VANCOUVER, British Columbia, July 23, 2014 (GLOBE NEWSWIRE) — Strongbow Resources Inc. (STBR) (“Strongbow” or the “Company”) is pleased to announce that it has commenced with preparing a development plan to drill its Compeer Asset. The Compeer Asset consists of eight sections (5120 acres), in which Strongbow owns a 100% working interest, and is located in East Central Alberta. Strongbow currently has one well in production, producing light oil from the Viking Formation, which is one of the most prolific oil and gas bearing reservoirs in Western Canada.
Stongbows management spent a great deal of time restructuring its company to best-fit future exploration and development projects. “Now that we have a well-rounded and seasoned team, we can now proceed with building our company by selecting the appropriate opportunities to enhance our shareholders value while minimizing the risk factors. We have noticed an increase of positive activity coming from other companies within a 2 to 5 mile radius, which makes us comfortable enough to pursue a development plan to drill the Compeer,” stated Michael Caetano, President & CEO.
Strongbow’s development plan will include a drilling program of up to 31 or more horizontal wells (average 4 per section) with a start of about 5 targets in various areas to determine the recoverable oil in place. The Company anticipates having its plan ready to go in two weeks time so it can commence next steps.
About Strongbow Resources Inc.
Strongbow Resources Inc. is a publicly-listed junior oil and gas company with oil and gas properties located in Western Canada. Strongbow is engaged in the business of seeking out, evaluating and acquiring working interests in oil and gas projects, domestically and internationally, which it plans to enhance through its technical, operational and financial efforts. Strongbow operates as Big Lake Energy Ltd. in Alberta and as Strongbow Resources Inc. in Saskatchewan. The Company’s common shares trade on the OTC-QB under the symbol STBR.
Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the “SEC”). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements, including statements regarding the development plan will include a drilling program of up to 31 or more horizontal wells, and the anticipated completion date of the development plan. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, delays in pursuing further drilling on its properties; inability to raise additional financings necessary to continue exploration efforts; general uncertainties and risks with respect to oil and gas exploration in general; decreased oil and gas prices; and continued depressed market and economic conditions. Except as required by law, the company does not intend to update these forward-looking statements. The contents of this news release should be considered in conjunction with the risk factors and cautionary statements contained in the company’s periodic filings with the Securities and Exchange Commission available at www.sec.gov.
On behalf of Strongbow Resources Inc.
President and Chief Executive Officer
Strongbow Resources Inc.