CALGARY, ALBERTA / ACCESSWIRE / January 2, 2019 / Point Loma Resources Ltd. (TSX VENTURE: PLX) (the “Corporation” or “Point Loma”) is pleased to announce the timing of the listing of warrants issued on October 25, 2018. In addition the Corporation is providing updated operational information.
- The Wizard Lake Rex horizontal oil well has been successfully drilled and completed with a 28 stage frac program. An average of 27 tonnes of sand per stage was delivered in the completion.
- The well is now in a test period to recover completion fluids utilized during the frac and to establish stabilized oil deliverability. This operation is anticipated to take a minimum of 3-4 weeks.
- Point Loma plans to list on the TSXV Venture Exchange (the “TSXV”) 5,954,300 warrants issued as part of the recent fund raising closed on October 25, 2018.
The Corporation has completed and is currently evaluating the Wizard Lake Rex horizontal oil well that was drilled and cased in December. A total of 28 frac stages were pumped during the completion operation. The final phase of the well completion is now underway involving producing back the frac fluids (approximately 12,000 barrels) and establishing stabilized oil deliverability rates for the well.
Listing of Warrants
The Corporation has received approval to list on the TSXV 5,954,300 warrants associated with the October 25, 2018 fund raising. It is anticipated these warrants will begin trading under the symbol “PLX.WT” on January 3, 2019.
Shares for Services
The Corporation has reached an agreement with Akula Resource Consultants Ltd. and Darren Steffes (collectively, the “Plaintiffs”), pursuant to which the Plaintiffs have settled a litigation claim brought against the Corporation in consideration for the Corporation making a payment of $25,000 (the “Settlement Amount”) to the Plaintiffs. The Settlement Amount has been satisfied by the issuance of 109,649 common shares in the capital of the Corporation (the “Settlement Shares”) to Mr. Steffes. The Settlement Shares were issued at a deemed price of $0.228 per Settlement Share.
The Settlement Shares are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. The issuance of the Settlement Shares did not result in the creation of a new Control Person (as defined in the policies of the TSXV).
About Point Loma
Point Loma is a public oil and gas exploration and development company focused on conventional and unconventional oil and gas reservoirs in west central Alberta. The Corporation controls over 160,000 net acres (250 net sections) and has a deep inventory of oil opportunities in the Mannville (Upper and Lower), Banff, Nordegg, and Duvernay Shale formations. Point Loma’s business plan is to utilize its experience to drill, develop and acquire accretive assets with potential to employ horizontal multi-stage frac technology and to exploit opportunities for secondary recovery. For more information, please visit Point Loma’s website at www.pointloma.ca or Point Loma’s profile on the System for Electronic Document Analysis and Retrieval website at www.sedar.com.