SilverStar Energy Inc. has entered into agreements providing for the acquisition of working interests in multiple oil and gas prospects; including Evi and Verdigris Lake, located in the province of Alberta.

Manyberries Project  |  Evi Project  |  Verdigris Prospect

Manyberries Project

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Silver Star and MB Gas Inc., a private Alberta company, have concluded an agreement whereby Silver Star will acquire an interest in the revenues generated by MB from its oil and gas operations. MB owns a majority interest in a gas processing facility and pipeline located in the Province of Alberta that is linked to a transporting pipeline that runs south to Encana’s Hub near the U.S. – Canada border. MB is presently connecting 3 Sawtooth formation natural gas wells to the pipeline and this work is scheduled to be completed within the next six months. Flow tests on the wells indicate that they should produce a minimum of 1,300 Mcf per day when they are connected. MB also controls certain prospective lands in the area targeting mostly middle and deeper gas-bearing formations.

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The Evi Property

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The Evi property is an oil prospect located in the Peace River Arch area. Third party reservoir consulting engineers have estimated a cumulative potential of 3 million barrels of recoverable light crude from the Evi Project. The well site has been drilled to depth and well casing is ongoing. The pool appears to be extensive, according to the interpretation of existing 2D seismic imaging, and extends beyond the property boundary, with total recoverable reserves estimated to be approximately 8 million barrels. A number of prolific wells in an analogous pool immediately adjacent to the property have a cumulative production of 6 million barrels.

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The Verdigris Lake Prospect

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The Verdigris Lake Prospect targets two potential gas zones located in southeastern Alberta. The gas plays are known as the Bow Island formation and the Sunburst Sandstone member of the Lower Cretaceous Mannville Group. Contained natural gas in place on the Verdigris Lake Project is estimated to be a total of 4.0 Bcf recoverable, with 1.5 Bcf produced from the Bow Island and 2.5 Bcf from the Sunburst. Thick sequences of sands (5.9 to 65.6 ft) are indicated by seismic cross sections and represent paleo-channels trending and draping from the northeast onto the Company's sections.

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