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Empresas y finanzas

Calibre Energy Enters Iraq Kurdistan through Arrangement with Hawler Energy


    Calibre Energy, Inc. (OTC BB:CBRE), ("Calibre", "the
    Company") announced today that it has entered into an agreement with
    Hawler Energy, Ltd. to participate in an Exploration and Production
    Sharing Agreement ("EPSA") with the Kurdistan Regional Government
    ("KRG") of the Republic of Iraq, covering the Bana-Bavu structure
    (also known as Bina Bawi). Calibre will have a 10% participation
    interest. The agreement calls for an upfront payment of $2 million, an
    additional $2.5 million work commitment, and a $1 million success fee
    payable upon completion of the first well.
    Partners in the Bana-Bavu EPSA include Hawler Energy, Ltd., a
    subsidiary of Prime Natural Resources, a privately-held oil and gas
    exploration company based in Houston, TX and funded by Elliott
    Associates, LP, a New York-based hedge fund and Hillwood Development
    Corporation, a privately-held real estate and oil and gas company,
    founded by its Chairman, H. Ross Perot, Jr. International partners
    include Petoil, a Turkish oil and gas company, with offices in Iraqi
    Kurdistan and Oil Search Limited (ASX: OSH.AX), a publicly-traded
    Australian oil and gas exploration and development company, with
    international operations in Yemen, Egypt and Libya. Petoil is serving
    as the operator of the venture and is an existing partner with Hawler
    Energy, Ltd. in Iraq.
    The Bana-Bavu EPSA covers the northern extension of the oil and
    gas rich Zagros Fold-belt and is approximately 70 kilometers north of
    the super giant, 17 billion barrel Kirkuk oil field, located in the
    Irbil governorate, 100% controlled by KRG. The area is on trend with
    the large Taq Taq oil field to the south and the recently announced
    Tawke-1, a 5,000 barrel per day oil discovery operated by DNO ASA
    (Oslo:DNO.OL), a Norwegian independent oil and gas company, to the
    northwest.
    The Bana-Bavu structure is a 30 kilometer by 10 kilometer surface
    anticline, which is expected by the Company to contain primary oil
    reserves within the Triassic reservoir objective and secondary reserve
    potential in the Lower Cretaceous and Jurassic sections of the
    structure. An initial exploration well (Bina Bawi-1) is expected to be
    drilled to a target depth of 3,050 meters. The well is anticipated to
    reach total depth approximately 65 days from spud date.
    "Partnering with a syndicate of seasoned international E&P
    specialists, Calibre is positioned to build its oil resources and
    participate in the development of what is potentially the next world
    class field. The Bana-Bavu EPSA represents excellent value for Calibre
    to participate in a high quality exploration area with substantial
    reserve potential and relatively low technical risk," said Prentis B.
    Tomlinson, Jr., Chairman and CEO of Calibre Energy. "A critical
    component of our decision to invest in this project is the region's
    secure oil export route to the Mediterranean via Turkey."
    "Kurdistan has numerous undrilled structures and large unexplored
    areas that have significant undeveloped oil and gas potential.
    Although there have been 73 oil and gas fields discovered in Iraq,
    only 15 of these fields have been brought into production." Mr.
    Tomlinson continued. "We believe, along with our partners, there will
    be many opportunities for a wide range of upstream activities in the
    region, and we are delighted to be on the ground floor of this
    development."
    Calibre's expansion into Iraqi Kurdistan, a country with the
    world's fourth largest proven oil reserves, builds on the Company's
    successful drilling and leasing activities focused in the prolific
    Barnett Shale in North Texas initiated in 2005. The Company then
    expanded its unconventional natural gas shale exploration and
    development operations into the Fayetteville Shale in the Arkoma Basin
    of Arkansas.
    Headquartered in Washington, DC with operating offices in Houston,
    TX, Calibre Energy, Inc. is an early stage oil and gas company focused
    on the creation of shareholder value through the development of world
    class unconventional and untapped domestic and international oil gas
    resources with operations in the Barnett and Fayetteville Shales and
    Iraqi-Kurdistan.
    Please visit our Web site: www.calibreenergy.com