Golconda Resources Ltd. Provides Status Report on Cold Lake First Nations Joint Venture
Published : August 26, 2013
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Keywords :   Canada | Market | Oil | Recovery | Report |

CALGARY, ALBERTA--(Marketwired - Aug. 26, 2013) - Golconda Resources Ltd. (the "Corporation" or "Golconda") (News - Market indicators) is pleased to provide an update on its Cold Lake First Nations Joint Venture. The first of the ten oil wells to be drilled on Cold Lake First Nations Lands pursuant to our Joint Venture was drilled in March, 2013. This well was completed in the prospective Lloydminster formation in April 2013. Refer to our release of March 27, 2013 for additional details. The production test of the Lloydminster zone concluded that the zone was too heavy to be a primary recovery candidate. In July, 2013 the Lloydminster zone was plugged back, and the Sparky zone was completed. Based on field estimates, the well is now producing approximately 25 barrels of heavy oil per day with a sand cut of approximately 9 barrels per day. The production rate and sand cut are anticipated to improve over the course of the next three to six months based on production from offsetting wells in the area.

The Joint Venture drilled and cased the second well of the program earlier in August, 2013 and encountered the potential of several productive zones. The well has been completed in the Sparky formation and placed on production test.

The Joint Venture has received preliminary approval from Indian Oil and Gas Canada (IOGC) for the next three wells of the program, and it is expected that these three wells will be drilled in late summer/early fall of 2013.

Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. All statements included herein, other than statements of historical fact, constitute forward-looking information and such information involves various risks and uncertainties. In particular, this press release contains forward-looking statements pertaining to the expected production rate and sand cut of the well improving over the course of the next three to six months and the expected drilling schedule of the next three wells. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of certain assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation's disclosure documents on the SEDAR website at www.sedar.com. In particular, with respect to forward-looking statements contained in this press release, the Corporation has made assumptions regarding, among other things, the comparability of its well to offsetting wells in the area. The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



Golconda Resources Ltd.
David Orr
(403) 539-4440
dorr@golconda.ca
www.golcondaresources.com
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Golconda Resources Ltd

EXPLORATION STAGE
CODE : GA.V
ISIN : CA38046F1027
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Golconda Res. is a silver and gold producing company based in Canada.

Golconda Res. holds various exploration projects in Canada.

Its main exploration properties are SOUTH MONITOR, 4 ACES, WAPAWEKKA, SHULIN LAKE, RALSTON VALLEY, MERGE, MONITOR FLAT, ENNIS LAKE, SHULIN LAKE and WAPAWEKKA WEST in Canada.

Golconda Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 3.3 millions as of today (US$ 2.7 millions, € 2.5 millions).

Its stock quote reached its lowest recent point on July 10, 2015 at CA$ 0.01, and its highest recent level on September 22, 2021 at CA$ 1.20.

Golconda Res. has 133 509 992 shares outstanding.

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Financings of Golconda Resources Ltd
9/19/2012Provides Update Regarding Debt Financing
5/18/2011Announces the Issuance of a Secured Debenture and Operations...
Nominations of Golconda Resources Ltd
2/22/2011Appoints Mr. David Orr as New President
2/22/2011Appoints New President
Project news of Golconda Resources Ltd
5/14/2013Announces Asset Sale and Production Update
10/24/2012Announces Reserves Results and Resumption in Trading
Corporate news of Golconda Resources Ltd
7/22/2015Goldonda Resources Ltd. transfers to NEX
4/1/2015Golconda Resources Ltd.: Corporate Update
2/23/2015Golconda Resources Ltd. Completes Sale of Cold Lake Joint Ve...
1/23/2015Golconda Resources Ltd. Announces Meeting Results
1/5/2015Golconda Announces Disposition
12/23/2014Golconda Resources Ltd. Announces Additional Cold Lake Joint...
12/12/2014IIROC Trading Resumption - GA
12/12/2014Golconda Resources Ltd. Agrees to Sell Cold Lake Joint Ventu...
12/12/2014IIROC Trading Halt - GA
4/30/2014Golconda Resources Ltd.: Cold Lake First Nations Joint Ventu...
10/16/2013.: Initial Sale of Oil Production by Cold Lake First Nations...
8/26/2013. Provides Status Report on Cold Lake First Nations Joint Ve...
5/24/2013Announces Closing of Asset Sale
3/27/2013.: Corporate Update- Drilling Completed
3/22/2013.: Corporate Update- Drilling to Commence
9/6/2012Provides Update Regarding Joint Venture and Announces Propos...
6/15/2011Announces Limited Partnership With Birch Narrows First Natio...
6/7/2011Provides Update to Annual General and Special Meeting Matter...
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