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CASSONA SE: CASSONA informs about surprise successes of its crude oil production in Canada

DGAP-News: CASSONA SE / Key word(s): Drilling Result
CASSONA SE: CASSONA informs about surprise successes of its crude oil
production in Canada

11.02.2014 / 10:10

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The crude oil production in Canada shows much better results than initially
expected. CASSONA's oil property in Alberta (Canada) holds beside
significant reserves of light oil as well in higher rock layers huge
deposits of heavy oil.

Frankfurt (11 February 2014) - CASSONA SE (COE) informs that in addition to
the significant reserves of light oil, which have been proven on its oil
property, surprisingly in higher rock layers heavy oil has been found as
well. Since beginning of January CASSONA produces high qualified light oil
from a depth of about 1'300 meters.

In Central North Alberta this soil layer is called Slave Point Formation,
and describes extensive marine carbonate deposits from the middle Devonian
in age of about 380-400 million years ago. The light oil today produced out
of these sediments possesses a particularly high quality, contains only a
small fraction of water and other impurities and obtains market prices of
up to 95 USD per barrel.

Since 6 January 2014 CASSONA produces on the first well between 220 and 270
barrel per day. Above the light oil deposits in a depth of about 400 meters
now further deposits of heavy oil have been proven. The size of these
deposits might be twice as large.

'We are very amazed about this surprising success', exclaims the CEO Dr.
Guido Quadri. 'The reason for this surprise might be the fact that our oil
property is almost virgin and untouched. Though the production of heavy oil
requires a complete different technology. Currently we are highly satisfied
with our first production volumes of light oil and as a next step we are
planning to systematically develop the entire property with additional
wells and the approved technology of horizontal drilling.

Further investments are considered in the infrastructure, which might be of
use as well for the surrounding oil properties. Before announcing further
details about the effective proven oil reserves and their evaluation, we
have to wait for the outside expert's opinion, which is currently carried
out by an independent engineering office', Dr. Quadri says.

CASSONA is an investment corporation for targets of the business sectors
natural resources, mining and infrastructure. CASSONA is a European
corporation with domicile in Frankfurt Main.

The shares are listed at the regulated market of GXG Markets and they are
traded at the Open Market of Frankfurt Stock Exchange FWB and at Berlin
Stock Exchange (ISIN DE000A1C6T63).

CASSONA SE Schubertstr. 14 60325 Frankfurt Main Germany
[e-mail] www.cassona.de


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Language: English
Company: CASSONA SE
Schubertstrasse 14
60325 Frankfurt
Germany
Phone: [phone]
Fax: [phone]
E-mail: [e-mail]
Internet: www.cassona.de
ISIN: DE000A1C6T63
WKN: A1C6T6
Listed: Freiverkehr in Berlin; Frankfurt in Open Market ; GXG


End of News DGAP News-Service
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251992 11.02.2014