goforthebet
6 years ago
Petrolia Energy Announces Farmout Agreement on Oklahoma Property
HOUSTON, July 24, 2018 (GLOBE NEWSWIRE) -- Petrolia Energy Corporation (OTCQB:BBLS) (“Petrolia” or the “Company”) is pleased to announce the signing of the Slick Unit Exploration and Development Agreement (the "Agreement") with Boone Operating Inc. ("Boone"), a private Exploration & Production company, to explore and develop the Misener and Simpson Formations at the Slick Unit Dutcher Sands Field (“SUDS Field”). Under the terms of the Agreement, the development area consists of 480 Acres where Boone will carry the cost of drilling the first well and will earn a 75% Working Interest (“WI”) position in that well. If the first well is successful, Boone will have the right to further develop the zone and Petrolia will maintain the right to participate in further drills, up to a 25% WI in each new well. The current producing Dutcher Sands formation is excluded from this Agreement, which Petrolia will continue developing.
The SUDS Field is a 2600-acre lease located in Creek County, 36 miles SW of Tulsa, Oklahoma. The field was first discovered in 1918 by SOHIO Oil Company utilizing over 100 wells with the primary objective to produce from the Dutcher Sands at an average well depth of 3100 ft.
“This will be the first time a deeper zone has been explored over a significant structural closure at the SUDS Field. Similar structures in the immediate vicinity have produced substantial reserves,” commented Zel C. Khan, President & CEO of Petrolia Energy, “The new wells drilled by Boone will provide us with invaluable data to further our redevelopment efforts at the Dutcher Sands, the primary producing zone at the Suds Field.”
About Petrolia Energy Corporation
Petrolia Energy Corporation is an Oil & Gas exploration, production, and service company with producing and prospective onshore assets in the United States, Canada and Indonesia. The Company’s core asset is in the NW Shelf of the Permian Basin, in New Mexico. It has other North American properties in its portfolio, where it is focused on redeveloping existing oil fields in well-established oil rich regions including Oklahoma and Saskatchewan and Alberta, Canada. In Indonesia, the Company is situated in the prolific Indonesian Sumatra basin, focused on discovering, appraising, developing and producing its interests in 5 Production Sharing Contracts (PSCs) and 1 Joint Study Agreement (JSA). Petrolia’s headquarters are in Houston, Texas.
Forward-looking Statements
Certain information in this press release constitutes forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements regarding well production, use of proceeds, future drilling, operating expenses, and additional funding. Any statement that does not contain a historical fact may be deemed to be a forward-looking statement. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "should," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," or "continue," the negative of such terms, or other comparable terminology, although not all forward-looking statements contain such identifying words.
Forward-looking statements are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the Company's control, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Such assumptions, risks, and uncertainties include, among others, those associated with exploration activities, oil and gas production, marketing and transportation, costs of operations, loss of markets, volatility of oil and gas prices, reserve and future production estimates, environmental risks, competition, inability to access sufficient capital from internal and external sources, general economic conditions, litigation, and changes in regulation and legislation. Readers are cautioned that the foregoing list is not exhaustive.
Additional information on these and other factors that could affect Petrolia’s operations or financial results is available by contacting Petrolia and is included in the risk factors and other sections of Petrolia’s most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The forward-looking statements contained in this press release are made as of the date of this press release, and Petrolia does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by applicable law. The Company's SEC filings are available at http://www.sec.gov.
For more Information contact:
Media Contact:
Press@PetroliaEnergy.com
Investor Relations Contact:
IR@PetroliaEnergy.com
www.PetroliaEnergy.com
Source: Petrolia Energy Corporation
Primary Logo
Source: Petrolia Energy Corporation
Released July 24, 2018
goforthebet
6 years ago
Company News
Petrolia Energy Acquires Interest in Producing Oil and Gas Properties in Southwest Saskatchewan and Southeast Alberta, Canada
HOUSTON, July 06, 2018 (GLOBE NEWSWIRE) -- Petrolia Energy Corporation (OTCQB:BBLS) (“Petrolia” or the “Company”) is pleased to announce that it has acquired a 25% working interest in the Luseland, Hearts Hill, and Cuthbert fields, located in Southwest Saskatchewan and Eastern Alberta, Canada.
The acquisition consists of working interests in a total of 64 sections (approximately 41,526 acres) with 240 oil and 12 natural gas wells producing on the properties. Additionally, there are several idle wells with potential for reactivation and 34 sections of undeveloped land (approximately 21,760 acres). Average aggregate total production/sales from the purchased properties for the last 5 months was approximately 1,290 barrels of oil per day (boepd) (1,222 bopd of oil and 68 boepd of natural gas) and a 25% interest nets approximately 322 boepd.
Petrolia believes there is significant potential in these assets beyond primary recovery through the implementation of water flood/pressure support, as well as numerous reactivations and infill drilling opportunities, in addition to the opportunity to reduce operating expenditures. We believe these efforts would significantly extend the life of, and increase recoverability of reserves from, the assets.
Zel C. Khan, the CEO/President of Petrolia, commented, "This was a fantastic acquisition for our Company. With the implementation of new technology and modern methodology, we believe production and life expectancy can be dramatically increased. The cash-flow, proven reserves, and behind pipe upside, will all play a part in our continued pursuit to build shareholder value.”
About Petrolia Energy Corporation
Petrolia Energy Corporation is an Oil & Gas exploration, production, and service company with producing and prospective onshore assets in the United States, Canada and Indonesia. The Company’s core asset is in the NW Shelf of the Permian Basin, in New Mexico. It has other North American properties in its portfolio, where it is focused on redeveloping existing oil fields in well-established oil rich regions including Oklahoma and Saskatchewan and Alberta, Canada. In Indonesia, the Company is situated in the prolific Indonesian Sumatra basin, focused on discovering, appraising, developing and producing its interests in 5 Production Sharing Contracts (PSCs) and 1 Joint Study Agreement (JSA). Petrolia’s headquarters are in Houston, Texas.
Forward-looking Statements
Certain information in this press release constitutes forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements regarding well production, use of proceeds, future drilling, operating expenses, and additional funding. Any statement that does not contain a historical fact may be deemed to be a forward-looking statement. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "should," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," or "continue," the negative of such terms, or other comparable terminology, although not all forward-looking statements contain such identifying words.
Forward-looking statements are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the Company's control, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Such assumptions, risks, and uncertainties include, among others, those associated with exploration activities, oil and gas production, marketing and transportation, costs of operations, loss of markets, volatility of oil and gas prices, reserve and future production estimates, environmental risks, competition, inability to access sufficient capital from internal and external sources, general economic conditions, litigation, and changes in regulation and legislation. Readers are cautioned that the foregoing list is not exhaustive.
Additional information on these and other factors that could affect Petrolia’s operations or financial results is available by contacting Petrolia and is included in the risk factors and other sections of Petrolia’s most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The forward-looking statements contained in this press release are made as of the date of this press release, and Petrolia does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by applicable law. The Company's SEC filings are available at http://www.sec.gov.
For more Information contact:
Media Contact:
Press@PetroliaEnergy.com
Investor Relations Contact:
IR@PetroliaEnergy.com
www.PetroliaEnergy.com
Source: Petrolia Energy Corporation
Primary Logo
Source: Petrolia Energy Corporation
Released July 6, 2018
goforthebet
6 years ago
Effective on May 1, 2018, the Board of Directors of the Company (a) appointed Zel C. Khan (the current Chief Executive Officer and Director of the Company) as President of the Company; and (b) appointed James E. Burns, the Company’s President prior to May 1, 2018, as Chairman of the Board of Directors of the Company.
On April 26, 2018, and effective May 1, 2018, the Company entered into a letter agreement with Mr. Burns dated April 20, 2018, pursuant to which, he agreed to serve as Chairman of the Company and the Company agreed to pay him (a) $500 per month as an automobile allowance, (b) up to $25,000 per year for he and his family’s health insurance, (c) $65,000 per year for compensation as Chairman (provided that such compensation is accrued until the Company has sufficient available capital to pay such amounts in cash and Mr. Burns is to receive 1-for-1 warrant coverage, with a $0.10 per share exercise price, for all accrued salary, issuable at the end of each calendar quarter), (d) 500,000 shares of the Company’s restricted common stock (the “ Letter Shares ”), (e) warrants to purchase 2,000,000 shares of the Company’s common stock, vesting at the rate of 750,000 of such warrants per quarter, upon completing and filing of each of the following four periodic filings with the Securities and Exchange Commission, having a term of 36 months, and an exercise price of $0.10 per share (the “ Letter Warrants ”), and (f) the right to earn bonuses as approved by the Board of Directors in its discretion from time to time. The letter agreement has a term through April 30, 2019, provided that Mr. Burn’s position as Chairman and/or director can be terminated at any time if he is not re-nominated to serve as Chairman/director, at which time the Company is required to pay the compensation due to Mr. Burns pursuant to the terms of the agreement for the lesser of three months and until the end of the term.
Roland Rick Perry
6 years ago
Petrolia Energy Announces Hiring of Strategic Corporate Advisor
Dec 18, 2017
Petrolia Energy Announces Hiring of Strategic Corporate Advisor
HOUSTON, TX--(Marketwired - December 18, 2017) - Petrolia Energy Corporation (OTCQB: BBLS) ("Petrolia" or the "Company"), an oil exploration and production company with operations in Texas, Oklahoma and New Mexico, is pleased to announce that it has retained Newbridge Securities Corporation ("Newbridge"), a full-service securities brokerage and investment banking firm, to provide strategic corporate finance and investment banking services. Newbridge will focus on assisting Petrolia with various initiatives, including plotting a course to uplist onto a senior National Exchange, and advising on potential capital raises and M&A transactions.
Commenting on the hiring of Newbridge, Mr. Zel C. Khan, Petrolia's CEO said, "As we engage investors in a more robust way in the coming year, we wanted our own dedicated team to help us set and execute a capital markets strategy, and free up our management team's bandwidth to concentrate on what we do best."
Petrolia also announces the intended appointment of Mr. Tariq Chaudhary as the Company's new Chief Financial Officer, upon the completion of the Company's acquisition of Bow Energy Ltd. ("Bow") (TSX VENTURE: ONG). Mr. Chaudhary currently serves as the V.P. Finance of Bow, and will replace the Petrolia's current CFO, Mr. Paul Deputy.
Mr. Chaudhary is a highly experienced financial executive with a diverse knowledge of cross-border finance, and public company board management. Prior to serving with Bow, he held senior roles with Canadian Natural Resources (CNRL) and Syncrude Canada, a division of Exxon Mobil.
ABOUT PETROLIA ENERGY CORPORATION
Petrolia Energy Corporation is a US-based, oil exploration and production company. With operations in Texas, Oklahoma and New Mexico, the Company focuses on redeveloping existing oil fields in well-established oil rich regions, employing industry-leading technologies to create added value. Petrolia is committed to achieving its goals through conscientious partnership with the communities in which we operate and through operations that extend beyond regulatory requirements and embrace responsible environmental stewardship. We firmly believe we can maximize a field's potential value for our shareholders and employees, while protecting the environment and enhancing local communities.
More information about Petrolia is available at www.petroliaenergy.com.
Forward-looking Statements
Certain information in this press release constitutes forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements regarding well production, use of proceeds, future drilling, operating expenses, and additional funding. Any statement that does not contain a historical fact may be deemed to be a forward-looking statement. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "should," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," or "continue," the negative of such terms, or other comparable terminology, although not all forward-looking statements contain such identifying words.
Forward-looking statements are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the Company's control, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Such assumptions, risks, and uncertainties include, among others, those associated with exploration activities, oil and gas production, marketing and transportation, costs of operations, loss of markets, volatility of oil and gas prices, reserve and future production estimates, environmental risks, competition, inability to access sufficient capital from internal and external sources, general economic conditions, litigation, and changes in regulation and legislation. Readers are cautioned that the foregoing list is not exhaustive.
Additional information on these and other factors that could affect Petrolia's operations or financial results is available by contacting Petrolia. The forward-looking statements contained in this press release are made as of the date of this press release, and Petrolia does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by applicable law.
Petrolia Energy Corporation (OTCQB: BBLS) trades on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com.
For more Information contact:
Investor Relations Contact:
IR@PetroliaEnergy.com
www.PetroliaEnergy.com
Roland Rick Perry
6 years ago
Definitive Arrangement Agreement Executed for Petrolia Energy's Acquisition of Bow Energy
HOUSTON, TX--(Marketwired - December 05, 2017) - Further to the press release dated October 26, 2017, Petrolia Energy Corporation (OTCQB: BBLS) ("Petrolia" or the "Company") is pleased to announce it has executed a Definitive Binding Arrangement Agreement (the "Agreement") with Bow Energy Ltd. ("Bow") (TSX VENTURE: ONG). Bow Energy Ltd. is a Canadian based oil and natural gas company trading on the TSX Venture Exchange holding over 948,000 net acres onshore North Sumatra, Indonesia which is one of the world's most prolific oil and gas basins. Bow's acreage consists of interests in five production-sharing contracts (PSCs) and one Joint Study Agreement (JSA) with the Indonesian government. The assets are close to existing infrastructure and the city of Medan which is the largest city in North Sumatra.
The Agreement sets out the terms and conditions pursuant to which Petrolia will acquire through an all-stock transaction the entire issued and outstanding common shares of Bow. Bow will distribute the common shares of Petrolia it receives to Bow shareholders on the basis of 1.15 Petrolia shares for each common share held in Bow. Bow warrant holders will be entitled to receive, upon exchange of their securities, the equivalent number of Petrolia warrants. Following the completion of the Arrangement, Bow will be a wholly owned subsidiary of Petrolia.
James Burns, President of Petrolia, commented:
"We are delighted to have concluded this agreement with Bow which has a portfolio of high quality strategically located natural gas projects in North Sumatra. We believe the value of Bow's projects has not been fully recognized by the TSX-V market and is a significant growth opportunity for Petrolia."
The Arrangement will be implemented by way of a Plan of Arrangement under the Business Corporations Act (British Columbia) and is subject to a number of potential conditions.
More information about Petrolia is available at www.petroliaenergy.com.
Forward-looking Statements
Certain information in this press release constitutes forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements regarding well production, use of proceeds, future drilling, operating expenses, and additional funding. Any statement that does not contain a historical fact may be deemed to be a forward-looking statement. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "should," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," or "continue," the negative of such terms, or other comparable terminology, although not all forward-looking statements contain such identifying words.
Forward-looking statements are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the Company's control, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Such assumptions, risks, and uncertainties include, among others, those associated with exploration activities, oil and gas production, marketing and transportation, costs of operations, loss of markets, volatility of oil and gas prices, reserve and future production estimates, environmental risks, competition, inability to access sufficient capital from internal and external sources, general economic conditions, litigation, and changes in regulation and legislation. Readers are cautioned that the foregoing list is not exhaustive.
Additional information on these and other factors that could affect Petrolia's operations or financial results is available by contacting Petrolia. The forward-looking statements contained in this press release are made as of the date of this press release, and Petrolia does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by applicable law.
Petrolia Energy Corporation (OTCQB: BBLS) trades on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com.
For more Information contact:
Investor Relations Contact:
IR@PetroliaEnergy.com
www.PetroliaEnergy.com
Roland Rick Perry
7 years ago
Petrolia Energy Announces Intent to Acquire Bow Energy.
HOUSTON, TX--(Marketwired - October 26, 2017) - Petrolia Energy Corporation (BBLS) ("Petrolia" or the "Company") is pleased to announce the signing of a Letter of Intent ("LOI") to acquire 100% of Bow Energy Ltd. ("Bow") (TSX VENTURE: ONG). This LOI is non-binding and subject to various conditions, of which both parties have completed their accounting, technical, and legal due diligence, amongst others and have the approval of their respective Board of Directors. The parties have now moved on to drafting a formal binding agreement subject to customary shareholder and stock exchange approvals as may be required.
"This is a key acquisition for Petrolia as we look to expand our reach into other prolific oil and gas regions," said James E. Burns, President of Petrolia. "The acquisition of Bow provides us with a significant increase in net proven acreage, reserves, and cashflow, all of which facilitate our ability to further develop our assets, including our Permian Basin Twin Lakes field. The sum result of this proposed transaction will provide us with a clear path towards up listing our shares to an internationally recognized stock exchange."
Additionally, the Company has filed a definitive information statement, dated October 6, 2017, in anticipation of the proposed acquisition. Petrolia's Board of Directors will seek shareholder approval in the coming weeks. For further information, visit the Investor Relations section on our website.
ABOUT PETROLIA ENERGY CORPORATION
Petrolia Energy Corporation is a US-based, oil exploration and production company. With operations in Texas, Oklahoma and New Mexico, the Company focuses on redeveloping existing oil fields in well-established oil rich regions, employing industry-leading technologies to create added value.
Petrolia is committed to achieving its goals through conscientious partnership with the communities in which we operate and through operations that extend beyond regulatory requirements and embrace responsible environmental stewardship. We firmly believe we can maximize a field's potential value for our shareholders and employees, while protecting the environment and enhancing local communities.
More information about Petrolia is available at www.petroliaenergy.com.
ABOUT BOW ENERGY LTD.
Bow Energy Ltd. is a Canada-based oil and natural gas company trading on the TSX Venture Exchange. The Company holds over 948,000 net acres onshore North Sumatra, Indonesia which is one of the world's most prolific oil and gas basins. Bow owns interests in five production-sharing contracts (PSCs) and one Joint Study Agreement (JSA). The assets are close to existing infrastructure and the city of Medan which is the largest city in North Sumatra.
Forward-looking Statements
Certain information in this press release constitutes forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements regarding well production, use of proceeds, future drilling, operating expenses, and additional funding. Any statement that does not contain a historical fact may be deemed to be a forward-looking statement. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "should," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," or "continue," the negative of such terms, or other comparable terminology, although not all forward-looking statements contain such identifying words.
Forward-looking statements are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the Company's control, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Such assumptions, risks, and uncertainties include, among others, those associated with exploration activities, oil and gas production, marketing and transportation, costs of operations, loss of markets, volatility of oil and gas prices, reserve and future production estimates, environmental risks, competition, inability to access sufficient capital from internal and external sources, general economic conditions, litigation, and changes in regulation and legislation. Readers are cautioned that the foregoing list is not exhaustive.
Additional information on these and other factors that could affect Petrolia's operations or financial results is available by contacting Petrolia. The forward-looking statements contained in this press release are made as of the date of this press release, and Petrolia does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by applicable law.
Petrolia Energy Corporation (BBLS) trades on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com.
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