Toronto, Ontario, January 22nd, 2018 Advantagewon Oil Corp., (CSE: AOC), (OTCQB: ANTGF), (the Corporation, Advantagewon, AOC) announced today that it had finalized its proposed Q1 Drilling and Operational Development Programme.
The Corporation intends to drill a minimum of six wells and may drill up to ten wells on three of its current LaVernia field leases before the end of Q1, 2018. The intended plan will be to initially drill two wells on each lease, with additional locations permitted and ready to go based on the success on the initial drilling.
For the proposed drilling, the initial six wells will target two shallow Poth sands at depths ranging from 1100 to 1400 feet. Advantagewon Oil Corp. has prioritized the Poth sand for its Q1 Drilling and Operational Development Programme as the Poth does not require a frac to produce Oil, saving costs and resulting in near immediate Oil production. The shallower of these, the A sand has been a proven oil producer in the area for over 60 years. The deeper sand, the B sand, has produced oil and tested oil in a number of wells in the area, but has seen virtually no development. Management has calculated reserve potential of 1.7 million barrels original oil in place per 100 acres for the A sand and 1.4 million barrels original oil in place for the B sand. The three leases to be drilled total 698 acres. Drilling cost is estimated at $75,000.00 (USD) per well for a total of $450,000.00. The Corporation anticipates initial production rates of 15 bopd per well.
In Q4 of 2017, the Corporations Q4 Drilling and Operational Development Programme primarily targeted the deeper Navarro sand which required a frac. The Corporation has learned that the Navarro sand wells once fracd take a longer time to recover injected frac fluids before seeing Oil produced vs. the Poth. The Navarro wells do have a long production life, once stable oil production is established, however Poth has the potential of rapidly increasing the Corporations daily production. The proceeds from the potential increased production can be used to further develop the company land holdings.
The results from the Q4 Drilling and Operational Development Programme were successful and the Corporation is currently producing approximately 45 barrels of oil per day (bopd). Two wells previously drilled in that program are still not on production. The Corporation anticipates that one will be on production by the end of January while the other well will be fraced by mid-February depending on the availability of a frac crew. With the improving commodity prices, the Corporation anticipates that it should see revenues net of royalties of approx. $60,000.00 USD for the month of January of 2018.
About Advantagewon Oil Corp.
Advantagewon Oil Corp. is focused on building consistent cash flow from low cost, low risk oil wells in the State of Texas. AOC applies specialized expertise to increase oil recovery from 10-15% to up to 75% for each well. Once the enhanced recovery strategy is successfully applied, AOC will repeat the process throughout the oil pool to maximize output and minimize cost and risk. For more information please visit www.aoc-oil.com
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation 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 expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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