Octagon 88 Operations Announces Update

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Octagon 88 is pleased to announce an update to their Manning Projects.

Octagon 88 is pleased to announce an update to their Manning Projects. Currently, Octagon 88 is making progress in their Elkton Erosional Edge confirming more than four days of production flow testing. At this juncture the Manning projects operator reports that the pump has been running at a third of projected targeted capacity clocking 100 RPMs. Currently, the well is producing both heavy black crude oil as well as lighter brown oil. AGAT lab results have tested the gas samples confirming that the samples are nearly 100% methane with little to no trace of hydrogen sulphide.

This is an important event to Octagon 88 as it produces its first barrel of oil. The entire Elkton Erosional Edge plan includes:

  •     A PIIP of 1.05 billion barrels
  •     Projected 8% to 14% recovery rate with staged and scalable 5,000 bbl/d to 10,000 bbl/d
  •     Infill drilling subsequent pressure maintenance with an additional 8% recovery rate for an estimated cumulative 200 million barrels
  •     Peak to exceed 30,000 bbl/d
  •     Additional 10% to 20% projected recovery rate through Enhanced Oil Recovery technologies

The Manning Project also reports:

  •     Positive indications lead the technical team to believe that with this 200m drilling extension program on the Elkton, oil volume could be greater than originally believed to be in place.
  •     The technical team has recently witnessed oil rise to surface with drilling mud during the drilling depth of the targeted pay zone rather than just intermittent oil shows in the early stage.

The Manning Projects Operator went on record stating, “We expect the drilling extension program to be concluded after one extra day and will remain on schedule to target first commercial oil production on Oct 31, 2013”.

Looking forward this means that the feasibility study was accurate. Plans to continue growth and expansion of the drilling operations will continue with the RPMs of the drill increasing to optimal targeted rates to ensure achieving deadlines within set timescales. Currently the project is showing excellent growth and is developing ideally. Core samples are optimal and the PIIP indicates a long, successful project to be completed.

Octagon 88 plans to continue throughout the Manning area through other projects including the Elkton Erosional Edge.

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Octagon 88 Resources Inc.
Octagon 88 Resources Inc.
+1 (208) 522-1016 Ext: 454
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