Toronto, Ontario--(Newsfile Corp. - April 8, 2019) - Advantagewon Oil Corp., (CSE: AOC), (OTCQB: ANTGF), (the "Corporation", "Advantagewon", "AOC") provided today an update on the horizontal radial jet drilling with V2H USA Inc., ("V2H") whereby the Corporation provided and prepared two of the Corporation's existing wells for V2H's Radial Jet Drilling service.
Drilling operations have been completed on the first of the two wells, and drilling operations are currently underway on the second well. The first well was originally part of the Corporation's 2018 drilling programme and was drilled by the Corporation back in March of 2018. The well suffered near well bore formation damage preventing oil flow into the well bore. As a result, the well became an excellent candidate for the V2H horizontal radial jet drilling technology as the horizontal penetrations would go beyond any near well bore formation damage. On this well, three horizontal bores were drilled radially with penetrations of 35, 40 and 40 feet horizontally into the targeted sand reservoir. Oil shows were observed, as these horizontal bores were drilled. The Corporation is pleased by the progress made on this previously non-productive well by V2H, and with oil shows observed, the Corporation will be putting the well directly on production to assess deliverability. As of the date of this press release, the Corporation is in the process of installing production equipment and preparing to move tanks to this location. It is anticipated that this well will be on production, and evaluation of the wells production capability will begin by April 12, 2019.
V2H's technology and tools have been specifically developed for sandstone reservoirs such as AOC's current shallow oil reservoirs with the goal of improving rates of oil production. The method employed, drills horizontally in 4 directions (limited to 3 directions on 4-1/2" casing diameter, due to casing integrity) on multiple horizons from an existing vertical well bore. This provides the advantages of a true horizontal well without the cost and complication of drilling horizontally and can be employed in existing vertical wells.
The penetration of formation in multiple directions on multiple horizons, along with Measurement While Drilling (MWD) and steering capabilities, allows for additional flexibility and targeted reservoir connectivity than that of conventional perforating methods. The function and purpose of this specialized service, is to greatly increase the ability of oil to flow from the reservoir into the well bore.
About V2H USA Inc.
V2H is a technology development company that partners with oil and gas producers, service companies, governments, private equity groups and other organisations in the oil and gas industry to help them deliver its step change Radial Drilling Technology.
For more information please visit www.v2hinternational.com
About Advantagewon Oil Corp.
Advantagewon is focused on building consistent cash flow from low cost, low risk oil wells in the State of Texas. AOC applies specialized expertise to increase oil recovery from 10-15% to up to 75% for each well. Once the enhanced recovery strategy is successfully applied, AOC will repeat the process throughout the oil pool to maximize output and minimize cost and risk. Advantagewon's common shares are listed on the OTC Markets in the United States and on the Canadian Securities Exchange ("CSE") in Canada. Advantagewon is a member of the CSE Composite Index (CSE: AOC). For more information please visit www.aoc-oil.com
For further information please contact:
Mr. Charles Dove
CEO & Director
Advantagewon Oil Corp.
T: (403) 815-2440
E: charles.dove@aoc-oil.com
W: www.aoc-oil.com
Mr. Paul Haber
Chairman & Director
Advantagewon Oil Corp.
T: (416) 318-6501
E: paul.haber@aoc-oil.com
W: www.aoc-oil.com
Mr. Frank Kordy
Secretary & Director
Advantagewon Oil Corp.
T: (647) 466-4037
E: frank.kordy@aoc-oil.com
W: www.aoc-oil.com
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43933
