Axiom Oil & Gas Corp. Prepares to Monetize Their Oil-Producing Properties
NEW YORK, NY--(Marketwired - Dec 15, 2015) - Axiom Oil & Gas Corp. (OTCQB: AXIO) is preparing to monetize their property in Toole County, Montana with the potential for enormous reserves and millions in Company revenue. In October 2014, Axiom acquired ~15,000 gross acres (6,170 net acres) in Toole County, Northern Montana. The leases include a 23.1% working interest in two drilled oil wells that are in the process of being completed and a 50% interest in two producing gas wells. It is a conventional drilling project with over 70 additional drilling targets identified that Axiom plans to participate in with a 50% working interest.
The leases are located in the huge Kevin-Sunburst Dome, which covers about 1,000 square miles. It lies along the eastern edge of the Southern Alberta Basin where billions of barrels of oil have been generated from the organic-rich Bakken Shale. Oil companies have been drilling in this region for over 90 years and more than 320 million barrels of Bakken generated oil has been produced. Historically, wells in the area have initial production between 30 and 100 barrels of oil per day (BOPD) with an average production of 30 to 50 BOPD in the first year. Production history shows that the average well produces 50,000 barrels of oil over its life, most of it coming in the first 10 years. Drilling of wells here are inexpensive, as there are no big 'Fracking' expenses and production costs are minimized because the oil field does not produce water.
Michael Altman, CEO, was quoted saying, "We could not be happier about beginning the monetization process of our Montana property as it could potentially pump millions of dollars of revenue into Axiom in the coming months and years. Even with the price of oil dropping so low, we still have the opportunity to create a great deal of revenue and more importantly make our mark on the oil & gas world -- 2016 will be a very exciting year for the Company!"
Axiom Oil & Gas Corp. continues to provide positive updates to the shareholders as it strives to maintain not only a high standard of professionalism, but also a level of transparency that is not exhibited by other small cap, bulletin board companies. As always AXIO thanks everyone for their continued support as the company moves forward in this period of development and tremendous growth.
ABOUT AXIOM OIL & GAS CORP. (OTCQB: AXIO)
Axiom Oil and Gas Corp. is an oil and gas exploration and development company, formed initially, to develop oil and gas leases in Toole County, Montana. The Company provides investors with direct exposure to producing oil and natural gas interests with significantly lower production costs. With a strong management and operations team and low risk development drilling, the Company is building a solid base operation with stable cash flow to ensure corporate longevity and minimal dilution as it grows its shareholders' value and by adding excellent oil and gas properties.
Any statements that we make, other than historical facts, contain forward-looking information based on our business plans and assumptions at the time of disclosure. Such forward-looking information includes, but is not limited to, our expected growth strategies, projected operating results, anticipated timing for developing, obtaining approval for and bringing products to market and the status of R&D. Our business, as well as each product we develop and market, is subject to various risks and uncertainties beyond our control. Therefore, these forward-looking statements might differ substantially from the actual results. Risks and uncertainties that could affect the Company's future results and financial condition include, but are not limited to, the factors described below. Information disclosed is subject to addition, change or deletion without notice.
Source: Marketwired (Canada)
(December 15, 2015 - 4:00 PM EST)
News by QuoteMedia