Advantagewon Oil Corp. Commences Swabbing and Production Testing on Two Holes at LaVernia
Toronto, Ontario--(Newsfile Corp. - May 22, 2018) - Advantagewon Oil Corp. (CSE: AOC) (OTCQB: ANTGF) (the "Corporation", "Advantagewon", "AOC") announced today that it will commence production testing and swabbing of the two 400 meter vertical wells that the Corporation completed drilling in first and second weeks of March, 2018. Due to weather delays, and increased work volume in the State of Texas, the Corporation has experienced multiple delays in securing firms to conduct the required work. The Corporation acknowledges that it is behind schedule on its six hole drill programme which the Corporation is currently working hard to rectify.
The Corporation expects that it will be in a positon to report flow rates of the two LaVernia wells by the end of the third week of May. The Corporation still anticipates that the two wells will add approximately 15 barrels of oil per day ("BOPD"), per well, for a combined approximate total of 30 BOPD.
The Corporation continues production testing on one of its three wells on its Lerma Lease following its recompletion in Q3 2017 and servicing in Q1 2018. The well has been producing oil and water with a total of over 265 barrels reported at an estimated 50% oil cut in February. Following the most recent servicing, the wells has been flowing oil and water with over 300 barrels of fluid produced. The Corporation will be adding a surfactant chemical to separate the fluids to get an indication of the oil cut. This well is one of three wells on the property with the potential to be re-completed in both shallow sand and deeper Austin Chalk and Buda formations.
About Advantagewon Oil Corp.
Advantagewon is focused on building consistent cash flow from low cost, low risk oil wells in the State of Texas. AOC applies specialized expertise in oil pool development by development drilling, pressure restoration and maintenance using water and chemical injection to increase oil recovery from 10-15% to up to 75% for each pool. 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. Advantagewon's common shares are listed on the OTC Markets in the United States and on the Canadian Securities Exchange ("CSE") in Canada. Advantagewon is a member of the CSE Composite Index (CSE: AOC). For more information please visit www.aoc-oil.com.
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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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