SASKATOON, June 12, 2018 /CNW/ - Westcore Energy Ltd.
("Westcore" or the "Company") (TSXV: WTR) announces that it has
completed its post spring break-up operations and brought 3
production wells back on line. Westcore now has 6 wells on
production cumulatively flowing an average of 125 barrels of oil
per day.
During the spring break-up period four of its wells were shut
down, leading to two months of lost production from these wells.
The Company was able to access and put wells back online once road
bans on service rigs and heavy vehicle movement were
lifted.
2018 Drilling and Development Plans
The Company's plans for 2018 include identifying three new drill
targets at the Flaxcombe field,
with a view to drilling and bringing these new wells online in late
2018 or early 2019. In advance of this drilling, the Company
intends to acquire and review all available 2D and 3D seismic. Upon
successful review of seismic data, the new 3 well drill program is
intended to be completed along with Westcore's existing joint
venture partners.
Two additional production wells at Flaxcombe will be brought back online in the
coming months to further increase production. Both
re-activations are low cost activities that will bring proven
production back online.
The Company will be re-activating its 100% owned disposal well
at the Riverside project and is
planning an additional disposal well at its Flaxcombe field to further augment cost
savings in its fluid handling requirements. Having company
owned disposal wells dramatically increases the economics of both
fields, in terms of reducing both the direct cost of water disposal
and the indirect costs related to fluid hauling. Westcore has
identified a location for its potential disposal well at
Flaxcombe, consisting of an
existing well bore that is not being used for oil production.
This location also has excellent access for potential third party
water disposal providing additional revenue potential for the
Company.
Land Update
Westcore is actively reviewing and looking to increasing its
land positions at Flaxcombe and
Riverside as large areas around
both projects have highly prospective geology for additional
development. Land acquisitions will be based on seismic
review, direct and indirect production results from these areas.
The company currently holds 5 sections of heavy oil land at its
Flaxcombe project and 29 sections
of heavy oil land at its Riverside
project, both located in west central Saskatchewan.
Reader Advisory
Except for statements of historical fact, this news release
contains certain "forward-looking information" within the meaning
of applicable securities law. Forward-looking information is
frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. In particular, forward-looking
information in this press release includes, but is not limited to,
the potential Transaction, the completion thereof and receipt of
required approvals and the potential future production of petroleum
products from the properties that are the subject of the
Transaction. Although we believe that the expectations
reflected in the forward-looking information are reasonable, there
can be no assurance that such expectations will prove to be
correct. We cannot guarantee future results, performance or
achievements. Consequently, there is no representation that the
actual results achieved will be the same, in whole or in part, as
those set out in the forward-looking information.
Forward-looking information is based on the opinions and
estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking
information. Some of the risks and other factors that could
cause the results to differ materially from those expressed in the
forward-looking information include, but are not limited to:
general economic conditions in Canada, the United
States and globally; industry conditions, governmental
regulation, including environmental regulation; commodity prices;
unanticipated operating events or performance; failure to obtain
industry partner and other third party consents and approvals, if
and when required; the availability of capital on acceptable terms;
the need to obtain required approvals from regulatory authorities;
stock market volatility; competition for, among other things,
capital, skilled personnel and supplies; changes in tax laws; and
the other risk factors disclosed under our profile on SEDAR at
www.sedar.com. Readers are cautioned that this list
of risk factors should not be construed as
exhaustive.
The forward-looking information contained in this news
release is expressly qualified by this cautionary statement. We
undertake no duty to update any of the forward-looking information
to conform such information to actual results or to changes in our
expectations except as otherwise required by applicable securities
legislation. Readers are cautioned not to place undue
reliance on forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Westcore Energy Ltd.
