Stamper Oil & Gas Corp. Signs Option on Production and Exploration Blocks in Colombia

VANCOUVER, British Columbia, April 25, 2017 (GLOBE NEWSWIRE) -- Stamper Oil & Gas Corp. (TSX.V:STMP) (OTC:AZUEF) (FSE:TMP2) ("Stamper" or "the Company"), is pleased to announce that Stamper Oil & Gas Corp., has entered into an option Farm-in Agreement (the "Definitive Agreement" or "Farm-in") with Green Power Corporation S.A. ("Green Power" or "Owner") of Bogota, Colombia. Stamper can acquire up to a 75% interest in JOROPO Oil and Gas Concession located in the department of Casanare, Llanos Basin, Colombia (the "Concession"). 

The Agreement is conditional upon the satisfactory completion by Stamper of due diligence on the Concessions, and Green Power has granted Stamper an exclusivity period of forty-five (45) days to perform such due diligence.

The Joropo Concession is located in the Llanos Basin which is a foreland sub-andean basin located between Andean Cordillera Oriental and the Guyana Precambrian shield. The sedimentary record in the Llanos basin is composed of Cretaceous and Tertiary rocks, consisting of Palaeozoic and igneous metamorphic rocks.

About the Joropo Concession

An independent 51-101 report on the concession was provided by the Owner and prepared by Petrotech Engineering Ltd. The Joropo Concession consists of two blocks, the development and the exploration blocks. An oil discovery was drilled on the development block, which is the Ojo de Tigre-2 ST well. The well was preliminary tested, and test-produced 6,972 barrel of 29.5° API crude at a steady rate of 240 bopd.

Proved nonproducing reserve is assigned to the formation at 7,363' in the Ojode Tigre-2 ST well using a recovery factor of 25% for proved reserve. Proved + probable reserve is assigned with a recovery factor of 35%. The structural mapping of the formation has a closure of 279 acres and can support additional development of two wells.

On the exploration side, from 3-D seismic data and interpretation, the Owner has identified two well prospects. The Turon Prospect shows three potential oil zones in the C7, Mirador and Gachetá formations. The Joropo Norte Prospect shows the C7 and Mirador formations are potential oil zones.

Green Power has a 100% working interest and is the operator of the JOROPO Block under the exploration and production contract Joropo (E&P Joropo). The contract area is 14,966 hectares (36,982 acres) and the E&P Joropo Contract was signed by the Agencia Nacional de Hidrocarburos - Colombia (ANH) with Green Power. The Concession is located in the Department of Casanare, Colombia in a major oil producing region of Colombia close to major oil fields, close to pipelines, and is located in an area where the land owners permit oil and gas exploration and development.