Advantagewon Oil Corp., Production Test Results Show 12 to 15 Barrels of Oil Per Day Production Capability on the First Well of the Corporation's 2019 Drilling Program
Toronto, Ontario--(Newsfile Corp. - June 12, 2019) - Advantagewon Oil Corp., (CSE: AOC) (OTCQB: ANTGF), (the "Corporation", "Advantagewon", "AOC") announced today that it had completed production testing on the first well of the Corporation's 2019 drilling program which targeted both Poth sand zones in the LaVernia area of Texas. This well was previously announced as drilled, via press release, back on April 3rd, 2019.
The Corporation is very pleased to announce that oil rates on test for this well have met expectations. The completed tests show that the oil production capability of this well at 12 to 15 barrels of oil per day ("bopd"). The well was perforated in the two deeper Poth sand zones, the Poth "B" and Poth "C", and production testing in these two zones was completed immediately as planned. Work is now underway to install power and production equipment so the Corporation can commence commercial production on this well.
The Corporation is now considering other possible drilling locations on this and adjacent leases, as identified, when the Corporation commenced and completed its Deeper Oil Zones testing back in Q4 of 2018.
The Corporation also announced that it continues to evaluate the Second Radial Jet Drilling well that the Corporation last provided an update, via press release, on April 29th, 2019. The Corporation still believes that the production potential, as previously released, on this well will be between 8 and 15 bopd. This well was originally completed in 1958 in the Poth "A" and now the newly radial jet horizontally drilled Poth "B" is producing large volumes of water, which is believed to be primarily coming from the depleted Poth "A" sand zone. The Corporation believes that the water from the Poth "A" sand zone is suppressing oil production from the deeper Poth "B" sand zone and the Corporation is now planning operations to seal off the Poth "A" sand zone and produce the well from only the Poth "B" zone. When this operation has been completed, the Corporation will be in a position to accurately announce the barrels per day deliverability from 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. We seek safe harbor.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45533