HOUSTON, July 24, 2018 (GLOBE NEWSWIRE) — Petrolia Energy Corporation (OTCQB:BBLS) (“Petrolia” or the “Company”) is pleased to announce the signing of the Slick Unit Exploration and Development Agreement (the “Agreement”) with Boone Operating Inc. (“Boone”), a private Exploration & Production company, to explore and develop the Misener and Simpson Formations at the Slick Unit Dutcher Sands Field (“SUDS Field”). Under the terms of the Agreement, the development area consists of 480 Acres where Boone will carry the cost of drilling the first well and will earn a 75% Working Interest (“WI”) position in that well. If the first well is successful, Boone will have the right to further develop the zone and Petrolia will maintain the right to participate in further drills, up to a 25% WI in each new well. The current producing Dutcher Sands formation is excluded from this Agreement, which Petrolia will continue developing.
The SUDS Field is a 2600-acre lease located in Creek County, 36 miles SW of Tulsa, Oklahoma. The field was first discovered in 1918 by SOHIO Oil Company utilizing over 100 wells with the primary objective to produce from the Dutcher Sands at an average well depth of 3100 ft.
“This will be the first time a deeper zone has been explored over a significant structural closure at the SUDS Field. Similar structures in the immediate vicinity have produced substantial reserves,” commented Zel C. Khan, President & CEO of Petrolia Energy, “The new wells drilled by Boone will provide us with invaluable data to further our redevelopment efforts at the Dutcher Sands, the primary producing zone at the Suds Field.”
About Petrolia Energy Corporation
Petrolia Energy Corporation is an Oil & Gas exploration, production, and service company with producing and prospective onshore assets in the United States, Canada and Indonesia. The Company’s core asset is in the NW Shelf of the Permian Basin, in New Mexico. It has other North American properties in its portfolio, where it is focused on redeveloping existing oil fields in well-established oil rich regions including Oklahoma and Saskatchewan and Alberta, Canada. In Indonesia, the Company is situated in the prolific Indonesian Sumatra basin, focused on discovering, appraising, developing and producing its interests in 5 Production Sharing Contracts (PSCs) and 1 Joint Study Agreement (JSA). Petrolia’s headquarters are in Houston, Texas.