Kikinsko-Gusikhinsky Block Crown's whole-owned subsidiary Artstroy-XXI LLC has applied for extension of license work commitments in order to pursue further exploration at company's l car news argest 1100-square kilometer block, and successfully extended them by signing new agreement with authorities, including new seismic and drilling schedule.
Seismic High-resolution 3D seismic exploration program (30 km2) is planned for later this year at Chernobulakskaya prospect, which would lead to a much more robust subsurface model of exploration prospect in Upper Cretaceous (anomaly of 4 km by 8 km in size), in Carboniferous and Devonian systems. Acquiring this survey will fulfill the work commitment and allow identifying a new exploration well location at this prospect. 2D seismic exploration program will continue in 2012 with a total survey of 350 km to upgrade Piluginsky, Baltaysky, Karavaevsky and Osobaya prospect, subject to financing. Discussions are ongoing with regard to the acquisition of a new 2D seismic survey jointly with neighboring license holders (to the north of Block) at Piluginsky prospect, which extends in northern direction into neighbor's territory.
Drilling Exploration drilling program includes 3 exploration wells to be completed in 2011-2012. Company plans to commence drilling of its first exploration well - Chernobulakskaya-1 - before the end of 2011 and test it in early 2012. Location of second and third exploration wells will be determined after completion of new seismic data interpretation and reprocessing.
Tereshkinsky Block Crown's whole-owned subsidiary Attik LLC successfully extended its license exploration work commitments by signing new agreement with authorities, establishing new seismic and drilling schedule.
Seismic High-resolution 3D seismic exploration program (50 km2) is planned for 2011 at Elkhovsky and Tereshkinsky prospects on the western section of license block, to upgrade subsurface model.
Drilling Company plans to start drilling Elkhovskaya-1 explora alfa romeo tion well - the first of 3 exploration wells to be completed before the end of 2012 at Tereshkinsky block - in the second half of 2011, after completion of 3D seismic data interpretation.
Government Approvals In February 2011, Crown's technical team presented the results of its work program and outlined forward plans for this year and 2012 to the Ministry of Natural Resources and other official bodies in Russia, which approved company's plans.
Stan Bogomolov, Chief Executive Officer of Crown Oil & Gas, commented: "We are pleased with results of our earlier seismic exploration program. Extension of license work commitments will a acura llow company to complete our exploration program by testing identified prospects, with exploration drilling planned for 2011-2012".
Crown Oil and Gas Inc. is an independent oil and gas company focused on enhancing shareholder value by acquiring and developing oil and gas assets in Russia. Crown holds, through its subsidiaries, exploration and development licenses located in the Saratov region of Russia, one of the major oil and gas regions in the country with advanced infrastructure and more than 60 years history 1086274749 of oil and gas production. Saratov lies in the European part of Russia on the border with Kazakhstan, the largest oil producing country in Central Asia. Crown's licensed areas comprise approximately 2000 km2. This news release contains "forward-looking statements", a auto part s that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Source: Crown Oil and Gas Inc.
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