SASKATOON, SASKATCHEWAN – (Marketwired – July 12, 2017) Westcore Energy Ltd. (“Westcore” or the “Company”) (TSXV: WTR) announces that it has entered into a joint venture agreement (the “Agreement”) with Saturn Oil & Gas Inc. (“Saturn”) (TSXV: SMI) to develop two sections of land (with each company contributing one section) near Flaxcombe, Saskatchewan. Under the terms of the Agreement, each of Westcore and Saturn shall have a 50% working interest in both sections.
These Flaxcombe assets are located 30 km west of Kindersley, Saskatchewan and are contiguous with Westcore’s existing land package at Flaxcombe. Westcore, in conjunction with Saturn, is currently reviewing available 3-D seismic with the intention of completing an initial re-entry program on one of the existing wells on the properties or a new drill program on the properties in 2017.
Additionally, Westcore announces that it has entered into a working interest agreement with Saturn on the recompletion of an existing well on Westcore’s land at Flaxcombe. Under the terms of this agreement, Saturn will bear 100% of the costs to bring the well on production in exchange for a 50% interest in the production from the well. It is anticipated that work will commence on the recompletion in the near future.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Westcore Energy Ltd.
Vice President and Chief Operating Officer
Phone: (306) 653-2692
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, the 3 well drilling program that is referenced herein, shut-in production potentially being re-initiated and the earning of interests by Eros in Westcore’s Flaxcombe field. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
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