TORONTO, ON / ACCESSWIRE / July 29, 2019 / Shiffoil Inc. ("Shiffoil" or the "Company") announces that the Company is now conducting its 2019 summer drilling program consisting of two 100% owned horizontal wells targeting the Spearfish formation in Pierson, Manitoba and one 50% owned horizontal well targeting the Lodgepole formation in in the Sinclair area of south west of Manitoba.
The first two Spearfish wells (100/11-16-01-27 and 100/15-17-01-27) were drilled during the month of July where 11-16 is now on production producing above type curve. The second Spearfish well is expected to come on production in August while the Lodgepole well is still in the permitting process. Realized oil prices per barrel of light oil from January to June 2019 average C$68.71/bbl net of quality adjustment and tariffs, with operating costs of less than $10/bbl and operating netbacks of over $45/bbl.
The Company is analyzing a late fall drilling program and subsequent financing.
About Shiffoil Inc
Shiffoil is an Alberta-incorporated emerging light oil private company engaged in the operation, development, acquisition and production of light gravity crude oil in Manitoba, Canada. For further details, please refer to our Canadian regulatory filings on SEDAR at www.sedar.com.
For further information please contact:
Ruben Shiffman, PhD, MBA | Executive Chairman |
CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, the availability of financing, the timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates including the costs of operations in remote mountainous environments, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
SOURCE: Shiffoil Inc.
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