Cardiff Energy Corp. Completes Buyout Agreement For Clayton #1H And Bearcat #4
(via Thenewswire.ca)
Vancouver, BC / TheNewswire / CARDIFF ENERGY CORP. (the "Company") (TSX-V: "CRS", Frankfurt: "C2Z.F", US Pinksheets: "CRRDF") is pleased to announce that they have completed a Buyout Agreement with Martin Energies, the Operator of the Clayton #1H and the Bearcat #4 wells. The Company now holds a 70% working Interest ("WI") in the Clayton #1H with their JV Partner Equitorial Exploration Corp. holding a 30% WI and the Company holds a 100% WI in the Bearcat #4.
Although, additional time was needed to finalize the Buyout Agreement and to transfer the operating license
to the new Operator, the Company is now in a strong position and focused on moving their Runnels County, Texas business plan forward. With all necessary equipment on site the new Operator is scheduled to commence the initial flow test of the Clayton #1H within the next few days. Additionally, the new Operator will be reviewing the Bearcat #4 site to determine the amount of oil currently stored in the tanks, analyses the production rate and to consider additional production opportunities.
Furthermore, the Company has granted 1,500,000 incentive stock options to current officers and directors under the Company's 10% rolling stock option plan (the "Plan"). The options granted are for a five year period expiring November 20, 2020 at an exercise price of $0.165 per share. This transaction is subject to TSX Venture Exchange approval.
Jack Bal, President and CEO of Cardiff Energy Corp., states "We strongly believe in our business plan in Runnels County, Texas and are looking forward to sharing the initial flow rates of the Clayton #1H."
To learn more about the Company and the drilling of the Clayton #1H horizontal well please visit:
http://www.cardiffenergy.com/i/pdf/Runnels-County-Texas.pdf
The Company holds a 70% working Interest ("WI") in the Clayton #1H and their JV Partner Equitorial Exploration Corp. holds a 30% WI. The Company holds a 100% WI in the Bearcat #4.
About the Company
Cardiff is an emerging junior oil and gas company engaged in the acquisition, exploration, development, and production of oil and gas properties. Cardiff is listed on the TSX Venture Exchange under the symbol CRS. For additional details please visit Cardiff's website at www.cardiffenergy.com
For additional information contact:
Jack Bal, President and CEO
Cardiff Energy Corp
604-306-5285
jackbalyvr@gmail.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Jack Bal"
Jack Bal,
President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements relating to the future operations of the Company. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are exploration risks detailed from time to time in the filings made by the Company with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.
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