SAN DIEGO, Oct. 19, 2017 (GLOBE NEWSWIRE) — Ziyen Energy, a division of Ziyen Inc., completes compositional analysis for first oil contract petroleum sample. Geological reports compiled by Adena Resources LLC indicate 62,265 bbl (barrels) of proven oil reserves and 715,000 bbl of probable oil reserves (valued in excess of $36 million) in Ziyen Energy’s recently acquired oil lease.
Ziyen recently enlisted the services of Core Laboratories (UK), Petroleum Services Division in September to perform a compositional analysis of an oil sample sourced from the oil lease in Evansville, Indiana.
High level points:
The reserve is a nice light crude, lacking any toxic, erosion or corrosion agents which will mean that our topside equipment should be easily maintained with a proper preventative maintenance regime.
The hydrocarbon ranging between C7 and C20 will minimize processing costs (no additional process complexity from H2S, waxes, etc.), which means reaching premium as far as an unrefined crude goes.
There is nothing evident to suggest any other issue from the well product that could impact the ability to deliver to sales or flow with high availability: low water cut and minimized C2 – C4’s: no hydrate issue, C36+’s are 7% mole weight so not much heavy end sludge (C60+), no amines, negligible benzene mean lower processing costs.
Low density, means that flow rates should be optimal
In summary, the news was exceptional. Ziyen Energy plans to use of the latest oil extraction methods for each well—for oil which is compositionally of a high grade light crude which will ensure oil production and output will reach optimal operational levels.
The full report may be found here on our recent 253G2 Filing at the SEC.
Core Laboratories has over 70 offices in more than 50 countries located in major oil-producing provinces, Core Laboratories provides services to the world’s major, national, and independent oil companies. Core Laboratories’ reservoir optimization technologies are used to increase total recovery from existing fields and enable clients to optimize reservoir performance and maximize hydrocarbon recovery from their producing fields. For more information visit www.corelab.com/
Shane Fraser, Director of Oil Intelligence at Ziyen Inc., said,
“It is great news back from Corelabs confirming we have high grade nice light crude. As expected there was minimal water from the sample, however true water cut of each well will not be known until we have flowed each well for a significant period. Moving forward we will carry on with our plan to free flow and carry out well tests on each well to create good history of each well.”
About Ziyen Inc.
Founded in 2016, Ziyen Inc. is a Scottish-American company developing cutting edge procurement software to provide clients with industry specific government and private contracts via procurement portals. In 2017, Ziyen diversified, instating the Ziyen Energy Division, with intent to produce oil in the U.S. with advanced extraction methods and technology implemented and guided by career experts in the oil and gas industry. In June 2017, Ziyen acquired the mineral rights to its first oil field in Indiana. The U.S. Securities and Exchange Commission (SEC) qualified Ziyen Inc. under Tier One of Regulation A+ in Oct, 2016. Ziyen plans to go public to the markets with an IPO targeted for early 2018. For more information visit www.ziyen.com
About Granite PR
Founded in 2008, Aberdeen-based Granite PR offers the full spectrum of PR services with an emphasis on the energy, technology, hospitality, food and drink, professional services and healthcare sectors. The company has developed strong links in domestic and overseas markets, particularly the US and Scandinavia, and these have been enhanced by Granite PR’s Gateway series of business events which encourage trade between key locations. For more information visit www.granitepr.co.uk
Forward Looking Statements:
Certain statements in this press release including, but not limited to, statements related to anticipated commencement of commercial production, targeted pricing, performance goals, and statements that otherwise relate to future periods are forward-looking statements. These statements involve risks and uncertainties, which are described in more detail in the Company’s periodic reports filed with the SEC – specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements are made and based on information available to the company on the date of this press release. Ziyen Inc. assumes no obligation to update the information in this press release.