Calgary, Alberta--(Newsfile Corp. - September 25, 2023) - Resolute Resources Ltd. (TSXV: RRL) ("Resolute" or the "Company") is pleased to announce that the rig, Stampede #14, was rig released from 5-25-83-24W5 drill pad upon completion of the drilling of the RESOLUTERESLTD HZ ANTHONY 7-24-83-24 well.
The RESOLUTERESLTD HZ ANTHONY 7-24-83-24 took 17 days to drill and the final AFE will be within 15% of the previously estimated well costs. Reservoir production testing will commence with results available in approximately 6 weeks.
In addition, Resolute is pleased to announce that it has received a well license for the RESOLUTERESLTD HZ ANTHONY 11-24-83-24 and pad construction has commenced. The RESOLUTERESLTD HZ ANTHONY 11-24-83-24 is designed to target the Gething Channel reservoir. The expected spud date is the first week of November 2023.
About Resolute Resources Ltd.
Resolute is an energy corporation trading on the TSXV under the symbol RRL. Resolute has projects in Northwest Alberta and Northeast British Columbia, where it is exploring shallow cretaceous sandstone reservoirs that can be exploited with Multi-Lateral Open Hole wells. Resolute has accumulated just under 35,000 acres in its GFD light oil project in Northwest Alberta and approximately 10,000 acres at its Evie project in Northeast BC. Resolute is pursuing projects that are high in environmental social and governance metrics, that result in lower emission oil and low water use due to no hydraulic fracturing, but that provide high economic returns.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, information relating to the Company's drilling program. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Factors that could affect the outcome include, among others: failure to obtain regulatory approvals, general business, economic, competitive, political and social uncertainties, securities market uncertainty and unpredictability and risks of the oil and gas industry. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
For further information, please contact:
Bradley Parkes FCSI, P.Geo
CEO & Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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