|By Marketwired .||
|July 31, 2014 02:08 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 07/31/14 -- BE Resources Inc. (TSX VENTURE:BER) ("BE" or the "Company") is pleased to announce that it has entered into a Letter of Intent ("LOI") with Cunningham Energy, LLC ("Cunningham"), of Charleston, West Virginia to acquire approximately 425 acres of oil leases in the Stringtown, Rock Creek, and Green Creek oil fields (collectively known as the "Oil Leases") within the Smithfield District in West Virginia, and not less than approximately 400 additional acres to be agreed upon, contiguous to the Oil Leases. BE will further have the first right of refusal to acquire additional oil leases to be agreed, being a minimum of 1,000 acres in area and allowing for a potential of up to an additional 15 horizontal oil wells.
BE will acquire a 73% net revenue interest in the Oil Leases, Cunningham, an experienced independent producer of oil and gas based in Charleston, West Virginia will be the project operator with a 14.5% net revenue interest, with land owners retaining the remaining 12.5% net revenue interest.
BE will begin the development program with an initial 3 well horizontal drilling pad. In consideration for the majority 73% net revenue interest in the Oil Field leases, BE has agreed to pay the first US$6.5 million of drilling and development costs of the first three wells, with Cunningham funding any and all further such costs for the first three horizontal wells. Additional sets of three wells each, if their development is agreed on by BE and Cunningham, will be funded under the same conditions.
As consideration, BE will issue a total of 3.5 million common shares of BE, to be held in escrow and released to Cunningham as follows: a) 500,000 upon execution of a definitive development agreement and operating agreement; b) 1,000,000 upon completion of the initial 3 wells; c) 500,000 upon a minimum of 350 bpd output (60 consecutive day average daily output measured from the date of initial production ("Average Output")); d) 500,000 upon a minimum of 550 bpd Average Output; e) 500,000 upon a minimum of 750 bpd Average Output; e) 500,000 upon a minimum of 1,000 bpd Average Output.
The LOI is conditional on: BE and Cunningham board of director approval; regulatory approval; due diligence by BE; BE closing a financing of not less than $US6.5 million; and finalizing a definitive development agreement by no later than September 30, 2014.
About West Virginia and its Oil Fields
West Virginia has a long history of oil and gas production from proven oil fields such as the Stringtown, Rock Creek, and Green Creek fields. The advent of new horizontal drilling and hydraulic fracturing technologies of recent years has opened up the possibility of economically extracting additional oil from known reservoirs in the fields. One such reservoir, the 'Big Injun' sandstone of the Rock Creek field located in Southwestern Roane County, West Virginia discovered in 1906 has an estimated 25.5 million barrels of oil cumulative production since discovery with censused oil in place estimates ranging from 90 million to 276 million barrels depending on the average pay zone thickness used in estimates. (1)
(1) West Virginia Geological and Economic Survey, Publication B-43, pages 57-60.
About Cunningham Energy LLC
Cunningham Energy is an independent producer of oil and gas based in Charleston, West Virginia with over 100 employees including experienced operations and drilling teams as well as industry petroleum consultants. Using new technologies, Cunningham Energy and it's affiliates are re-exploring proven oil and gas fields and have acquired over hundreds of oil & gas wells and nearly 30,000 acres of old and new drilling leases. So far, Cunningham has re-worked and stimulated over 250+ wells with a 98% successful completion rate. In February, 2014, Cunningham drilled the first commercial Big Injun Sandstone horizontal oil well in West Virginia. Cunningham Energy believes significant opportunity remains for profitable production from the Oil Fields of West Virginia with horizontal drilling and completion.
For more information, please visit www.cunninghamenergy.com
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.
Artifactory binary repository management system. As one of the most widely used binary repositories and the only repository that offers a high availability clustered solution, the integration with Artifactory helps customers easily adopt CA Release Automation to optimize their entire software development lifecycle. “Artifactory is a standard maker at the continuous-integration domain and provides the user a powerful repository experience with the freedom to choose his own tools set and ecosyste...
May. 5, 2015 07:45 PM EDT Reads: 471
This talk focuses on the application of DevOps fundamentals to include network infrastructure. It draws from real deployment case studies on the extension of today's paradigms to address the challenges of the network infrastructures' ability to seamlessly and cohesively integrate into agile workflows. In this session at DevOps Summit, Arista Networks will focus on configuration management using automation with a nod to future work necessary to include telemetry and ephemeral state information....
May. 5, 2015 04:45 PM EDT Reads: 1,128
Avnet, Inc. has announced that it ranked No. 4 on the InformationWeek Elite 100 – a list of the top business technology innovators in the U.S. Avnet was recognized for the development of an innovative cloud-based training system that serves as the foundation for Avnet Academy – the company’s education and training organization focused on technical training around top IT vendor technologies. The development of this system allowed Avnet to quickly expand its IT-related training capabilities around...
May. 5, 2015 04:15 PM EDT Reads: 938
SYS-CON Events announced today that dcVAST, a leader in IT infrastructure management, support service and cloud service, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. dcVAST provides cutting-edge IT services and IT infrastructure management services. dcVAST builds robust systems that are simple, secure and serviceable. dcVAST’s IT infrastructure support and IT services expertise can help companies r...
May. 5, 2015 04:02 PM EDT Reads: 610
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developmen...
May. 5, 2015 03:45 PM EDT Reads: 898
While Docker continues to be the darling of startups, enterprises and IT innovators around the world, networking continues to be a real mess. Indeed, managing the interaction between Docker containers and networks has always been fraught with complications. Without automation in networking, the vision of running Docker at scale and letting IT run the same apps unchanged on the laptop and in the data center or for any cloud cannot be realized.
May. 5, 2015 03:30 PM EDT Reads: 932
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
May. 5, 2015 03:00 PM EDT Reads: 840
The OnPage SOAP API provides programmatic access to OnPage messaging services. Typical applications include sending messages to individual OnPage users or groups and receiving tracking information for messages such as delivery and read timestamps or reply information. The API is based on open standards known collectively as "Web Services," which includes the Simple Object Access Protocol (SOAP), Web Services Definition Language (WSDL), and the XML Schema Definition language (XSD).
May. 5, 2015 02:37 PM EDT Reads: 351
SYS-CON Events announced today the DevOps Foundation Certification Course, being held June ?, 2015, in conjunction with DevOps Summit and 16th Cloud Expo at the Javits Center in New York City, NY. This sixteen (16) hour course provides an introduction to DevOps – the cultural and professional movement that stresses communication, collaboration, integration and automation in order to improve the flow of work between software developers and IT operations professionals. Improved workflows will res...
May. 5, 2015 02:30 PM EDT Reads: 3,396
Docker is becoming very popular--we are seeing every major private and public cloud vendor racing to adopt it. It promises portability and interoperability, and is quickly becoming the currency of the Cloud. In his session at DevOps Summit, Bart Copeland, CEO of ActiveState, discussed why Docker is so important to the future of the cloud, but will also take a step back and show that Docker is actually only one piece of the puzzle. Copeland will outline the bigger picture of where Docker fits a...
May. 5, 2015 02:15 PM EDT Reads: 5,326
Ayla Networks, whose agile Internet of Things (IoT) platform makes it easy for manufacturers to deliver secure, connected products, today announced it has been included in the list of "Cool Vendors" in the Internet of Things report by Gartner, Inc. “Gartner knows how important it is that manufacturers of all kinds of products have the right IoT solution to help turn their products into connected ‘things,’” said David Friedman, CEO and co-founder of Ayla Networks. “The market for Ayla’s IoT pla...
May. 5, 2015 02:00 PM EDT Reads: 503
A new definition of Big Data & the practical applications of the defined components & associated technical architecture models This presentation introduces a new definition of Big Data, along with the practical applications of the defined components and associated technical architecture models. In his session at Big Data Expo, Tony Shan will start with looking into the concept of Big Data and tracing back the first definition by Doug Laney, and then he will dive deep into the description of 3V...
May. 5, 2015 02:00 PM EDT Reads: 1,140
SYS-CON Events announced today that CenturyLink, Inc., a leader in the network services market, has been named “Platinum Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. CenturyLink is the third largest telecommunications company in the United States and is recognized as a leader in the network services market by technology industry analyst firms. The company is a global leader in cloud infrastructure and ...
May. 5, 2015 01:15 PM EDT Reads: 1,285
ScriptRock has been included in the list of "Cool Vendors" in the "Cool Vendors in DevOps 2015" report by Gartner, Inc.* ScriptRock provides visibility into the configuration state of an organization's IT environments, enabling the continuous delivery of mission critical services. For enterprises where downtime is not an option, ScriptRock's system-wide overwatch offers the assurance that misconfigurations and anomalies are caught before they affect the business. By satisfying this fundamental ...
May. 5, 2015 12:15 PM EDT Reads: 771
As cloud gives an opportunity to businesses to buy services externally – how is cloud impacting your customers? In his General Session at 15th Cloud Expo, Fabio Gori, Director of Worldwide Cloud Marketing at Cisco, provided answers to big questions: Do you see hybrid cloud as where the world is going? What benefits does it bring? And how does Cisco connect all of these clouds? He also discussed Intercloud and Cisco’s investment on it.
May. 5, 2015 12:00 PM EDT Reads: 5,155