Advantagewon Oil Corp., Provides Update on Wells Drilled at LaVernia and Announces 32 Wells Have Been Brought on Production.
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Advantagewon Oil Corp. Provides Update on Wells Drilled at LaVernia and Announces 32 Wells Have Been Brought on Production.
FOR IMMEDIATE RELEASE
Toronto, Ontario, July 23rd, 2018 Advantagewon Oil Corp., (CSE: AOC), (OTCQB: ANTGF), (the Corporation, Advantagewon, AOC) provided an additional update today on the two wells previously drilled on one of its properties in the LaVernia area and the Corporation is also pleased to announce that 32 Lavernia wells have been brought on production.
As previously stated in the Corporations June 1st, 2018 Press Release, the Corporation stated that it believed the first of the two wells experienced formation damage on drilling. The limited oil inflow into the well bore on pumping has confirmed this is indeed the case. The Corporation is planning to initiate a small frac procedure in the attempt to improve the oil inflow into the well. The sand zones tested in the second well were structurally low by 5 meters (17 feet) from the first well and had shown some oil on drilling, however, on pump proved to be wet. Well logs indicate oil potential in shallower zones and testing of these shallow zones is planned. These operations, including the small frac procedure on the well, are planned to be completed by August 5th, 2018.
The Corporation has continued its property by property, well by well onsite inspections and has completed the necessary equipment repairs and installations to bring a total of 32 additional wells on production. The Corporation is currently undergoing production testing on the 32 wells that have recently been put online. The Corporationanticipates that these wells in total will add 16 to 64 barrels of oil per day. The Corporation will provide an update on the production testing by August 15th, 2018 and report the combined daily production results from these 32 wells.
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 in oil pool development by development drilling, pressure restoration and maintenance using water and chemical injection to increase oil recovery from 10-15% to up to 75% for each pool. 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. Advantagewons 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.