Stamper Oil & Gas Provides Year End Update on Company’s Activities to Shareholders
January 19, 2018 --
VANCOUVER, British Columbia, Jan. 19, 2018 (GLOBE NEWSWIRE) -- Stamper Oil & Gas Corp. (TSX-V:STMP) (FSE:TMP2) (OTCQB:STMGF) (“Stamper” or “the Company”), is pleased to provide an update to its current and prospective Stamper Shareholders regarding the Company’s activities and milestones from 2017.
Stamper has experienced tremendous activity over the past six months and Shareholders have responded positively to our continued efforts to build a diversified portfolio of oil assets for Stamper. The Company has successfully raised multiple rounds of capital to support the various projects that we are developing in Africa, including those in Sudan, and beyond.
Stamper CEO David Greenway stated, “The last six months were formative for Stamper and we look forward to press forward with expansion plans in both Africa, and Latin America in 2018. The Board and I would like to take this opportunity to thank all of our Shareholders and supporters for helping us reach this next level of our business plan. We look forward to your continued support of Stamper Oil & Gas Corp. in the year ahead.”
State Oil Company MOU
In October, Stamper entered into a Memorandum of Understanding (the “MOU”) with State Oil Corporation (“State”) to acquire 100% of the issued and outstanding shares of State. State is a closely held private corporation. State had previously signed a Memorandum of Understanding with Sudapet Company Ltd. (“Sudapet”), the national oil company of Sudan, pursuant to which State will farm-in to acquire a 50% interest and rights in a certain Sudapet exploration and production project in Sudan.
Block 25 Activities
The Block 25 project in Sudan has had previous work done as follows, including completion of 6,700 km of 2D seismic and 432 sq. km of 3D seismic and subsequently have also indicated a number of new potential locations for drilling. The project area for exploration and production comprises 26,000 sq. km where the previous operator successfully drilled 3 discovery wells and 7 development wells.
A third party analysis report indicates, “based on the TOC/ Rock Eval data at disposal, excellent oil prone lacustrine source rocks (Type I) were penetrated in the two discovery wells located in the Central Sub-basin. In the Eastern Sub-basin, a source rock was encountered near TD in the lower oil prone formation, Campanian in age”.
Revocation of Sanctions in Sudan
In October, Stamper was encouraged when it was announced by the US State Department’s announcement on the amendment of the Executive Order 13761 on Recognizing Positive Actions by the Government of Sudan and Providing for the Revocation of Certain Sudan-Related Sanctions which have been in place since 1997.
Chapman Technical Report
In December, the Company announced that Stamper has engaged Chapman Petroleum Engineering Ltd. (“Chapman”) to prepare a technical report in accordance with National Instrument 51-101 – Standards for Disclosure for Oil and Gas Activities (“NI 51-101”) standards and protocols which will be provided to the Company as part of the contract conditions to the pending transaction in Sudan. The report will be available to review on SEDAR very shortly.
Chapman will use the previous data and work completed by previous operators including data collected from a 6,700 km of 2D seismic and 432 sq. km of 3D seismic. The project area for exploration and production comprises 26,000 sq. km where the previous operator successfully drilled 3 discovery wells and 7 development wells.
Advisory and Technical Board Members
In August, the Company appointed of Dr. Qamar M. Malik MSc., Ph.D., as the Company’s new Qualified Person (“QP”). Dr. Malik is an experienced petroleum professional with a multi-faceted skillset wearing many hats over the span of 20 plus years in the petroleum industry, seeking to make a positive lasting, distinctive, and sizable impact to client performance, as well as seeking to help achieve organizations strategic goals.
In October, the Company announced it has established a highly accomplished and veteran Advisory Board for its business development activities with the addition of Mr. Eric Schjelderup. Mr. Schjelderup resides in London, England, and has over 30 years of expertise, specializing in consultation with public companies, including strategy, structuring, financings, regulatory requirements, private placements, raising seed capital and general public relations. He is currently the president of Port Mercantile Capital Ltd. and in his career Eric has raised over $965 million for banking, technology, and oil & gas companies on three continents.
In April, the Company announced that it has been accepted to list its common shares for trading on the Frankfurt Stock Exchange (FSE) under the Symbol “TMP2”.
New US Symbol
In August, the Company announced that it has received approval from Financial Industry Regulatory Authority, (“FINRA”) on a new ticker symbol “STMGF.” The symbol change coincides with the Company’s ongoing efforts to support its existing U.S. shareholder base, and to facilitate trading in the OTC markets.
New Board Members
In December, Stamper announced the appointment to the Board of Directors of the Company, the Honourable Harbance Singh (Herb) Dhaliwal, P.C., B.Comm. The Hon. Herb Dhaliwal served in Ottawa as a Canadian Member of Parliament for over ten years. He served as minister in several portfolios in the Federal Cabinet under Prime Minister Jean Chretien including Minister of Natural Resources, Minister of National Revenue and Minister of Fisheries and Oceans
In November, Stamper announced the appointment of Mr. Alexander (Alex) Polevoy to its board of directors. Mr. Polevoy has held leading positions in international companies and is a seasoned financial accountant, oil & gas executive and an active investor in both private and public companies. Mr. Polevoy is currently Board Member of Basin Logistics, located in New York and Tonga Petroleum Corp, headquartered in Calgary, Alberta.
In April, the Company announced the appointment of Mr. Saško (Sashko) Despotovski to its board of directors. Mr. Despotovski is a seasoned investment banker and an active investor in both private and public companies. He is a Canadian national living in the Nordics, with international corporate finance experience in the energy, real estate, and technology sectors. Mr. Despotovski until recently was an M&A Director at one of the Big Four, and currently serves a Special Advisor to the firm, focusing on cross border transactions. His specialties are fundraising and fund dissemination.
About Stamper Oil & Gas
Stamper Oil & Gas Corp. is a publicly traded junior development stage international oil and gas company. The Company is engaged in the acquisition, exploration and evaluation of conventional and unconventional oil and natural gas properties with the current focus on Africa and Latin America. The Company’s strategy is centred on generating sustainable long term shareholder value by exploring and developing cost effective growth of light oil reserves.
The scientific and technical information contained in this news release has been reviewed and approved by Qamar M. Malik, MSc., Ph.D., Petroleum Engineering, who is a “Qualified Person” as such term is defined under National Instrument 51-101 (“NI 51-101”) and Canadian Oil and Gas Evaluation (“COGE”) Handbook.
ON BEHALF OF THE BOARD OF DIRECTORS
“David C. Greenway”
President & Director
For further information, please contact:Stamper Investor Relations
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Stamper Oil & Gas Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Stamper Oil & Gas Corp. management on the date the statements are made. Except as required by law, Stamper Oil & Gas Corp undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.