County Line Energy Corp. (CYLC) Announces Acquisition in Prolific Provost, Alberta
LAS VEGAS, NEVADA--(Marketwire - Jan. 8, 2013) - County Line Energy Corp. (CYLC) (PINKSHEETS:CYLC)(FRANKFURT:G7Q), an integrated junior oil and gas explorer, is pleased to announce it has completed the acquisition of a 640 acre parcel of land adjacent to the north east edge of the massive Provost Oil Pool near Coronation, in East Central Alberta, called the Gillespie Lake Property.
The Provost Field is a mature asset, with a history of producing 55 milion cu.ft. of gas and 2,450 barrels of oil daily. Though well developed with intensive infrastructure, Provost remains in a primary phase of oil production and will remain so for the foreseeable future.
Oil and gas production began in Provost in the 1970s and has led to tremendous growth in the area, positioning it as an industry leader in providing skilled labor and industry infrastructure. The Provost oil field is the second largest producing field in Western Canada, surpassed only by the tar sands of Fort McMurray.
The Gillespie Lake Property directly offsets the Provost "SPRK POOL". Production is derived from both the Dina sand and Sparky sandstone in the region.
County Line purchased a 100% interest (excepting a Crown Royalty and a 4% GORR).
A comparable seismic model is available for comparison from an existing producing well in the area. The company will review the similarities with existing seismic information from the Gillespie.
The Gillespie Lake Property
Management is very familiar with this area. Harry Bygdnes, President of County Line, commented on the potential of the purchase stating, "We've long been bullish on Alberta's oil prospects. And the Provost continues to surprise. Just last year, another junior reported a ten-fold increase in production from its first vertical well frac. With today's frac technologies, it's a very exciting time to be an oil man."
About County Line Energy Corp. (CYLC): (www.countylineenergy.com)
County Line Energy Corp. is an integrated junior oil explorer. County Line not only owns, operates, and participates in oil projects in the exploration phase, but also has developed and markets proprietary 3 dimensional seismic data software, which was created for one of its own projects in Alberta, 2007, to assist in better determining drill targets.
Harry Bygdnes, President
County Line Energy Corp.
Forward-Looking Statements: This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set forth in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
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County Line Energy Corp.
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