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SOURCE: Xun Energy, Inc.
PORTLAND, OR--(Marketwired - Aug 29, 2013) - Xun Energy, Inc. (OTCBB: XNRG) (XNRG) announced that the Company's operator, Vencedor Energy Partners (VEP), reported to the Company the results of the samples taken on August 26, 2013 during the drilling to Target Depth of the Rice #15 oil well on the Rice Lease in Venango County, PA.
Video footage of the drilling is available online: http://www.xunenergy.com.
VEP reported the review of the drill cuttings from the Rice #15 supported the need for a wire line log to be conducted. VEP's geologist confirmed that the samples taken revealed a well formed zone in the Venango 2 and also potential lenses in the Venango 1 and the Red Valley sequence. Oil saturation is estimated at 30-35% for the Venango sequence with a strong show in the Red Valley sequence. The wire line log will provide enough details to determine other key factors in determining whether or not the oil well should be put into production.
"These are the exciting results we have been praying for," exclaimed Jerry G. Mikolajczyk, President and CEO of XNRG, "We knew there were two sequences and to intercept a 3rd sequence exceeds our expectations. Now we will be praying for a very good log report on all three sequences."
Wire line logging is the second step of a three step process before the oil well produces oil. The Company will not commence drilling on the remaining 4 oil well locations on the Rice lease until after it completes its assessment of the first well.
About XNRG
Xun Energy, Inc. is an oil operating company in development stage. Its primary assets are located in Venango County, Pennsylvania, USA. XNRG projects are subject to completing its financing and the success of the drilling and completions program. Additional information may be found at http://www.xunenergy.com.
This Press Release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections, and contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. In particular, there is no assurance that production or other factors pertaining to the oil operations will be sustained at the expected rates or levels over time. We caution you not to place undue reliance on our forward-looking statements, which speak only as of the date of this news release, and we undertake no obligation to update this information.
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