Advantagewon Oil Corp., Acquires 42.5% Working Interest In Four Saskatchewan Wells
Toronto, Ontario--(Newsfile Corp. - May 22, 2020) - Advantagewon Oil Corp., (CSE: AOC) (OTC Pink: ANTGF) (the "Corporation", "Advantagewon", "AOC") announced today that it had entered into a Purchase Agreement where the Corporation has agreed to acquire a 42.5% working interest in four wells, and the associated land lease for the wells, from a private Company. Keeping consistent with Corporation's refocused Canadian business strategy, the four wells that the Corporation is acquiring are all located in the Province of Saskatchewan. The land lease the Corporation has acquired in this transaction consists of approximately 160 acres.
Closing is anticipated to occur on May 29th, 2020, and the Corporation has agreed to both issue 10,000,000 Common Shares of the Corporation and the Corporation has agreed to issue a onetime cash payment of $5,825.00 CDN.
The four wells are currently shut in and the Corporation anticipates reworking the wells once the price of oil reaches $50 CDN a barrel. Reworking costs for our ownership percentage is estimated at approximately $20,000.00 CDN. Prior to being shut in before the price of oil dropped the four wells were producing a combined total of 100 BOPD.
About Advantagewon Oil Corp.
Advantagewon is focused on building consistent cash flow from low cost, low risk oil wells. 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. Stephen Hughes
CEO & Director
Advantagewon Oil Corp
T: (587) 580-9344
Mr. Frank Kordy
Secretary & Director
Advantagewon Oil Corp.
T: (647) 466-4037
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.
- 30 -
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56346