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PRESS RELEASE: CASSONA SE: CASSONA's oil property contains about 50.8 million barrel light oil and about 102.6 million barrel heavy oil

DGAP-News: CASSONA SE / Key word(s): Drilling Result CASSONA SE: CASSONA's oil property contains about 50.8 million barrel light oil and about 102.6 million barrel heavy oil

25.02.2014 / 08:33

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CASSONA distributes the results of the expert's opinion: On the oil property of CASSONA in Alberta about 50.8 million barrel light oil and additionally 102.6 million barrel heavy oil are proven.

Frankfurt (25 February 2014) - CASSONA SE (COE) informs that according to the expert's opinion, which has been commissioned in early January, on the oil property a quantity of 50.8 million barrel light oil and 102.6 million barrel heavy oil OOIP have been proven.

The expert's report states that by primary, secondary and enhanced exploration technologies in total up to 65% of the light oil and 50% of the heavy oil are recoverable. The proven light oil deposits are resources of a soil layer, which in the area of Red Earth in the Province of Alberta in Canada is called Slave Point Formation.

Since a couple of years for the efficient production of light oil locally an efficient and approved technology is applied. The experts propose a successive development of the entire oil property in so called pads of up to 4 drilling wells, which are supposed to be located close to each other to reduce the environmental impact caused by the movement of the drilling rigs. In Q1 2014 the experts expect for locally produced light oil to achieve sale prices of up to 95 dollar per barrel. CASSONA markets its first production volumes for about 80 dollar per barrel minus applicable taxes. The production of heavy oil from oil sands however requires a different production technology. In close proximity to the production well a steam injection well is placed to liquidate the oil deposits before pumping them to the surface.

'For our internal evaluation this expert's opinion has an outstanding importance', states the CEO of CASSONA Dr. Guido Quadri. 'This finally shows the amount of assets held by CASSONA. As a next step we are planning to develop the production of our light oil resources. The additionally existing reserves of heavy oil we consider rather as a joker.'

CASSONA is an investment corporation for targets of the business sectors natural resources, mining and infrastructure. CASSONA is a European corporation with domicile in Frankfurt Main. The shares are listed at the regulated market of GXG Markets and they are traded at the Open Market of Frankfurt Stock Exchange FWB and at Berlin Stock Exchange (ISIN DE000A1C6T63).

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PRESS RELEASE: CASSONA SE: CASSONA's oil property contains about 50.8 million barrel light oil and about 102.6 million ...