Borger, Texas — (Newsfile Corp. – January 22, 2018) Molori Energy Inc. (TSXV: MOL) (OTCQB: MOLOF) (“Molori” or “the Company”) is pleased to announce that it has drilled to target depth the first of eight planned Red Cave Appraisal wells (‘’The Thompson 23-1R Well’’) upon the Company’s Moore County, Texas acreage upon which Molori now holds a 75% working interest. The 23-1R well was drilled to a total measured depth of approximately 2,500 feet and was immediately logged.
After evaluating the open hole logs late last month, it was determined that production pipe should be run on the Thompson 23-1R.
The ‘targeted’ Red Cave zone covered 255 gross feet, of which 48 net feet was perforated. 42,000 gallons of treated water, chemical and ball sealers were used to break down the approximately 50 feet of pay in order to prepare for the frac of the Red Cave zone.
On January 20th the well was successfully fracked with approximately 400,000 gallons of slick water and 250,000 lbs of sand.
Molori’s Borger, Texas based operations team will next install a pumpjack over the 23-1R well and begin to flow the well to surface. A full analysis of the well will be completed and reported within the next two weeks.
Molori Energy Inc. is an oil and gas production company with current operations in the Texas Panhandle West Field. The focus of the Company’s exploration arm is the underdeveloped Red Cave formation, and Molori along with its partners have engaged in a broad drilling program to assess and develop its Red Cave acreage. 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 and frac 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.
For further information, please visit the Company’s website at www.molorienergy.com or contact
Molori Energy Inc.