DALLAS, May 22, 2014 (GLOBE NEWSWIRE) -- Gray Fox Petroleum Corp. (OTCBB:GFOX) (herein after "Gray Fox," and/or "the Company") is pleased to provide an update on its exploration plan to identify drilling targets on its 32,723-acre West Ranch Prospect (100% Working Interest; 82% Net Revenue Interest). The prospect is comprised of 22 Federal leases in the Butte Valley Oil Play Region of north-central Nevada, located in Elko and White Pine Counties, 50 miles north of Ely, NV. The Company's initial exploration plan is designed to identify new drilling locations targeting the peak of structural closures.
Completed Work to Date
As of May 22, 2014, Gray Fox had completed two phases of a previously announced 8-phase exploration plan designed to systematically reduce risk and optimize selection of one or more new drilling targets by incorporating the results of the two test wells drilled to date.
The Company has successfully acquired all available non-exclusive gravity and magnetic data in the areas of interest, as well as additional proprietary data. This data has been used to reinterpret the prospect's geology with a more complete data set than was initially used when selecting the two older wells. In turn, three structural highs (Lead A, Lead B, Lead C) have been identified within the West Ranch Acreage, the data also shows a large residual gravity high outside the West Ranch Acreage (Upside Lead) - this anomaly is mapped and linked to Lead B in the residual gravity map, although it could be fault separated - Gray Fox has expressed its interest in this area for lease.
Work Currently in Progress
Gray Fox has recorded rapid progress in relation to its exploration plan and is actively working on the remaining phases of exploration, which involves the acquisition of seismic data, the commencement of a well permitting process and the outlining of an effective drilling strategy.
The third phase of the Company's exploration plan is currently underway with the Gray Fox management team having initiated discussions with a number of parties with an aim of engaging a contractor/seismic company to handle the Bureau of Land Management (BLM) and State-private property permitting process for seismic data acquisition. This phase is expected to be completed by the end of August 2014.
In addition to the seismic already identified and acquired on the West Ranch prospect, Gray Fox has sought out data across any potential traps or structures near the two existing wells. This is being done in order to map any structures identified in the gravity and magnetic data, as accurately as possible. This phase of exploration is expected to be completed by the end of September 2014.
The Company is currently in the process of completing a geologic and geophysical interpretation that will enhance the possibility of locating a successful oil and gas drill site. Through the acquisition of additional seismic and gravity data, drilling targets of wells that might have been missed will be identified. This phase of exploration is expected to be completed by the end of October 2014.
Finally, with the above mentioned processes underway, the Company is also currently working to define drilling location(s) and complete its reserves assessment. This phase of exploration expected to be completed by the end of January 2015.
Well Permitting and Confirmation of a Drilling Strategy
The final two phases of the Company's exploration plan will be focused on the commencement of the well permitting process and the confirmation of a drilling strategy. Management expects that both of these phases will be completed by the end of May 2015.
Lawrence Pemble, CEO and President of Gray Fox Petroleum Corp., commented: "We are pleased to provide investors with this exploration update. Gray Fox has recorded a number of significant milestones over the past six months, including the engagement of Gaffney Cline & Associates as the company's Technical Advisor and the completion of Phase II on the Prospect Assessment of the company's flagship West Ranch Prospect project."
"With this assessment confirming the Guilmette carbonate as the main target objective within the Prospect, the Company has been able to streamline its exploration plan and focus on areas within the prospect that will provide maximum shareholder value. The Gray Fox management team continues to move the project ahead at an impressive rate and we are confident that all expected timelines relating to this exploration plan will be achieved."
FOR ADDITIONAL INFORMATION
Read more about the Company and the Exploration of the West Ranch Acreage on Gray Fox's corporate website: http://www.grayfoxpetro.com.
ABOUT GRAY FOX:
Gray Fox Petroleum Corp. (OTCBB:GFOX) is a domestic oil and gas exploration and development company, which is focused on expanding the 135+ year tradition of Western U.S. energy production by engaging in the acquisition and exploration of oil and natural gas properties in the Western United States of America. The Company implements this business focus by pursuing interests in oil and natural gas properties through strategic lease acquisition activities.
This press release contains statements that are forward-looking and which involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in question are based on Gray Fox Petroleum Corp's current expectations and projections about future events, based on information currently available. The forward-looking statements found in this press release may also include statements relating to Gray Fox Petroleum Corp's anticipated financial performance, business prospects, new developments, strategies, and similar matters. Gray Fox Petroleum Corp. provides no assurance regarding the actual outcome of the events contemplated by any forward-looking statements included in this release. Gray Fox Petroleum Corp. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as resource potential, reserve potential, probable resources, possible resources, contingent resources, prospective resources, exploration target size, measured resources, indicated resources, and inferred resources. The SEC guidelines strictly prohibit us from including these terms in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 10-K, which may either be secured from us or from our website at http://www.grayfoxpetro.com.