Cardiff Energy Corp. Secures Line of Credit, Announces Commencement of Acid Treatment of the Clayton #1H Well
February 5, 2016 / CARDIFF ENERGY CORP. / TheNewswire - (the "Company") (TSX-V: "CRS", Frankfurt: "C2Z.F", US Pinksheets: "CRRDF") is pleased to announce that they have secured a $250,000 line of credit which will be used to fund the acid treatment on the Clayton #1H and to put the well into production. The acid treatment will use in excess of 20,000 gallons of 15% HCL acid and will selectively stimulate the areas of the well bore that had the most significant hydrocarbon shows during drilling. The treatment is scheduled to begin during the week of February 15th, 2016.
Jack Bal, President and CEO of Cardiff Energy Corp., states "With the loan secured, we have now engaged a completion team to oversee the acid treatment of the Clayton #1H. Our geologist and team have reviewed the proposal and are confident that the plan will be a great success. Cardiff is now selecting the location of the next 2 wells and believes with the knowledge gained by drilling the Clayton #1H the next wells will be drilled much cheaper and move faster to the production stage."
Additionally, the Company wishes to announce that it has agreed to issue up to 6,000,000 Units at $0.05 per Unit, each Unit consisting of one common share and one transferable share purchase warrant. One warrant will be exercisable for one additional common share at $0.075 per share during the next two years. The proceeds derived from the total 6,000,000 Unit private placement will be used for the Clayton #1H and for general working capital purposes. Insiders of the Company will subscribe for a minimum of 2,000,000 Units of the financing. This transaction is subject to TSX Venture Exchange approval.
To learn more about the Company and the drilling of the Clayton #1H horizontal well please visit:
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
ON BEHALF OF THE BOARD OF DIRECTORS
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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