SASKATOON, SASKATCHEWAN--(Marketwired - March 27, 2017) - Westcore Energy Ltd. ("Westcore" or the "Company") (TSX VENTURE:WTR) announces that it has commenced production at a fifth location at Flaxcombe. The 10-13 location is a well that was drilled by a previous property owner, but only produced for a short period of time before being shut-in by that operator.
Westcore commenced production at this location in late February after completing a pump change, well cleanout and adding full surface and production equipment to the site. Initial production from the well has exceeded expectations. The current field estimate of production from this well is approximately 40 barrels of oil per day, with sufficient associated natural gas to power both the well and tank burners at this location.
This result further confirms the Company's development thesis for the Flaxcombe field in advance of the three vertical well drilling program that is scheduled to commence post break-up, along with partner Eros Resources Corp.
We seek Safe Harbor
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, current and potential future production from the 10-13 well and the Company's planned three well drilling program. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, governmental regulation, including environmental regulation; commodity prices; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the 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.