VANCOUVER, BC, Feb. 26, 2021 /CNW/ - NG Energy International Corp. (formerly CruzSur Energy Corp.) (the "Company" or "NGE") (TSXV: GASX) (OTC: GASXF) wishes to announce the clarification of the news release of January 11, 2021 as follows:
1. Additional information relating to the Tinka 1 Well as described in paragraph 1 is as follows:
The Tinka-1 well was drilled by Ecopetrol in 1988 to a total depth of 9,544 feet in the onshore Guajira Basin of Colombia. Seven DSTs were conducted by Halliburton between August and September 1988 of which DST 7 was successful in testing gas in the Miocene Sand section from 7,516 to 7,524 feet and from 7,604 to 7,610 feet. The summarized test data was as follows:
Date of Test
03:30 to 12:00
12:30 to 18:30
09:30 to 10:00
12:00 to 17:30
10:00 to 12:15
15:30 to 18:15
22:00 to 10:15
During the test, a total of 1.92 MMcf of gas (specific gravity from 0.563 to 0.575) was produced. No pressure build-up data and no pressure transient analysis were conducted. The above test data should be considered to be preliminary until such analysis or interpretation has been done. The test results are not necessarily indicative of long-term performance or of ultimate recovery.
Further tests in the same intervals are to be conducted in the re-entry of this well and is planned in the latter part of this year.
2. The information on the new prospective resources might exist based on a P50 level could reach a global total of 200 Bcf of gas in the second paragraph is hereby retracted as it was not estimated in accordance with NI 51-101 Policy. The Company is currently preparing a resources report on the Maria Conchita Block that will be in compliance with NI 51-101, and will release the results of that report via SEDAR upon completion. The current certified reserves value of 34.6 Bcf of gas refers to the volume (at 100% working interest) of Total Proved + Probable Reserves of conventional natural gas, with an effective date of August 31, 2020, evaluated by Petrotech Engineering Ltd., an independent reserves evaluation firm based in Burnaby, British Columbia. This information is disclosed in the Company's news release posted on SEDAR October 2, 2020. The Company's working interest in the Maria Conchita Block is 80%.
3. The information relating to SN 9 which could host up to 1 Tcf of gas as described in paragraph 7 is hereby retracted as it was not estimated in accordance with NI 51-101 Policy. The Company is also preparing a resources report on the SN 9 Block that will be in compliance with NI 51-101, and will release the results of that report via SEDAR upon completion. The Company's working interest in the SN 9 Block is 72%.
Petrotech Engineering Ltd., an independent qualified reserves and resources evaluator, has reviewed the contents of this news release and found it to be prepared in accordance with National Instrument 51-101 Standard of Disclosure for Oil and Gas Activities ("NI 51-101").
About NG Energy International Corp.
NG Energy International Corp. is a publicly traded E&P company on a mission to provide a clean and sustainable solution to Colombia's energy needs. The Company intends on executing this mission by producing and bringing gas to the premium priced Colombian gas market from its concessions, SN-9, a 311,353 acres block which is adjacent to Canacol's Nelson field, as well Maria Conchita, a 32,518 acre block located in the region of La Guajira. NGE's team has extensive technical expertise and a proven track record of building companies and creating value in South America. For more information, please visit SEDAR (www.sedar.com) and the Company's website (www.ngenergyintl.com).
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. The information in this news release about the memorandum of understanding to be entered into and the expected completion of the Pipeline Facilities, and other forward-looking information includes but is not limited to information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms of such transaction.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, risks related to the Company's inability to perform the proposed operations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE NG Energy International Corp.
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