HOUSTON, July 24, 2018 (GLOBE NEWSWIRE) — Petrolia Energy Corporation (BBLS) (“Petrolia” or the “Company”) is admiring to advertise the signing of the Slick Unit Analysis and Development Agreement (the “Agreement”) with Boone Operating Inc. (“Boone”), a clandestine Analysis & Assembly company, to analyze and advance the Misener and Simpson Formations at the Slick Unit Dutcher Sands Acreage (“SUDS Field”). Under the agreement of the Agreement, the development breadth consists of 480 Acres breadth Boone will backpack the amount of conduct the aboriginal able-bodied and will acquire a 75% Working Interest (“WI”) position in that well. If the aboriginal able-bodied is successful, Boone will accept the appropriate to added advance the breadth and Petrolia will advance the appropriate to participate in added drills, up to a 25% WI in anniversary new well. The accepted bearing Dutcher Sands accumulation is afar from this Agreement, which Petrolia will abide developing.
The SUDS Acreage is a 2600-acre charter amid in Creek County, 36 afar SW of Tulsa, Oklahoma. The acreage was aboriginal apparent in 1918 by SOHIO Oil Aggregation utilizing over 100 wells with the primary cold to aftermath from the Dutcher Sands at an boilerplate able-bodied abyss of 3100 ft.
“This will be the aboriginal time a added breadth has been explored over a cogent structural cease at the SUDS Field. Similar structures in the absolute around accept produced abundant reserves,” commented Zel C. Khan, President & CEO of Petrolia Energy, “The new wells accomplished by Boone will accommodate us with invaluable abstracts to added our redevelopment efforts at the Dutcher Sands, the primary bearing breadth at the Suds Field.”
About Petrolia Energy Corporation
Petrolia Energy Corporation is an Oil & Gas exploration, production, and account aggregation with bearing and -to-be onshore assets in the United States, Canada and Indonesia. The Company’s amount asset is in the NW Shelf of the Permian Basin, in New Mexico. It has added North American backdrop in its portfolio, breadth it is focused on redeveloping absolute oil fields in absolute oil affluent regions including Oklahoma and Saskatchewan and Alberta, Canada. In Indonesia, the Aggregation is anchored in the abounding Indonesian Sumatra basin, focused on discovering, appraising, developing and bearing its interests in 5 Assembly Sharing Contracts (PSCs) and 1 Joint Study Agreement (JSA). Petrolia’s address are in Houston, Texas.
Certain advice in this columnist absolution constitutes advanced statements aural the acceptation of applicative balance laws, including, but not bound to, statements apropos able-bodied production, use of proceeds, approaching drilling, operating expenses, and added funding. Any account that does not accommodate a absolute actuality may be accounted to be a advanced statement. In some cases, advanced statements can be articular by analogue such as “may,” “will,” “should,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” the abrogating of such terms, or added commensurable terminology, although not all advanced statements accommodate such anecdotic words.
Forward-looking statements are accountable to a cardinal of assumptions, risks, and uncertainties, abounding of which are above the Company’s control, which may account absolute after-effects to alter materially from those adumbrated or bidding by the advanced statements. Such assumptions, risks, and uncertainties include, amid others, those associated with analysis activities, oil and gas production, business and transportation, costs of operations, accident of markets, animation of oil and gas prices, assets and approaching assembly estimates, ecology risks, competition, disability to admission acceptable basic from centralized and alien sources, accepted bread-and-er conditions, litigation, and changes in adjustment and legislation. Readers are cautioned that the above account is not exhaustive.
Additional advice on these and added factors that could affect Petrolia’s operations or banking after-effects is accessible by contacting Petrolia and is included in the accident factors and added sections of Petrolia’s best contempo anniversary address on Form 10-K, anniversary letters on Form 10-Q and accepted letters on Form 8-K. The advanced statements independent in this columnist absolution are fabricated as of the date of this columnist release, and Petrolia does not undertake any obligation to amend about or to alter any of the included advanced statements, whether as a aftereffect of new information, approaching events, or otherwise, except as especially appropriate by applicative law. The Company’s SEC filings are accessible at http://www.sec.gov.
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