QualityStocks would like to highlight Heavy Earth Resources, Inc. (OTCBB: HEVI), an oil and gas exploration, development, and production company managed by experienced professionals and focused in under-explored regions and basins with proven petroleum geology fundamentals in Central and South America.
In the company’s news yesterday,
Heavy Earth Resources reported that the company has acquired the sole, issued share of a Colombia-focused company based in Barbados, also offering an update on extant operations (includes a withdrawal/transfer agreement and seismic program).
HEVI made the acquisition via a purchase and sale agreement through Heavy Earth’s Deep Core, Inc. subsidiary, for the sole issued share of Petro Vista Energy Colombia (Barbados) Corp., whose operations include a working interest in the Lower Magdalena Valley Basin, La Maye E&P Contract.
In addition HEVI, through the company’s Colombian operating subsidiary (DCX SAS), entered withdrawal/transfer agreements (closed May 15) with SK Innovation Co. Ltd (out of Korea) and Petroamerica International Corp. (Panama) for the SSJN-5 E&P Contract. This move places HEVI in a better logistical position, where the company can exploit its lower risk exploration vectors, while opening up underexplored resource areas that have tremendous potential for future production.
CEO of HEVI, Grant Draper, pointed to both of these moves as a prime example of the company’s capacity to generate shareholder value by growing the fundamentals. Draper explained that such acquisition of “highly probable and profitable working interest assets” via its subsidiaries, in what are emerging regions with proven hydrocarbon geology, as well as production track records, places HEVI in a solid acreage position to drive both future growth of shareholder value and raw output.
They key target being looked at here is the La Maye Block (testing well Noelia-1 already sunk back in Oct of 2009 and awaits testing), a some 68.3 gross acres of choice territory with perfect geologic analogs to the proximal, producing, Cienaga de Oro (sandstone target) and Cicuco (reefal limestone in and around granite) formations. La Maye is updip from the Cicuco & Boquete Fields and is primarily characterized by highly porous sandstone and shallow water.
Additionally, the company offered information on overall operations for Colombia, including the completion of 3D seismic analysis data capture (and subsequent commencement of data processing) on the northern part of the Morichito Block (designed to extend and refine extant 2D survey data, helping to quantify the resource footprint of the two primary, high-value prospects in among the multiple potential targets).
Also covered among the operational update was a declaration of commercial viability status for the company’s Morichito-5 discovery well, as well as that start of creating the requisite logistical infrastructure required to take the Morichito-5 into production some time in Q1/Q2 2013.
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