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> Baraka Energy and Resources
Ben
post Aug 13 2012, 02:54 PM
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Baraka Energy and Resources Ltd (ASX: BKP)

Baraka Energy Australia advises that its Joint Venture partner Petrofrontier Corp (TSX:PFC) has released an update regarding drilling on their Owen-3H and the upcoming completion operations on all three wells due in August.
"PetroFrontier Corp. ("PetroFrontier") is very pleased to announce that the vertical section of the "Owen-3" horizontal well has been drilled to a measured depth of 1,180 metres. Drilling of the horizontal sidetrack is underway and is expected to reach up to 1,000 metres in approximately three weeks. This will be PetroFrontier's third horizontal exploration well in the Southern Georgina Basin, Northern Territory, Australia.

A total of 32.5 metres of core was cut and retrieved from the Lower Arthur Creek "Hot Shale" and Thorntonia Carbonate formations. PetroFrontier is very encouraged by the initial assessment of the cores which seeped oil upon retrieval and had extensive florescence throughout. The well was also wire line logged with equally encouraging results indicating over 25 metres total vertical depth ("TVD") of hydrocarbon bearing formation.

Completion operations are expected to commence later in August. PetroFrontier intends to conduct ten-stage fracture stimulations at each of its three wells: MacIntyre-2H, Baldwin-2Hst1 and Owen-3H. In order to maximize operational efficiencies, the wells will then be flow tested after all wells have been fracture stimulated.

PetroFrontier is encouraged by the results to date and the fact that there are now three wells that have shown very encouraging oil and gas indications in the Lower Arthur Creek "Hot Shale". These results have the potential to add significant value for PetroFrontier shareholders" .

This result is excellent as Owen-3 located on the EP104 eastern boundary is directly north of EP127’s south eastern boundary (where BKP holds a undivided 25% working interest), meaning Baraka can place a lot of weight on the EP127 south eastern area displaying similar or identical results if and when any drilling programs in that

area are embarked on in the future. Whilst the current exploration program is focussed on unconventional targets there are a number of conventional targets within all of the tenements yet to be directly targeted with an exploration program. The Ryder Scott report states that there are "conventional carbonate zones" with potential conventional oil pools that may be up-dip from some 11 vintage wells. One of those potential target zones is the "Hagen Member". The below map shows the "Hagen Member" on EP127.
The company now looks forward to an exciting few months of results, in particular the fracture stimulation of the Macintyre-2H well and the completion and flow testing of all 3 wells.

* The above map shows in green previously drilled wells which returned oil shows, including Owen-2 on the eastern side of EP104, where Owen-3 closely resides.

The positive results from Owen-3 succeed the recent farm-in by Statoil into Baraka’s unconventional Oil and Gas Shale permits via its JV partner, whereby Statoil will have the option to earn up to 65% of Baraka’s JV partners working interests in EP 103, EP 104 (PetroFrontier 100%), EP 127 and EP 128 (Baraka 25% & PetroFrontier 75%) ("EPs") and in EPA 213 and EPA 252 (PetroFrontier 100%) ("EPAs") in exchange for exploration program related payments and carried costs of up to US$210.0 million over three phases. Statoil is a Norway based oil and gas company listed on the New York exchange with a market capitalization of approx $75 billion. Statoil has extensive holdings in unconventional oil and gas areas globally including the "Bakken". Baraka will retain 25% working interest in both EP 127 and EP 128 including a 75% undivided working interest in the 75km˛ around the Elkedra-7 well on EP128. Baraka will meet its contributions when & if required.

During the July period, the Chairman of Baraka was invited to give presentations to two major broking houses located in Melbourne and Sydney with Asian and Canadian connections. Both broking houses were well informed of the projects and the company and supported the board’s current direction and actions.


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Ben, Skype "Perth-", Western Australia
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