Borger, Texas -- (Newsfile Corp. – September 27, 2017) Molori Energy Inc. (TSXV: MOL OTCQB: MOLOF) ("Molori" or the “Company”) is pleased to report completion of its M1 well and initial results.
The M1 well has been deemed a commercial success and is presently flowing between 20 and 25 bopd (barrels of oil per day) to surface. Results do not yet include gas content.
Within the next 10-14 days, Molori will spud the M17 well which it anticipates completing in mid-October. Upon completion of the M17 well, both the M1 and M17 will be tested and a decision will be made with respect to the nature and size of the frac within the Red Cave and potentially the Brown Dolomite formations. Full details on oil and gas flows will be shared at that time.
Meantime, Molori and its Texas based operating partner will continue to carry out its well-recompletion program as well as aggressively pursue additional acreage with exposure to the Red Cave and Brown Dolomite formations.
Commented Joel Dumaresq, CEO of Molori, “we are extremely pleased with these initial results as they both confirm and reinforce our strategy of testing the Red Cave formation. With access to over 6,000 acres and potentially 600 drill locations, we anticipate a broad exploration program and a steady news flow over the next several months.”
Molori Energy Inc. is an oil and gas production company with current operations in the Texas Panhandle West Field. The Company owns a 25 percent working interest in certain leases located in the bifurcated Texas panhandle, operated by its Texas-based partner. Molori’s business model is to deliver sustainable growth in shareholder value by focusing on exploiting its existing reserves, commercializing and developing discoveries and pursuing selective acquisitions.
Molori’s operating team, based in Borger, Texas have extensive experience in the oil and gas industry in the Texas Panhandle. The Company believes that the area represents a significant hydrocarbon basin in a well-developed region. By employing leading edge exploration techniques, Molori believes that the Company is well positioned to increase its production and reserves and further benefit from the opportunities that exist in the Texas Panhandle region.
Director of Communications
Molori Energy Inc.
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This News Release contains forward-looking statements. Forward-looking statements include but are not limited to those with respect to the prices of oil and gas, the estimation of oil and gas resources and reserves, the realization of oil and gas reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency fluctuations, requirements for additional capital, Government regulation of oil and gas operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage and the timing and possible outcome of pending litigation. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes” or variations of such words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the actual results of current exploration activities, conclusions or economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labor disputes or other risks of the oil & gas industry, delays in obtaining government approvals or financing or incompletion of development or construction activities, risks relating to the integration of acquisitions, to international operations, and to the prices of oil & gas. While the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company expressly 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 as required by law.