Octagon 88 Resources Announces Final AGAT Lab Results on the Successful Elkton Erosional Edge Well
05/09/2013

With improved forecasts the Elkton Erosional edge project has been upgraded to the first development project. The recovery rates possible from primary production and more simplified enhanced recovery methods, with the larger volumes and mobility of the oil than was expected.

Online PR News – 09-May-2013 – New York/NY – (Originally Published May 6, 2013) CEC North Star Energy Ltd. providing analysis data from the core samples taken from the Elkton Erosional Edge coring operations carried out in March 2013. The full report on the Elkton Erosional Edge includes previously released information and final results. The final results are based on a drilling depth of 450-465 meters, proving a Net Pay of approximately 16 meters. As for the porosity calculated, the tested core samples ranged from 21% to 30%. The permeability of the Elkton core samples range from 0.001 - 0.34 darcies while the Oil Saturation ranges from 76% to 88% with Oil Gravity resulting in 13.1 to 14.5 (API) at reservoir conditions. The full AGAT report will be filed as an 8k in the company’s filings.

The Elkton AGAT report exceeds the previous findings from the CEC North Star technical team that this Elkton Erosional Edge project has oil and rock properties, which are likely to be developed for primary production followed later by Enhanced Oil Recovery Methods (“EOR”). With improved forecasts the Elkton Erosional edge project has been upgraded to the first development project. The recovery rates possible from primary production and more simplified enhanced recovery methods, with the larger volumes and mobility of the oil than was expected to has been demonstrated in these AGAT results
These actual numbers are being further validated by Schlumberger byway of dynamic laboratory simulations which will set a complete plan for full commercial development, beginning with licensing two to four initial production testing wells prior, for the 4th quarter 2013.

The Bluesky Gething Project 3D seismic project remains on schedule to be concluded in 3 to 4 weeks. The Company is very pleased with both the Blue Sky project and the Elkton Erosional Edge project being officially confirmed by third parties as having established primary production and enhanced recovery possibilities. This is a major economic benefit to the Company moving forward on its development stage and additionally shortens the timeline to production.