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 Result Energy (RTE.V) - NE BC Oil Shale

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cvac01
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PostSubject: Re: Result Energy (RTE.V) - NE BC Oil Shale   Fri Sep 12, 2008 9:26 am

Result Energy Inc. Expands Land Position and Secures a Second Major Industry Partner in the Horn River Basin Shale Gas Project
CALGARY, ALBERTA, August 14, 2008
Result Energy Inc. (ĎResultí; TSX-V: RTE) is pleased to announce that it has entered into a second agreement with a major oil and gas entity, and has acquired a 10% working interest in 25 additional sections in the Horn River Basin, northeastern British Columbia. This increases Resultís exposure to 83 gross (43.3 net) sections in this highly prospective new shale gas play.


  1. Result has entered into an agreement dated August 14, 2008 with Seven Generations Energy Ltd. ("7G") (the "Agreement"). 7G is a major private petroleum company, which was successful in acquiring 25 gross contiguous sections of mineral rights at a recent BC land sale. Under the terms of its agreement, Result has committed to pay $5 million to acquire a 10% working interest in this land block.
  2. Preliminary plans for this project area include the drilling of at least 2 (0.2 net to Result) vertical shale gas wells in the Q1-09 period. Horizontal well legs may also be drilled in the Devonian shale this winter, depending on favorable drilling results, weather, and equipment availability.
  3. Result will fund the land acquisition through a private placement of common shares to 7G at a deemed price of $0.533 per share, which represents the trailing weighted average market price of Resultís common shares for the 20 business days up to and including the date of the land sale. Subject to regulatory approval, Result expects to issue 9,380,863 common shares from treasury, which will increase Resultís issued and outstanding shares to 72,868,523.
  4. As a result of this land acquisition, 7G will own approximately 12.9% of Resultís outstanding common shares, and will thus be considered an insider of Result under applicable securities laws. 7G is acquiring these shares for investment purposes only, and at this time does not have an intention to acquire additional common shares.
  5. The land acquired is in the Dilly Creek area, which is regarded as one of the more prospective regions within the Horn River Basin for shale gas potential. The joint venture lands are believed to contain more than 125 meters of prospective Muskwa-Evie shales and are located less than 20 kilometers from the prolific Trail a-26-G well, which earlier this year reportedly had


gas flow rates of up to 5 million cubic feet per day after fracture stimulation of the Muskwa shale section.
ē Resultís estimated share of the capital costs for the Q1-09 two-well program, in addition to seismic related activities, is $3 million.
ē This transaction, in conjunction with a recently announced separate joint venture with a major public energy Trust, gives Result exposure to 83 gross sections (43.3 net) in the exciting Horn River Basin. Resultís land position is concentrated in the east side of the Horn River Basin, close to the major points of access and is focused on three separate project areas, which are within an 85 km range. This will diversify Resultís exploration, access, and infrastructure risks on this regional play.
Investors are cautioned that this news release contains forward looking information. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity or achievements.
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cvac01
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PostSubject: Re: Result Energy (RTE.V) - NE BC Oil Shale   Fri Jun 13, 2008 2:41 pm

Hi Bob,

I am just putting the names on the forum more DD to follow. Thanks for you input.

Cheers,

cvac01
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Bobwins01
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PostSubject: Horn   Fri Jun 13, 2008 2:39 pm

Looked at the names you listed. Trivello is a hope and a prayer. They bet everything on their Lucy prospect and lost. Now they are claiming to go after Montney. SAB and CE look interesting. SAB has good production already but has a big acreage position and is refocusing on the Montney. Almost 3,000boepd is substantial so they will have cashflow and financing ability to gear up for the Montney this year. CE is doing it the smart way. They have the land and they are letting bigger boys finance 100% and do the drilling. Will look at both more this weekend. Bobwins
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Bobwins01
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PostSubject: Horn   Fri Jun 13, 2008 2:28 pm

I haven't gone after specific stocks based on the Horn play. I do own UP.to based on the good pedigree from Diamond Tree and the great cashflow of .10 in it's first full qtr of production. I get the feeling that they are going to watch and see how others do before jumping in with both feet. Bobwins
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cvac01
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PostSubject: Re: Result Energy (RTE.V) - NE BC Oil Shale   Fri Jun 13, 2008 2:12 pm

Hi Bob,

Good stuff. Have you looked at anything in the Monteney/Doig are up in North East BC?

I was searching around last night for some BC Shale plays similar to RTE.V and came up with the following list of those in the Doig/Monteney play or Horn River (not including the big players):

TRV, TSU, SPI, SAB, UP, CE

I continue to look for more as the NE BC Oil and Gas plays haven't got the attention like the Quebec companies. A lot of that has to do with the cost of drilling and land in the Horn River, but I am still digging deep in the area looking for an undervalued junior.

Cheers,

cvac01
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Bobwins01
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PostSubject: Re: Result Energy (RTE.V) - NE BC Oil Shale   Fri Jun 13, 2008 1:49 pm

used to own rte. They are good reliable drillers with a good track record. I think they have decided to roll the dice here with the Horn play. They are selling producing assets to cash up and go for the Horn. Due to the fact that they need to drill and experiment with getting the formation to produce, they are not projecting production or revs from the Horn for a long time. This is a big risk AND the financial results are going to fall from the sale of assets as well as the lack of news.

Based on the time delay before drilling and potential production, I passed. Bobwins
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cvac01
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PostSubject: Re: Result Energy (RTE.V) - NE BC Oil Shale   Thu Jun 12, 2008 11:18 pm

Hi all,

Business News Network broadcast has an interesting report on the Horn River shale gas in Northeast British Columbia.


To watch the BNN report click here: http://watch.bnn.ca/the-business-news/june-2008/the-business-news-june-11-2008/#clip59230


Cheers,

cvac01






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cvac01
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PostSubject: Re: Result Energy (RTE.V) - NE BC Oil Shale   Wed Jun 04, 2008 9:16 am

Result Energy Inc. Year End Review and Operations Update

Last Update: 5/2/2008 9:20:35 AM

CALGARY, May 2, 2008 (Canada NewsWire via COMTEX) -- Result Energy Inc. (RTE) is pleased to provide a year end 2007 summary and an update on 2008/09 exploration plans:
2007 Review
Result's average daily production increased for the 6th consecutive year to 1,119 boed from 823 boed in 2006, a 36% year over year increase. Production is currently 90% weighted to natural gas and following the April 30, 2008 disposition of Saskatchewan assets, the Company's current productive capacity is now estimated at 950 boed.
Funds from operations increased by over 52% for the year; to $6.2 million from $4.1 million in 2006. Fourth quarter funds from operations was $0.86¬ million, down 37% from the same period last year.
The proved plus probable additional ("P+PA") reserves at December 31, 2007 increased to 3.55 million boe, up 3% from a year earlier. However the P+PA reserve value discounted at 10% was down 5% from the prior year. This was due primarily to a low price forecast used by the Company's independent reserves engineers.
It should be noted that the December 31, 2007 reserve report was based on forecasted future gas prices averaging $6.53/mcf for 2008 and $7.26 for 2009. The winter draw-downs in North American natural gas storage levels have caused significant increases in spot and forecast natural gas prices. A NI 51-101 compliant reserve report update, based on a revised gas price forecast, increases Result's December 31, 2007 NPV 10% P+PA reserve values by approximately $5.3 million.
Finding and development ("F&D") costs for P+PA reserves were $24.13/boe excluding future capital. Result's 3 year average F&D costs were $15.80/ boe. When taken over the 3 year average, they are comparable to industry standards.
In 2007, we participated in 22 wells (10.6 net), resulting in 16 (7.3¬ net) cased and potential gas wells, 4 (1.8 net) suspended and 2 (1.5 net) dry and abandoned wells for an overall 86% (net) success rate.
The full MD&A and audited financial statements for 2007 are available for review on SEDAR and the Company's website.
The recent royalty changes in Alberta have made it difficult for Result to justify the same levels of capital investment in the Province that the Company has committed over the past 3 years. Unlike many juniors with no alternative project areas to invest in, Result has a significant growth opportunity in the Horn River Basin of northeastern British Columbia. The Company expects capital investment in B.C. to account for up to 70% of its budget over the next 2-3 years.
Horn River Basin
Over the past year, Result Energy has been acquiring a large land position in the Horn River Basin. This Muskwa-Evie shale gas play is now receiving considerable industry attention as initial well results from the 2008 winter drilling season are announced.
The Company currently owns 40 sections at 100% working interest within the southeastern portion of the Horn River Basin. The Company's lands are prospective for both the Middle Devonian shale gas play and the underlying Keg River platform gas play. Based on comparable figures recently announced by area operators and B.C. government sponsored studies, Result estimates the potential shale gas resource on these lands at between 100 and 200 bcf per section.
The Company plans to kick off its Horn River evaluation program beginning in Q1 2009. This program is designed to deliver 'proof-of-concept' data for both the shale gas and platform gas plays. During Q1 2009, Result expects to drill at least two vertical wells in the area to confirm the shale potential and provide gas-in-place resource estimates. Additional Q1 2009 activity will include comprehensive 2-D seismic acquisition to define specific platform prospects. In commenting on this project, Bill Matheson, Result's President and C.E.O., said "We entered this play early to provide significant upside value for our shareholders. Obviously, we are thrilled that the industry results announced to date have been very positive for this play".
Result's AGM is scheduled for 3:00 PM on Tuesday, May 27, 2008 at the Calgary Petroleum Club, Viking Room, at which time additional information relating to plans for 2008-2009 will be discussed.
Investors are cautioned that this news release contains forward looking information. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity or achievements. In addition, Result has applied the industry standard of converting natural gas volumes at six thousand cubic feet per barrel (6¬ mcf/bbl) of natural gas to barrels of oil equivalence ("boe"). Boe units may be misleading, particularly if used in isolation.
Result Energy Inc. is a publicly traded Canadian energy company involved in the exploration and development of oil and gas properties in western Canada. Result trades on the TSX Venture Exchange under the symbol "RTE".
The TSX Venture Exchange does not accept responsibility for the adequacy
and accuracy of this release.
SOURCE: Result Energy Inc. William Matheson, President & CEO, Result Energy Inc., (403) 777-0007
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PostSubject: Result Energy (RTE.V) - NE BC Oil Shale   Tue Apr 22, 2008 7:47 am

Hi all,

While Everyone focus's on the oil shale play in Sask and Quebec I have been loooking for a Junior Oil and Gas Company in the Horn River Basin (near EOG Resources find) and the best I could find so far is Result Energy (RTE.V). There has got to be a few more juniors in the area, but RTE is up over 30% since I first discovered it after the Globe and Mail article.

Lets see what others we can find?

Here is some info on Result Energy (RTE.v) andthe Globe and Mail article below.

http://www.resultenergy.com/

Northeastern British Columbia Ė over the past twelve months, the Company has been building a significant land position on a new deep Devonian gas play in northeastern British Columbia. This play is targeting high-deliverability gas within the Keg River platform of the Horn River basin. Result plans to acquire seismic data over these lands in 2008, with a view to drilling the first prospect in late 2008. To date, the Company has acquired more than 23,000 gross acres (35 sections) on this play at a 100% working interest. These lands are also highly prospective for the emerging Muskwa and Evie shale gas play, which is attracting major industry interest. Recent Crown land sales for shale gas mineral rights near Result interest acreage have, in aggregate, totaled more than $325 million, with certain individual bids exceeding $2,000 per hectare.


Cheers,

cvac01

------------------------------

Gas players gear up for B.C. rush
Huge discoveries in northeast ignite 'massive land grab' for drilling rights
DAVID EBNER

From Monday's Globe and Mail

March 3, 2008 at 4:03 AM EST

CALGARY ó The remote and rugged northern fringe of British Columbia is set for a frantic land grab by natural gas explorers, following months of speculation and intensified by last week's announcement of what could rank among the largest gas discoveries in Canadian history.

Located in northeastern B.C., with the key area centred on the Horn River Basin, very little was known about the play until last Thursday, when Houston-based EOG Resources Inc. said it might have reserves of six trillion cubic feet - the same as Mackenzie Delta, Northwest Territories, and a figure that would increase Canada's total proved reserves by roughly 10 per cent.

EnCana Corp. of Calgary - which claims the initial discovery of Horn River's potential - and partner Apache Corp. of Houston may also have 6 trillion cubic feet of gas, Apache said in early February.

EnCana, Apache, EOG, as well as Nexen Inc. of Calgary, are the four major firms on the play and hold exploration rights for more than 600,000 acres. In late March and again in late April, the B.C. government announces the results of the next two auctions of exploration rights in the province, with roughly another 200,000 acres up for grabs in the Horn River region.

"Everyone's looking at bidding at land up there, it goes without saying," said Dale Shwed, chief executive officer of Crew Energy Inc., a Calgary junior explorer that has a small position in the region.

Industry's focus on Horn River has increased steadily in the past year, most recently capped by the $67-million put down at B.C.'s February auction of exploration rights for land in the area. "I suspect the EOG announcement will push it through the roof," said Michael Harris, vice-president of investor relations at Nexen.

Major advances in technology are helping drive the frenzy, including horizontal drilling and subsurface fracturing of the complex and difficult shale rock in which the natural gas in Horn River is trapped. Unlike conventional pools, economically extracting gas from shale rock has been, until just recently, next to impossible.

But with the likes of EnCana and EOG successfully exploiting the Barnett shale play in Texas, other opportunities such as Horn River are poised to make the leap from theory to reality.

"This is setting up to be a massive land grab equivalent to that of the oil sands binge in Alberta during late 2005 and early 2006," analyst Robert Fitzmartyn of FirstEnergy Capital said in a report last Friday. "Land sales are likely to remain frantic over the coming months."

EOG's announcement on Horn River, one of a series of discoveries in North America the firm disclosed, stirred a buying spree among investors. EOG stock Thursday surged 18 per cent to an all-time high. Stock of Nexen rose 5 per cent as almost 28 million shares traded, 10 times the amount of a typical day.

Horn River - as well as the hot Montney play further south in the same area of B.C. - faces challenges beyond geology, led by its remoteness, where drilling is conducted in winter because rigs can only make it to locations when the rugged ground is frozen.

Seeing this, the B.C. government last year adopted an oil sands-like royalty framework for shale gas and other complicated plays. Once a project is approved, the royalty is a nominal 2 per cent of gross revenues until capital costs are recovered. It then rises in stages to a maximum of 5 per cent of gross revenues or 35 per cent of net profits, whichever is greater.

Wells at Horn River are expensive, roughly $10-million per hole. A handful have been drilled, with EnCana-Apache already producing gas from a couple of wells, and EOG set to put its first wells on-stream in June.

Shale gas requires high gas prices, analyst Gordon Gee of RBC Dominion Securities said last week, estimating a required long-term gas price of $8 per thousand cubic feet. If drilling costs come down, $7 might be adequate. The benchmark price of natural gas on the New York Mercantile Exchange on Friday was $9.73 (U.S.) per thousand cubic feet, much higher than the average of roughly $6 in this decade.
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