures namely the areas defined
as Charapa S.W. and Halcon. Conejo, which is the third structure,
is already seismically defined with a primary drill target
identified. The layout and preliminary design of the seismic
program has been completed. A drill program will be scheduled
upon completion and interpretation of the seismic program,
expected in Q1, 2008.
The
Charapa block is located in the North of Ecuador’s Oriente
Basin on the Colombian border and 15 Kms N.W. of the producing
Lago Agrio field which has produced 145 million barrels of
light oil since 1972, primarily from the cretaceous Hollin
formation. The Charapa field has two Lower Cretaceous reservoirs:
the Hollin sandstones, which is the producing zone in the
Lago Agrio field, and the NAPO Formation Caliza ‘B’ fractured
limestones. Cumulative past production from the Charapa field
was some 1.694 million barrels of oil primarily from the Caliza
‘B’ reservoir.
(ii)
Pakistan.
As previously reported (News Release March 19, 2007) the Company
has signed two Farm-In Agreements with Mari Gas Company of
Pakistan (the Operator) of the Sukkar and Sujawal Blocks.
Mari Gas is the second largest producer of gas in Pakistan.
The Company’s direct working interest in each Block is fifteen
percent (15%) subject to the Government approval. An updated
status on the Blocks follows:
Sukkur
Block: This
block covers an area of 2,435.40 Sq. Km and is located in
Sindh Province. Mari Gas has acquired and completed the interpretation
of 460 L. Kms 2-D seismic data, and based on this data they
have finalized the drilling location of three wells, which
will be drilled on Sui Main Limestone and Lower Goru Formations
during Q4, 2007. Gas pipeline is situated within the block.
Sujawal
Block: This
2,416.43 Sq. Km block is also situated in Sindh Province,
Southern Pakistan. The block is West of the major Badin Oil
and Gas discoveries in Sindh Province. The Badin area contributes
more than 50% of Pakistan’s hydrocarbon production. Numerous
oil and gas discoveries exist to the East of the Block. The
main source rock is the Sembar formation and the primary target
is the Basal unit of the Lower Goru formation. Mari Gas has
completed the re-interpretation of vintage 2D seismic from
which Lower Goru sand leads have been identified. Additional
2D and 3D seismic is to be acquired during Q4, 2007 and following
interpretation the drilling of an exploratory well is scheduled
for Q2, 2008.
2.
Domestic
The
Company recently drilled a 40% W.I. well in the Peace Arch
Area of Alberta. The well is currently undergoing a completion
operation in order to evaluate the zones of interest.
In
the Medicine River area the Company recently licensed two
wells for drilling. One well is a 2,000 meter twin to an existing
producer for Glauconite, Colony, Belly River and Edmonton
Sands gas potential. The second well targets shallow gas in
the Basal Belly River formation.
At
Berwyn, Alberta, where the Company drilled an initial well
in March, 2006 which well came online from the Gething formation
at 1.2 mmcf/d (200 boed) additional sections of land have
since been acquired and some four additional drill targets
have been identified subject to a final gathering system.
Subject to funding availability a drill program is planned
for Q4, 2007. The drill program, when combined with production
from the 2-11 well, has the potential, if all wells are successful,
to produce in the range of 5-8 mmcf/d (833-1,333 boed) once
brought on-line.
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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