Solimar Energy (ASX:SGY) (TSX VENTURE:SXS) ("The Company" or "Solimar") is pleased to provide the following update for the Company's 100% owned Kreyenhagen shallow oil field redevelopment project in the San Joaquin Basin, California. As a follow-up to the previous announcements of establishment of production testing, a 3,101% increase in Contingent Recoverable Resource (C2 - Best Estimate) and confirmation of a lighter oil pool, the Company has initiated long term primary production in the field and sold the first shipment of oil from the field.
Will Satterfield, CEO of Solimar, commented "We are pleased that the Company have reached another step in the re-development of the Kreyenhagen Field with the inaugural oil shipment from the current shallow Temblor oil production. We look forward to further milestones as we progressively accelerate the Kreyenhagen program in 2013"
This news release contains forward-looking information relating to adding to reserves and resource estimates, planned development and exploration activities on the properties in which the Company has interests, and other statements that are not historical facts. Such forward-looking information is subject to important risks, uncertainties and assumptions. The results or events predicated in this forward-looking information may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on this forward-looking information.
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