Advantagewon Targets Eagle Ford Shale Formation in Deep Test

February 19, 2019 8:00 AM EST | Source: Advantagewon Oil Corp.

Toronto, Ontario--(Newsfile Corp. - February 19, 2019) - Advantagewon Oil Corp., (CSE: AOC), (OTCQB: ANTGF), (the "Corporation", "Advantagewon", "AOC") announced today that it has completed a geological study on the Corporation's leases in Wilson County, Texas. As a result of the study, the Corporation has targeted additional zones on its leases with strong potential for oil production in the Eagle Ford formation. The Corporation proposes drilling a test well ("the Eaglewon Well") into the Austin Chalk and Eagle Ford formations that are located on one of its leases located in Wilson County.

The Eagle Ford is a geological formation directly beneath the Austin Chalk. It is considered to be the "source rock", or the original source of hydrocarbons that are contained in the Austin Chalk above it. The Texas Railroad Commission, which regulates all oil and gas activity in the state, shows that wells that intersect the Eagle Ford formation in Wilson County alone have produced a total of 16,230,224 barrels of oil (average of 5558 bpod) and 7,001,970 mcf of natural gas in Wilson County between 2010 and 2018. Results obtained in the Eagle Ford formation do not necessarily reflect results that may be obtained from the Eaglewon well.

The proposed Eaglewon Well is unrelated to the Poth Sand zone well that was previously announced by the Corporation in its January 17th, 2019 press release. The Poth Sand well is still scheduled to be completed by March 15th, 2019.

The Corporation also announced today that due to the proposed commencement of the Eaglewon Well, and subsequent to its January 17th, 2019 news release, the Corporation has increased its non-brokered private placement to $1,000,000.00 CDN from $500,000.00 CDN via the issuance of up to 28,571,428 Units at a price of $0.035 per Unit. For complete terms of the Units please refer to the Corporation's news release dated January 17th, 2019 which can be viewed by visiting the following website address: https://www.aoc-oil.com/press-releases

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 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. 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.

For further information please contact:

Mr. Charles Dove   
CEO & Director
Advantagewon Oil Corp.
T: (403) 815-2440
E: charles.dove@aoc-oil.com
W: www.aoc-oil.com

Mr. Paul Haber      
Chairman & Director
Advantagewon Oil Corp.
T: (416) 318-6501        
E: paul.haber@aoc-oil.com
W: www.aoc-oil.com

Mr. Frank Kordy      
Secretary & Director                                  
Advantagewon Oil Corp.
T: (647) 466-4037
E: frank.kordy@aoc-oil.com
W: www.aoc-oil.com


Forward-Looking Statements

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.

- 30 -

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/42905

info