Advantagewon Provides an Update on Second Radial Jet Drilling Operation. Drilling Operations are Completed
Toronto, Ontario--(Newsfile Corp. - April 29, 2019) - Advantagewon Oil Corp., (CSE: AOC), (OTCQB: ANTGF), (the "Corporation", "Advantagewon", "AOC") announced today that it had completed the horizontal radial jet drilling with V2H USA Inc., ("V2H") on the second well of the two well programme whereby the Corporation provided and prepared two of the Corporation's existing wells for V2H's Radial Jet Drilling service.
On this second well, three horizontal bores were drilled radially with the water jet technology with penetrations of 42, 32, and 22 feet horizontally into the Poth "B" sand. Oil shows were observed as these horizontal bores were drilled. The Poth "B" was proved to be oil charged, as announced via press release on October 31, 2018. The well is currently still pumping off the water used for the horizontal water jet drilling, and is showing an increasing oil cut as the water is being recovered. With a total of 96 feet of reservoir penetrated horizontally as compared to the conventional perforations in the nearby first Poth "B" well, the Corporation anticipates significantly higher oil deliverability from this well. The Corporation believes that the production potential of this well will be between 8 and 15 bopd. Once the water is fully recovered, the Corporation will be in a position to accurately announce the barrels per day deliverability from this well.
Operations to follow will include moving and installing production equipment to the new well that the Corporation completed drilling on April 3rd, 2019. Please refer to the Corporation's press release dated April 3rd, 2019 for more information on this well. Once the equipment is in place, the Corporation will commence production testing on this well. The Corporation will also work on finalizing the equipment installation and production testing of the first V2H well. Please refer to the Corporation's press release dated April 8th, 2019 for more information on this well.
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.
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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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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44381