VANCOUVER, Oct. 5, 2017 /CNW/ - Eros Resources
Corp. (TSX.V: ERC) ("Eros" or the
Company") is pleased to announce that it has entered into a
Joint Operating Agreement (the "Agreement") with Westcore Energy
Ltd. ("Westcore" or "WTR") and Saturn Oil + Gas Inc. ("Saturn" or
"SMI") to develop three sections of land near Flaxcombe, Saskatchewan. Under the terms
of the Agreement, each of Eros, Westcore and Saturn shall have a
one-third (33.33%) working interest in the sections. This
provides Eros with a direct interest in the future exploration
results, reserve assessment and possible development within the
Flaxcombe, heavy oil field.
The three parties are currently preparing a budget and schedule to
develop this ground.
The three sections are contiguous with Westcore's 100%-owned
sections 12, 13 and 5, where Eros and Westcore are operating under
a well-development agreement. Under this agreement, Eros
funded the completion of three wells for $1.6 million to earn a 90% working interest until
the capital investment is repaid, and a 50% working interest
thereafter. In addition, Eros has the right of first refusal
on two additional, three-well projects for the same
consideration. On September
20th, 2017, Eros announced that well 9-13 had
completed its initial 30-day production test, showing an average
production rate of 80 barrels of oil per day (72 barrels to
Eros). The two additional wells have been completed and
brought on production. Once they have passed the initial 30-day
test period, results will be made available.
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 mineral resources and future
potential forecast economics of extracting those
resources. There is no certainty that any portion of the
resources will be confirmed with greater certainty. If confirmed,
there is no certainty that it will be commercially viable to
extract any portion of the resource. There is no certainty that
access to the resource area will be re-established, and if access
to the resource area is blocked for an extended period of time, or
permanently, there is no certainty that any compensation will be
received by the Company. 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
re-establishment of physical access to the property, the
availability of adequate and secure sources of funding to construct
the extraction facilities required to extract the mineral
resources, 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.