July 24, 2019 - 6:00 AM EDT
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Norris Industries Releases Shareholder Update with Expansion Plan

IRVING, Texas, July 24, 2019 (GLOBE NEWSWIRE) -- Norris Industries, Inc. (OTCQB: NRIS), a Texas-based E&P company (“the Company”) in the acquisition, development, and exploration of crude oil and natural gas properties, is pleased to announce a shareholder update on the Company’s business plans.

The Company will continue working with limited number of capital partners to identify acquisitions that can increase our reserves of oil and gas concessions and production. Our near term goal for current year is to seek selected opportunities to increase our production to a sustainable, cash-flow breakeven, Also, given the current dynamics of the oil and gas industry, we may also consider strategic acquisitions in the oil-field service sectors.

The Company generated revenues of $119,359 from oil and gas sales for the three months ended May 31, 2019, as compared to $126,072 for the three months ended May 31, 2018. The slight decrease in quarterly revenues mainly came from a decrease in the market price of the Company’s oil and slightly lower production from the oil and gas properties that we acquired at the end of fiscal year 2018. Our general and administrative expense, however, decreased slightly to $209,596 for the three-month period ended May 31, 2019, compared to $220,933 for the three-month period ended May 31, 2018, primarily because of implemented cost cutting measures.

During our prior fiscal year, the Company was in a period of assessment and work-over of its existing wells as result of its acquisition of the Jack and Palo Pinto oil and gas leases, completed on December 28, 2017. During the current fiscal year 2020, we will be looking for, on a selective basis, oil and gas reserve concessions with existing production. We intend to seek to raise enough capital via equity or debt financing options to meet our operational goals in fiscal year 2020, either from our control owner, or other third-party financing sources, including the capital markets. The Company is still in the process of assessing the wells it acquired and is reviewing its options to make improvements in the future to address the underperformance.

It is also noted that in the recent Fiscal Year-End (FYE) February 28, 2019 10-K report released on June 13, 2019, the Company showed a significant year-to-year financial performance improvement with a sales revenue increase from $131,943 in FYE 2018 to $499,074 in FYE 2019, reporting a revenue increase of 378.24%. The Company also showed financial improvement with a net loss reduction from $1,296,976 in 2018 to $869,417 in 2019, resulting in a 33% reduction in net loss during the last fiscal year. This significant year-to-year financial improvement was achieved thanks to the new acquisition of producing oil and gas mineral leases in the Texas counties of Jack and Palo-Pinto in north central and western part of Texas. Norris Industries currently holds approximately 4,200 total gross acres in leaseholds in various areas of North Central Texas region.

The Company also fulfilled it plans to acquire additional leaseholds and is pleased to announce the purchase in June 2019 of an additional interest in the Marshall Walden oil and gas property in Kilgore, Texas; as a result, the Company is now the 100% working interest (“WI”) owner, and operator of that property from its prior 10% ownership, and is working to determine ways to increase production on this underutilized asset.

“I am pleased with our recent oil and gas acquisition of the additional interest in the Marshall Walden oil and gas property, resulting in 100% control of this producing asset, thus adding additional and stable revenue to our company. In the future, we are seeking to assess and complete a more sizable acquisition either in the oil and gas services industry or in the oil and gas E&P area to orchestrate a long-term growth plan for Norris Industries in the near future,” stated Patrick Norris, Chairman and CEO.

About Norris Industries, Inc.

Norris Industries, Inc. is a Texas-based E&P company that currently focuses on the acquisition, development, and exploration of crude oil and natural gas properties in Texas. For more information, please visit its corporate website: http://www.iwpetroleum.com/.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission.

Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov

Contact:

Investor Relations Department
Norris Industries, Inc.
102 Palo Pinto St, Suite B
Weatherford, TX 76086
Tel: 855-809-6900
Email: [email protected]


Source: GlobeNewswire (July 24, 2019 - 6:00 AM EDT)

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