TORONTO, ONTARIO--(Marketwired - Jan. 12, 2017) - Mooncor Oil & Gas Corp. (the "Company") (TSX VENTURE:MOO) is pleased to announce that it intends to re-activate its two oil wells (the "Wells") located in Lloydminster, Alberta. The Wells remained inactivate due to the historically low oil prices but the recent recovery in oil prices has made it economically feasible to reactivate the Wells.
The Wells require some relatively minor maintenance work and repairs in order to restore them to full production. The independent property evaluation for the year ended 2015, which is available under the Company's profile on SEDAR (www.sedar.com), estimates that approximately 40,000 barrels of oil are recoverable from the Wells and estimates post workover oil production rates to be 30 net barrels per day.
The re-activation of the Wells is intended to bring the Company back into production and position the Company and its assets to explore and pursue a variety of short and long term strategic business initiatives.
About Mooncor Oil & Gas Corp.
Mooncor is a junior oil and gas exploration company. Mooncor holds interests in lands in the Pondera and Teton Counties in Northwestern Montana, the Muskwa / Duvernay liquids rich shale gas area in Hamburg, Alberta, and in southwest Ontario where the focus has been on conventional oil and gas opportunities.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements, including Mooncor conducting extended production tests on two suspended wells by September 31, 2015, or at all. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although Mooncor believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, Mooncor disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.