Hunter Oil Applies for Drill Permits
June 12 2018 - 8:00AM
Hunter Oil Corp. (TSX-V:HOC) (OTCQX:HOILF) (the
"
Company" or “
Hunter”) announces
that its wholly-owned subsidiary, Ridgeway Arizona Oil Corp., has
filed for drilling permits for 5 wells in its Chaveroo oil field in
Roosevelt County, New Mexico. The planned wells will target
the San Andres formation at approximately 4,500’ TVD (true vertical
depth) and will be one-mile-long horizontal wells.
Hunter has a 100% working interest in its almost
16,000-acre Chaveroo field. The Chaveroo oil field has
reserves targeted for exploitation of 22 MMBOE (million barrels of
oil equivalent) consisting of Proved Undeveloped reserves of 8.4
MMBOE, Probable reserves of 3.4 MMBOE and Possible reserves of 10.2
MMBOE, as disclosed in its year-end 2017 reserve report. The
Company intends to develop the Chaveroo reserves by drilling up to
84 horizontal wells. These permits represent the first group
of wells to be drilled in the planned program and mark a
significant milestone for the Company. During the past three
years the management team has readied the two oil fields for their
next phase of exploitation via infill horizontal redevelopment.
Summary Reserve Information
Hunter Oil Corp. Net Reserves
(MMBOE) |
|
Proven Undeveloped |
Probable |
Possible |
Chaveroo Field |
8.4 |
3.4 |
10.2 |
Milnesand Field |
4.1 |
1.8 |
4.3 |
Total |
12.5 |
5.2 |
14.5 |
The preceding information is a summary only and
readers are referred to the Company’s news release dated April 26,
2018 for further details, as well as to the evaluation of the
Company’s reserves conducted by independent qualified reserves
evaluator, Cawley, Gillespie & Associates, Inc., effective
December 31, 2017 which is available on SEDAR.
About Hunter Oil Corp.
Hunter Oil owns and operates two large, historic
oil fields in the Permian Basin of Eastern New Mexico - the
Milnesand and Chaveroo fields, Historical production of these two
fields is approximately 40 million barrels. The Company plans to
unlock the value in these resource-rich fields by leveraging
existing infrastructure, lowering operating costs and increasing
efficiencies of its operations.
ON BEHALF OF THE BOARD OF
DIRECTORS
Andrew HromykPresident and
CEO+1 (604) 689-3355
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION
SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Cautionary Statement Regarding Forward-Looking
Information
Certain statements contained in this news
release constitute "forward-looking information" as such term is
used in applicable Canadian securities laws, including statements
regarding estimates of reserves and future net revenue,
expectations regarding additional reserves and statements regarding
Chaveroo and Milnesand wells development, including plans,
anticipated results and timing. Forward-looking information
is subject to a variety of risks and uncertainties and other
factors that could cause plans, estimates and actual results to
vary materially from those projected in such forward-looking
information.
Forward-looking information regarding Chaveroo
and Milnesand well development and expectations regarding
additional reserves are based on plans and estimates of management
and interpretations of exploration information by the Company's
exploration team at the date the information is provided and is
subject to several factors and assumptions of management, including
that required regulatory approvals will be available when required,
that no unforeseen delays, unexpected geological or other effects,
equipment failures, permitting delays or labor or contract disputes
or shortages are encountered, that the development plans of the
Company will not change, and is subject to a variety of risks and
uncertainties and other factors that could cause plans, estimates
and actual results to vary materially from those projected in such
forward-looking information, including that anticipated results and
estimated costs will not be consistent with managements’
expectations, the Company or its subsidiaries not being able for
any reason to obtain and provide the information necessary to
secure required approvals or that required regulatory approvals are
otherwise not available when required, that unexpected geological
results are encountered and that equipment failures, permitting
delays or labor or contract disputes or shortages are
encountered.
Information on other important economic factors
or significant uncertainties that may affect components of the
reserves data and the other forward looking statements in this
release are contained in the Company’s Form 51-101F1 Statement of
Reserves Data and Other Oil & Gas Information dated December
31, 2016, and the Company’s Management Discussion and Analysis
under "Risk Factors", which are available under the Company's
profile at www.SEDAR.com. The Company undertakes no obligation
to update forward-looking statements, other than as required by
applicable law.
BOEs/boes may be misleading, particularly if
used in isolation. A boe conversion ratio of 6 Mcf:1 Bbl is based
on an energy equivalency conversion method primarily applicable at
the burner tip and does not represent a value equivalency at the
wellhead. Possible reserves are those additional reserves that are
less certain to be recovered than probable reserves. There is a 10%
probability that the quantities actually recovered will equal or
exceed the sum of provided plus probable plus possible reserves.
The present value of estimated future net revenues referred to
herein does not represent fair market value and should not be
construed as the current market value of estimated crude oil and
natural gas reserves attributable to the Company’s properties.
For further information, visit our
website at www.hunteroil.com
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