CALGARY, ALBERTA, Nov 16, 2010 (MARKETWIRE via COMTEX) -- Cougar Oil and Gas Canada Inc. ("Cougar" or the "Corporation") /quotes/comstock/11k!coug.f (COUGF 1.85, 0.00, 0.00%) is pleased to announce a 23.8Km(2) high resolution 3D seismic program in the Corporation's Trout Core area.
The 3D seismic program will include 79km of source lines and 111Km of receiver lines. The permitting process, including consultation, mapping and licencing, will take approximately 75 days and the seismic program, pending financing, is scheduled for February, 2011. The 3D seismic program, which will take place on 85% working interest Cougar leases, is anticipated to take a total of 25 days in the field.
The 3D seismic program is one of the critical information sources needed to identify the drilling locations on the Corporation's leased lands. The seismic will provide Cougar with the confirmation of structural features that are required to form an effective trap of the oil and natural gas prospects in the Trout core area. The seismic information along with the detailed geological mapping, core analysis and production data that are available as a result of the significant well control in the area is part of the risk management that is completed prior to selecting a drilling location.
The 3D seismic program is classified as a Canadian Exploration Expense, which is eligible as a CRA flow through financing project.
Mr. William Tighe, CEO and Chairman of the Board for Cougar stated, "We are very excited to be able to kick off this high resolution 3D seismic program. We have finished a geological review of the proposed seismic area and anticipate the seismic data will enable us to firmly identify multiple drilling locations which will form the foundation of Cougar's development plans over the next 18-24 months. The seismic will enable us to accurately define a large geological anomaly which appears to be a perfect candidate for a multi-well horizontal drilling program. The high resolution of the 3D seismic will also enable us to identify potentially prolific single well Keg River and Granite Wash oil pools which will be developed with vertical wells.
This seismic program in conjunction with the previously announced multi-well drilling program will be the critical components to accelerating Cougar's growth. Over the last twelve months the Corporation has focused on optimizing existing wellbores and we look forward to supplementing that optimization work with a consistent exploration and development drilling component as we continue towards our corporate goal of achieving 2000 barrels of oil production per day by the end of 2011.
In addition on November 12, 2010, we filed our annual audited financials - Form 20- F on EDGAR, substantially ahead of the required schedule, in order to support the application to the NYSE Amex listing."
About Cougar Oil and Gas Canada Inc.:
Cougar Oil and Gas Canada Inc. (cougf:BB) is based in Calgary, Alberta, Canada and a publicly traded oil and gas exploration and production company. The focus is on the exploration and development of Canadian based onshore oil and gas properties. The current projects are the Trout light oil production area in north central Alberta, Lucy in the Horn River Basin in northeast British Columbia and First Nation Joint Venture and area projects located in north central Alberta.
Additional information is at http://www.cougaroilandgascanadainc.com/. or http://www.cougarenergyinc.com/.
Forward-looking Statements: This press release contains forward-looking statements. The words or phrases "would be," "will" "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," or similar expressions are intended to identify "forward-looking statements". The Company's business is subject to various other risks and uncertainties, which may be described in its corporate filings (http://www.sec.gov/) or (SEDAR in Canada). Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place reliance on such statements. Cougar Oil and Gas Canada Inc. undertakes no obligation to update or publicly revise forward looking statements or information unless so required by applicable securities laws.
Contacts: Cougar Oil and Gas Canada Inc. Investor Relations +1(403) 513-2664 http://www.cougaroilandgascanadainc.com/http://www.cougarenergyinc.com/
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