COLORADO SPRINGS, Colo., Nov. 17, 2015 /PRNewswire/ -- PetroTerra Corp. (OTCQB: PTRA)("PetroTerra" or the "Company"), an independent oil and gas exploration company currently focused on the Sevier and Beaver Oil Project in west central Utah, announced today that following its most recent site inspection of the project area the Company is initiating Phase Three of its technical analysis at the Sevier Oil Prospect.
The Company has engaged PRISEM Geoscience Consulting LLC ("PRISEM") to conduct a structural and stratigraphic analysis of the prospect area using detailed data obtained by the Company. Following its analysis, PRISEM will deliver to the Company an initial geological model of the subsurface with recommendations on a future geologic work plan for the prospect area. PRISEM's initial analysis is expected to be complete by the end of November 2015.
Phase 3 Overview
PetroTerra's Sevier Prospect consists of approximately 3,200 acres of Bureau of Land Management ("BLM") leasehold land located in Utah's Central Thrust Belt. The Company's prospect lies 18 miles southwest of Wolverine Gas and Oil Corporation's ("Wolverine") Covenant oil field and 33 miles southwest of Wolverine's Providence oil field.
Over the last few months, PetroTerra has been diligently obtaining relevant data that will enable "PRISEM" to render an initial geologic interpretation of the subsurface in the Company's prospect area.
PetroTerra Corp. has now obtained the following non–public available data*:
- Results of a regional satellite-based geochemical survey
- Complete geophysical and geologic datasets from offsetting wells
This data will be integrated with the Company's Phase Two magnetic and proprietary gravity surveys. PRISEM will construct 1-2 balanced cross sections through, or near, the Sevier Prospect that will be approximately 5-8 miles in length. The first versions of the cross sections will be constructed without the use of seismic data. Once the initial subsurface interpretations are analyzed, the Company will assess the benefits of licensing the publically available 2D-seismic data or acquiring its own proprietary 2D or 3D seismic.
"After visiting the prospect area last month, it was good to note that much of the terrain is favorable for future seismic acquisition and the construction of drill sites," said COO Kurt Reinecke.
John Barton, CEO of PetroTerra, said: "The Company has made good progress to date with obtaining the necessary data for PRISEM to complete an initial interpretation of our Sevier prospect. Obtaining data in this area is extremely challenging and we have worked diligently to build relationships that allow us to access critical privately-held data. We will proceed to purchase or license only the most relevant seismic data needed to improve the geological model. This model should create multiple working scenarios moving forward for our acreage and enable us to continue our exploration work in the most effective way."
* (Non Public Data refers to Data / Logs / Research on the Area or Prospect that is held privately and that the company has obtained recently. This information is not available through Public offices such as the BLM, etc.).
About PetroTerra Corp.
PetroTerra Corp. (OTCQB: PTRA) is an independent oil and gas exploration company based in Colorado Springs, Colorado. The Company is engaged in identifying, evaluating and developing early stage onshore oil and gas opportunities in the domestic US. The Company's strategy is to focus on a step-by-step approach to evaluate assets that are located in high potential, proven basins and to then prudently develop and manage those assets to create maximum value for shareholders. The Company's current focus is on the Sevier and Beaver Oil Project in west central Utah. The Company owns a 100% working interest and 80% net revenue interest in the project.
To view management's most recent project inspection and learn more about PetroTerra Corp., visit: http://www.petroterracorp.com/photos.php
About PRISEM Geoscience
PRISEM Geoscience Consulting LLC is a provider of comprehensive geological and geophysical consulting services across the United States and Canada. The company has 15 years of experience as structural geologists in the Rocky Mountain Thrust Belt. PRISEM was established by P. Ted Doughty, Ph.D., and Steven D. Sheriff, Ph.D., Bob Quartero, an expert on thrust belt exploration with Talisman Energy for 20 years, joined PRISEM in 2010 and is an integral part of PRISEM's thrust belt consultancy. PRISEM has offices in Spokane, Calgary (Alberta) and Missoula and Billings.
Cautionary Statement Regarding Forward Looking Information
This press release includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by PetroTerra and its management team, are inherently uncertain. A more complete description of these risks and uncertainties can be found in our filings with the U.S. Securities and Exchange Commission. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
PetroTerra Corp. (OTCQB: PTRA)
422 East Vermijo Avenue
Suite 313
Colorado Springs, CO. 80903
Tel: 719-219-6404
Fax: 719-219-6200
Investor Relations Contact
KCSA Strategic Communications
880 Third Avenue
New York, NY 10022
Brad Nelson / Jeffrey Goldberger
Toll Free: 1-800-787-2062
Email: ir@petroterracorp.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/petroterra-corp-provides-operational-update-300180083.html
SOURCE PetroTerra Corp.
