Borger, Texas –(Newsfile Corp. – August 9, 2017) Molori Energy Inc. (TSXV: MOL OTCQB: MOLOF) (“Molori” or the “Company”) is pleased to announce that site preparation is presently underway for the company’s first of three Red Cave wells to be drilled in District 10, Texas. Molori’s Texas-based operating partner has submitted permits for the next two Red Cave wells the company plans to drill and anticipates receipt of those permits by mid-August. The permits will cover various leases, multiple pay zones including the Red Cave at approximately 2500 feet, Brown Dolomite and Granite Wash zones, and will include rights to both oil and gas.
The drill rig is expected to be fully-operational and the first well spud within 10 days. Following spud, it’s anticipated that it will take a further 10-14 days to complete the well, after which the first well will be tested and a decision made as to whether to frac, and if so, what size of frac will be most effective.
Molori estimates the cost of the first well to a target depth of approximately 3,000 – 3500 feet, at between USD $225,000 and USD $300,000.
Commented Joel Dumaresq, CEO of Molori, “with the spud of our first well, we are excited to begin this next phase in Molori’s growth and evolution. The locations of our first three wells have been meticulously chosen following several months of work and evaluation. The application of leading edge drilling and fracking techniques in the Red Cave and adjoining formations, presents an exceptional opportunity for us to accelerate our growth in production and reserves”.
If indeed successful, and on the Texas Panhandle acreage already under lease, there is the potential for drilling up to an additional 800 wells. Efforts are also progressing to secure additional acreage with access to the Red Cave.
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 Texas-based independent oil and gas producer Ponderosa Energy, LLC (“Ponderosa”), This giant field was discovered in 1910 and expanded three years later to create one of the largest gas fields in the US The experienced management team at Molori is aggressively acquiring select properties which provide immediate cash flow and development opportunities, now and in the years ahead. Molori is seizing the opportunity, in the current oil & gas environment, to assemble oil and gas production now in the years ahead.
Director of Communications
Molori Energy Inc.
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Cautionary Notes Regarding Forward Looking Statements
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.