Vancouver, British Columbia--(Newsfile Corp. - February 15, 2017) - Molori Energy Inc. (TSXV: MOL) ("Molori" or the "Company") pleased to announce that the Company has launched a new website which can be located at www.molorienergy.com.
Over the next several weeks, additional enhancements and improvements will be coming to the site, which will assist as management communicates the progress that has been achieved since refocusing the Company on oil and gas production.
On June 2, 2016, the Company announced that it had acquired from privately-owned Ponderosa Energy, a twenty five percent (25%) working interest in fifty seven (57) oil and gas leases covering 7,314 acres located in the Texas Panhandle. As partial consideration for the purchase, Molori provided USD $1,250,000 to fund an aggressive campaign of 'work- overs' to enhance Ponderosa's production of oil and gas.
Ponderosa is presently working on an updated NI 51-101 reserve report which should be available shortly and will reflect the sizeable increase in Molori's net interest in production and reserves.
Furthermore, Molori along with Ponderosa is actively seeking additional leases in the Texas Panhandle vicinity, in order to continue its aggressive program of growth in production and reserves.
The Company also announce that the board of directors of Molori granted a total 950,000 stock options to certain officers, directors and consultants to the Company pursuant to the Company's incentive stock option plan. The options are exercisable at a price of $0.20 per common share and expire on February 15, 2021.
CEO and Director
Molori Energy Inc.
(604) 336 3193
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Cautionary Notes Regarding Forward Looking Statements
This News Release contains forward-looking statements. Forward-looking statements are statements that relate to future events. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our industry, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.