ATLANTA, Dec. 5, 2006 (PRIME NEWSWIRE) -- OTC Stock Review announces that it has initiated coverage of Patch International Inc. (OTCBB:PTCH) (Frankfurt:PQGB) (Berlin:PQGA). Patch International Inc. is a junior oil and gas producer earning oil revenue from 22 oil wells that provide the company with short-term and long-term cash flow. Patch International Inc., with a strong cash position, no debt, and drill programs planned on several properties in Alberta, has several properties in North America, including one in the heart of the Alberta Oil Sands. The partners and operator on these projects include Arsenal Energy (TSX:AEI) and True Energy Trust (TSX:TUI). As of August 31, 2006 PTCH owned 6,091,937 million shares of Pharmaxis Pharmaceuticals Pty., which trades on the Australian Stock Exchange and the NASDAQ NM under the symbol PXSL. The company plans to complete the sale of the remaining Pharmaxis shares and use the proceeds after tax and any other considerations towards PTCH's 2006-2007 oil and gas work program, general working capital purposes, and to build the oil and gas assets of PTCH through acquisition or through additional large scale drilling.
Yesterday, Patch International Inc. announced that it has entered into a letter agreement for the acquisition of Damascus Energy Inc. Upon completion of the Transaction, Patch proposes to initiate the process of Listing on the American Stock Exchange (AMEX). Damascus has various oil and gas interests in Canada and its main asset consists of a farmout agreement between Damascus and Bounty which provides Damascus with the right to earn an 80% working interest in 32 square miles of land located in Townships 94-96, Ranges 14-15 W4M (the "Dover Oil Sands Project"), in the Fort McMurray area of central Alberta, Canada.
DeGolyer and MacNaughton Canada Limited have been engaged to prepare to provide a NI 51-101 compliant report on the Dover Oil Sands Project. An initial resource reserve report prepared by DeGolyer using assumptions and methodology guidelines outlined in the Canadian Oil and Gas Evaluation Handbook and in accordance with National Instrument 51-101, estimate the probable and possible recoverable reserves on a small portion on the 32 square miles at the Dover Oil Sands Project to be 376 million barrels, 118 million barrels of probable recoverable reserves, with possible recoverable reserves estimated to be 258 million barrels.
Second only to the Saudi Arabia reserves, Alberta's oil sands are deposits of bitumen, a molasses-like viscous oil that will not flow unless heated or diluted with lighter hydrocarbons. They are contained in three major areas beneath 140,800 square kilometers of north-eastern Alberta -- an area larger than the state of Florida. However, only about two percent of the initial established resource has been produced to date. In 2005 Canada ranked third in the world in oil production and Alberta's oil sands made up about 39 percent of its crude oil production.
The complete report is available at http://www.otcstockreview.com/Files/PTCH/PTCH_Review.pdf.
Links to additional information on Patch International Inc. are available at http://www.otcstockreview.com/ptch.htm or at http://www.patchinternational.com.
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