Oil and Gas News: Molori (TSXV: MOL) (OTCQB: MOLOF) Announces Update on Operations and Red Cave Drilling Program
Borger, Texas - September 11, 2017 (Newsfile Corp.) (Investorideas.com Newswire) Molori Energy Inc. (TSXV: MOL) (OTCQB: MOLOF) ("Molori" or the "Company") reports:
Against the backdrop of Hurricane Harvey's ("Harvey") devastating effects and unprecedented flooding in Southern Texas, U.S.A., Molori provides the following update on operations and Red Cave Drilling Program.
Molori has operations in the Texas Panhandle in northern Texas. Harvey did not 'directly' damage this region and Molori's Texas-based operating partner has continued 'well-recompletion' efforts with little interruption.
Molori has underway its first well (M1) in the Panhandle. Harvey and circumstances in Houston did impact the Company's Houston-based engineering staff and also initially delayed the arrival of certain services critical to drilling, however well operations are now underway, and Molori anticipates completion of the M1 well during the month of September. The well, with a target depth of 3600 feet, is designed to test the Red Cave and Brown Dolomite formations.
Molori further plans for the spudding of a second well (M17) prior to the end of September. Each new well is estimated to cost approximately USD $300,000. Following testing of these first two wells, Molori anticipates that the Company will be well positioned to then outline an aggressive drilling program for the remainder of 2017 and the first half of 2018.
Molori presently has access to over approximately 6,000 acres and potentially 600 drill locations with access to the Red Cave and Brown Dolomite formations. In addition, the Company is aggressively working to secure additional Red Cave acreage and anticipates announcements with regards to the acquisition of said Red Cave additional acreage in coming weeks. The Company continues to execute the strategy to add more productive wells, assess less productive wells, and continue to lower production costs per barrel of oil equivalent (BOE) by continuing its well-recompletion program in conjunction with drilling into the Red Cave formation.
Commented Joel Dumaresq, CEO of Molori, "With our exploration program now underway, we are excited about this next pivotal phase of Molori's evolution. We are testing our theory that by introducing progressive and leading edge technology to this area, we can greatly accelerate the growth in our production and reserves, much the way our neighbors in the Panhandle have. As further evidence in our confidence in the play, we are actively adding to our acreage holdings, and will continue to secure potential drill locations."
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.
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.
The Company's operating team, based in Borger, Texas have extensive experience in the oil and gas industry in the Texas Panhandle. Molori 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.
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