Toronto, Ontario--(Newsfile Corp. - October 17, 2019) - Advantagewon Oil Corp., (CSE: AOC) (OTCQB: ANTGF), (the "Corporation", "Advantagewon", "AOC") announced today that it had completed on the first Canadian based well of its three well joint venture reactivation plan what the Corporation announced, via press release, back on September 26th, 2019.
The first of the three well initiative is producing, AOC had proposed a reactivation that would produce 30 Barrels of Oil Per Day ("BOPD") as a gross production number. Upon further evaluation of the original core sampling it was determined there was a separate zone independent of the original producing zone. Within AOC's released budget and presented CAPEX it was possible to perforate the isolated zone, resulting in an incremental swabbed tested flow rate. The Corporation previously announce it has a 50% non-working interest in this first well, and as such is on swabbed tested rate of 60-90 BOPD. The Corporation estimates that it will net 30-45 BOPD. The Corporation is now prepared to and has moved its contracted service rig to the second location of the three well program. The Corporation anticipates that it will be in a position to report the results from the second well within the next month.
Mr. Stephen Hughes CEO & Director, stated: "I am extremely pleased by the results of this first well as the production numbers have far exceeded the anticipated 30 BOPD the Corporation was expecting from this well. The additional oil flow was achieved from performing a minor enhancement procedure in the existing wellbore. The remaining two wells of the (3) three well program are similar in structure as noted by the seismic data and core samples. We are optimistic that the second and third wells could produce similar results. The idea was to follow the historical geology; we have found a case study for the work that our technical team has expose, and I commended their due diligence."
About Advantagewon Oil Corp.
Advantagewon is focused on building consistent cash flow from low cost, low risk oil wells. 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. Stephen Hughes
CEO & Director
Advantagewon Oil Corp.
T: (587) 580-9344
Mr. Frank Kordy
Secretary & Director
Advantagewon Oil Corp
T: (647) 466-4037
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. We seek safe harbor.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/48865