Brownstone Energy Announces Resource Assessment On Two Israeli Offshore Licenses

abarrelfullabarrelfull wrote on 08 Sep 2011 12:20
Tags: brownstone israel upstream

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Brownstone Energy Inc. (TSXV: BWN) (“Brownstone” or the “Company”) announces that Adira Energy Ltd. (“Adira”), its partner and the operator of its Israeli oil and gas properties, has received two independent reports (collectively, the “Reports”) disclosing resource estimates on each of the Gabriella License and Yitzhak License (collectively, the “Licenses”) located offshore in Israel.

Gustavson Associates LLC (“Gustavson”) of Boulder, Colorado was commissioned by Adira in April 2011, to independently evaluate the hydrocarbon potential of the Licenses using all data available as of an effective date of August 31, 2011 (the “Effective Date”).

Gustavson was provided with certain data by Adira including a new dual azimuth 3-D dataset recently acquired by Adira pertaining to the Licenses. The 3-D data was delivered in the form of a Quick-Look cube by WesternGeco (a division of Schlumberger Limited). The final processing of the 3-D data is scheduled to be completed in the first quarter of 2012 by CGG Veritas.

Gustavson conducted an assessment of the gross contingent and prospective oil and gas resources on the Licenses as of the Effective Date. The Reports are limited to an estimation of the possible range of hydrocarbon volume that theoretically may be produced and does not include any economic modeling or valuation of the resources. Such estimations provided in the Reports have not been adjusted to reflect the Company’s working interest in the Licenses or any other encumbrances.

The Reports describe a probabilistic distribution of each of the Licenses’ “contingent resources” in respect of oil on the Gabriella License and “prospective resources” in respect of gas for both Licenses and the oil on the Yitzhak License both terms as defined by the Canadian Oil and Gas Evaluation Handbook (“COGEH”) and do not represent an estimate of reserves.

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