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 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.