Hunter Oil Update on Hurricane Harvey
Houston, Texas--(Newsfile Corp. - September 13, 2017) - Hunter Oil Corp. (TSXV: HOC) (OTCQX: HOILF) (the "Company" or "Hunter") provides shareholders an update on Hurricane Harvey. Our Houston office is closed at this time due to flooding in our office premises and throughout the Houston Energy Corridor.
Our field operations in New Mexico were not affected by the storm. We are not experiencing any reduction in production or impact from the storm operationally.
Our thoughts and prayers are with our fellow employees and their families in the Houston area and everyone who experienced the catastrophic rainfall and flooding associated with Hurricane Harvey. The safety of our personnel has always been our priority. We are pleased to report none of the Hunter management nor staff were injured during the storm or post flooding. Our Houston office is expected to remain closed for several weeks. Houston staff will continue corporate duties remotely as much of Hunter's IT and telecommunications is cloud-based and unaffected. Hunter has made additional efforts to secure temporary office space immediately accessible and turnkey for operations, if required.
About Hunter Oil Corp.
Hunter Oil owns and operates two large, historic oil fields in the Permian Basin of Eastern New Mexico - the Milnesand and Chaveroo fields, which together comprise in excess of 23,000 gross acres, substantially held by production. Historical production of these two fields is approximately 40 million barrels. Hunter has engineered a horizontal redevelopment of the San Andres productive zones. The Company plans to unlock the value in these resource-rich fields by leveraging existing infrastructure, lowering operating costs and increasing efficiencies of its operations.
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
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.
Cautionary Statement Regarding Forward-Looking Information
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws, including statements regarding estimates of reserves and future net revenue, expectations regarding additional reserves and statements regarding Chaveroo and Milnesand wells development, including plans, anticipated results and timing. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information.
Forward-looking information regarding Chaveroo and Milnesand well development and expectations regarding additional reserves are based on plans and estimates of management and interpretations of exploration information by the Company's exploration team at the date the information is provided and is subject to several factors and assumptions of management. These assumptions include: that necessary regulatory approvals will be available when required, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes or shortages are encountered, and that the development plans of the Company will not change. Risks include: the risk that anticipated results and estimated costs will not be consistent with managements' expectations, the Company will not be able to obtain and provide the information necessary to secure regulatory approvals required, that unexpected geological results are encountered and that equipment failures, permitting delays or labor or contract disputes or shortages are encountered.
Information on other important economic factors or uncertainties that may affect components of the reserves data and the other statements in this release are contained in the Company's Statement of Reserves Data and Other Oil & Gas Information dated December 31, 2016, and the Company's MD&A under "Risk Factors", which are available under the Company's profile at www.SEDAR.com.
For further information, visit our website at www.hunteroil.com