VANCOUVER, Sept. 20, 2017 /CNW/ - 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.
About Eros
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.,
Ron Stewart
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.
SOURCE Eros Resources Corp.