ALBUQUERQUE, N.M., Jan. 24, 2012 /PRNewswire/ -- Brinx
Resources Ltd. (OTCQB: BNXR) is pleased to report that the Company
and its partners have drilled the first discovery well ("SBV-2–32″)
at the King City Project in California.
The SBV-2–32 well was spudded on November
22, 2011 and was drilled to a total depth of 3,468 feet on
November 29, 2011. Casing was
set and cemented in place to total depth. Two significant
intervals showed promise for the production of commercial
quantities of hydrocarbons. The first interval of approximately 30
feet with 12 API gravity showed good oil staining on drilling and
provided a good log response. The second interval of interest
indicated approximately 70 feet of oil pay with 17 – 18 API gravity
also with good oil staining during drilling and a very good log
response.
"We expect that both sands will be tested within the next 30
days with completion efforts to follow shortly thereafter," said
Leroy Halterman, President of Brinx
Resources. "Following a successful completion of this initial
well, Brinx and partners expect to drill and test additional wells
in the area upon obtaining the required permitting from the
County."
King City Project Background
On May 25, 2009, Brinx entered
into a Farm-out agreement with Sunset Exploration to participate in
the drilling and exploration of approximately 10,000 acres of land
located in Monterey County,
California. The King City Project is offsetting a
large, historic, and relatively shallow oil and gas field.
Brinx agreed to pay 33.33% of all costs to casing point to earn a
20% Working Interest in the initial test well. On all
subsequent wells, Brinx has agreed to pay 20% of the costs to earn
a 20% Working Interest.
About Brinx Resources
Brinx Resources is an expanding exploration company focused on
developing onshore North American oil and natural gas
reserves. The Company's current focus is on the continued
exploration and development of its land portfolio comprised of
working interests in the Three Sands Project in Noble County, Oklahoma (25 to 40% interest),
other Oklahoma drilling and
production projects (5% interest), a 135 square mile 3-D seismic
program in Oklahoma (5% interest),
and the King City Project in California (20% interest). Brinx
Resources is seeking to further develop its existing projects
through development or offset drilling and expand its portfolio to
include additional interests in North
America and internationally.
Investor Contact
LiveCall Investor Relations for Brinx Resources
E-mail: info@brinxresources.com
Brinx Corporate: www.brinxresources.com
Investor Community: www.livecallir.com
Toll-Free: (877) 226-8002
Safe Harbor Statement: Statements which are not historical facts
are forward-looking statements. The Company makes forward-looking
public statements concerning its expected future operations,
performance and other developments. Such forward-looking statements
are necessarily estimates reflecting the Company's best judgment
based upon current information and involve a number of risks and
uncertainties, and there can be no assurance that other factors
will not affect the accuracy of such forward-looking statements. It
is impossible to identify all such factors but they include and are
not limited to the existence of underground deposits of commercial
quantities of oil and gas; cessation or delays in exploration
because of mechanical, operating, financial or other problems;
capital expenditures that are higher than anticipated; or
exploration opportunities being fewer than currently anticipated.
The Company has no official gas or oil reserves at this time and
may not have sufficient funding to thoroughly explore, drill or
develop its properties. Factors which could cause actual results to
differ materially from those estimated by the Company include, but
are not limited to, government regulation, managing and maintaining
growth, the effect of adverse publicity, litigation, competition
and other factors which may be identified from time to time in the
Company's public announcements and filings.
SOURCE Brinx Resources Ltd.