Vancouver, BC (September 20, 2017) Eros Resources Corp. (TSX.V: ERC) (“Eros” or the Company”) together with its project partner and operator, Westcore Energy Ltd. (“Westcore” or “WTR”) are pleased to announce initial production results from the first of three wells drilled on the Flaxcombe heavy oil field located 30 kilometres west of Kindersley, Saskatchewan. WTR advised that the first wellbore 9-13 has been on production for over 30 days, showing an average production rate of 80 barrels per day (72 barrels to Eros).
In addition, wells 1-13 and 6-13 were both successfully completed and brought on production in early September. Results from these two wells will be made available once each well passes its initial 30-day production test period.
Ron Stewart, President and CEO of Eros commented, “We are delighted to see all three wells producing in line with our forecast model. Our partner, Westcore, has done an excellent job managing this project and we look forward to the opportunity to consider exercising our right to increase our exposure to the field.”
Eros holds a 90% beneficial working interest in the three wells until it recovers its initial capital investment totalling approximately $1.6 million and a 50% interest thereafter. Additionally, Eros has the right to participate in the next two programs under the same terms. Eros and WTR are in discussions regarding further investment and development of the oil field.
Eros Resources Corp. is a well-financed Canadian public company focused on the exploration and development of resource projects in North America. Eros has as its prime business objective the identification, acquisition and exploration of advanced resource projects with a North American focus. A secondary focus of the Company is to make strategic investments with a global focus and a diverse commodity base. The Company’s expertise in the resource sector supports the selection of these strategic investments.
On behalf of the Board of Directors of
Eros Resources Corp.,
President & CEO
Cautionary note regarding forward-looking statements
Certain statements made and information contained herein may constitute “forward looking information” and “forward looking statements” within the meaning of applicable Canadian and United States securities legislation, including, among other things, this press release includes references to discovered and undiscovered oil and natural gas resources and future drill program. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resource. There is no certainty the drill program will be fully or partially completed. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information, including the availability of adequate and secure sources of funding to complete, equip and bring the new wells on-stream, prevailing commodity prices, the receipt of regulatory approvals, environmental risks and the performance of personnel. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.
Oil and Gas Advisory
Production rates disclosed herein are preliminary and are not determinative of the rates at which the wells will continue to produce and decline thereafter and may not necessarily be indicative of the long term performance or estimated ultimate recovery.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.