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SASKATOON, October 1, 2018 - Westcore Energy Ltd. (“Westcore” or the “Company”) (TSXV: WTR) is pleased to announce the closing of its previously announced rights offering for aggregate gross proceeds of $564,536. Work will begin immediately to re-activate 2 of Westcore’s existing production wells needing workovers and to recommission the Company’s water disposal facility. This program is anticipated to add back an additional 50-60 barrels/day to Westcore’s production. Further drilling and recompletion work will be announced once new programs are finalized.
President Andrew Davidson comments, “Westcore management is pleased with the extent of participation the shareholders undertook in exercising their rights with nearly 70% of the units subscribed for. Westcore believes that the current market is an opportune time to optimize and increase field production and ready the current production areas for development drilling”.
The rights offering was 69.22% subscribed, with a total 28,226,800 rights being exercised for 18,125,100 units pursuant to the basic subscription privilege and 10,101,700 units issued pursuant to the additional subscription privilege. Each unit was issued at a price of $0.02 and was comprised of one common share of Westcore (“Common Share”) and one Common Share purchase warrant (“Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.085 per Common Share for a two (2) year period.
Westcore Energy Ltd. is a Saskatchewan based oil and gas exploration and development company focused on conventional heavy oil plays over two separate land packages in west-central Saskatchewan. Over the Flaxcombe and Riverside fields, Westcore has 100% working interest in 34 net sections of highly prospective Success Formation land with Westcore drilled wells in production and field optimization in place.
For further information, please contact:
Westcore Energy Ltd.
President and Chief Executive Officer
Phone: (306) 653-2692