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Aug 13, 2014
SUCCESS AT BALGOWAN-1 WELL ON PEL 91 IN AUSTRALIA
Vancouver, BC, August 13th, 2014. Mr. Ian Rozier, President and CEO of Newport Exploration Ltd. ("Newport" or the "Company"), provides information with respect to a new oil discovery by Beach Energy Limited ("Beach") on the PEL 91 permit in the Cooper Basin in Australia that is subject to the Company's 2.5% overriding royalty.
Beach reported that the Balgowan-1 exploration well successfully intersected an oil bearing reservoir, with 3.5m of net pay in the Namur Sandstone, and 2.0m of net pay in the McKinlay Member.
Beach reported that the "new field discovery at Balgowan has extended the oil fairway in PEL 91 that includes recent exploration success at Stunsail, Congony, Kalladeina and Sceale". Drillsearch Energy Limited ("Drillsearch") reported that Balgowan-1 has been cased and suspended as a future oil producer.
With the recent exploration success on PEL 91 and Beach's reported plans to start drilling the Burners-1 exploration well located midway between the Balgowan and Stunsail discoveries, the Company continues to strongly encourage shareholders and potential investors to access information released independently by both Beach and Drillsearch.
These recent successes could result in significant growth in future oil royalty proceeds, although the timing and the associated revenues of such royalty growth and proceeds cannot be predicted.
All royalty payments received by the Company will continue to be reported in our filed financial statements.
For further information contact:
Ian Rozier, M.Sc., P.Eng.
President and Chief Executive Officer
www.newport-exploration.com www.beachenergy.com.au www.drillsearch.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of the contents of this news release.
Cautionary Statement on Forward-Looking Information
This press release, which contains certain forward-looking statements, is intended to provide readers with a reasonable basis for assessing the financial performance of the Company. All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "should", "could", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward looking statements. These forward-looking statements pertain to assumptions regarding the price of oil, fluctuations in currency markets (specifically the Australian dollar and the U.S. dollar), the future funding of the Company's projects, and the future development of the Company's projects. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to, the risk of fluctuations in the assumed exchange rates of currencies that directly impact the Company, such as Canadian dollar, Australian dollar and U.S. dollar, the risk of fluctuations in the assumed prices of oil, the risk of changes in government legislation, taxation, controls, regulations and political or economic developments in Canada, the United States, Australia or other countries in which the Company carries or may carry on business in the future, risks associated with development activities, the speculative nature of exploration and development, including the risk of obtaining necessary licenses and permits, and assumed quantities or grades of reserves. Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those acknowledged in such statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.