Armada Oil, Inc. Accelerates Oil Exploration In Niobrara Region With 3-D Seismic Survey; Signs Geophysical Data Acquisition Agreement With Geokinetics
Houston, TX (GLOBE NEWSWIRE) - Armada Oil, Inc. (AOIL.QB), an emerging independent oil and gas company, has entered into a geophysical data acquisition agreement with Geokinetics USA, Inc. (NYSE Amex:GOK), a leading provider of seismic data to the oil and gas industry worldwide, to conduct a 3 dimensional (3-D) seismic survey on the Company's strategic acreage position in the developing Niobrara oil play.
According to its data acquisition agreement, filed today with the U.S. Securities and Exchange Commission (SEC), the survey will cover approximately 41.05 square miles (26,272 acres) in and around the Laramie and Hanna Basins in Southern Wyoming.
"Technological advances in the last decade have helped create new opportunities in unconventional energy plays, but in order for any company to fully tap the potential and truly make the Niobrara an economic resource play they must successfully translate geological understanding into completions success and determine the most commercially viable completions strategies to ensure long-term production," said Richard F. Miles, Chief Executive Officer of Geokinetics.
"Armada's front-end investment in an advanced 3-D seismic program is part of our aggressive growth strategy and will further illuminate the Niobrara play, allowing exploration for reserves not locatable by other means and providing the necessary data to develop the new discoveries," said Armada Oil Chief Executive Officer James J. Cerna. "We plan to drill two wells by year-end in the Niobrara and are eager to be working in tandem with Geokinetics to record and interpret state-of-the-art information that will enable us to identify high-potential drill targets."
Further details on progress of the southern Wyoming seismic program will be released as they become available. An electronic copy of the related 8-K and other filings are available on the company website in addition to the website of the SEC: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001081074&owner=include&count=40.
About Geokinetics USA, Inc.
Geokinetics USA, Inc. is a leading provider of seismic data acquisition, seismic data processing services and multi-client seismic data to the oil and gas industry worldwide. Headquartered in Houston, Texas, Geokinetics is the largest Western contractor acquiring seismic data onshore and in transition zones in oil and gas basins around the world. Geokinetics has the crews, experience and capacity to provide cost-effective world-class data to its international and North American clients. For more information on Geokinetics, visit www.geokinetics.com.
About Armada Oil, Inc. (www.armadaoilinc.com)
Houston, Texas-based Armada Oil, Inc. (AOIL.QB) is an independent oil and gas company focused on discovering, acquiring and developing multiple objective onshore oil and natural gas resources in prolific and productive geological formations in North America. Armada holds strategic acreage positions in and around the Laramie and Hanna Basins in Southern Wyoming that includes a contiguous 25,000+-acre site near existing infrastructure in the liquids-rich Niobrara formation and a footprint in the Eagle Ford shale play in Texas. For more information, please visit www.armadaoilinc.com.
Legal Notice Regarding Forward-Looking Statements
Statements in this release that are not historical facts are "forward-looking statements" subject to risks/uncertainties. Such statements are based on current facts/analyses and other information that are based on forecasts of results, estimates of amounts not yet determined, and assumptions of management. Such statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be present when/if a project is actually developed.
It is important to note that actual outcomes and results could differ materially from those in such statements due to numerous factors beyond the Company's control including misinterpretation of data, inaccurate estimates of reserves, uncertainty of the requirements demanded by governmental agencies, Company's ability to raise financing, breach by third-parties, inability to retain employees/consultants, competition for equipment, inability to obtain permits, delays in operations, the likelihood that no commercial quantities of resources are found/recoverable, and our ability to participate in the exploration and completion of development programs. Additional information on the Company's risks can be found in the Company's periodic filings filed with the SEC at www.sec.gov.
This release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities mentioned herein have not been, and will not be, registered under the Securities Act of 1933, as amended. They may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act. Company undertakes no obligation to publicly release the results of any revisions to these statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE: Armada Oil, Inc.
© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved.