October 2, 2018 - 12:05 AM EDT
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Shiffoil Inc. (Formerly 1885683 Alberta Ltd.) Provides Update on Recent Activities

Shiffoil Inc. (Formerly 1885683 Alberta Ltd.) Provides Update on Recent Activities

Toronto, Ontario (FSCwire) - Shiffoil Inc. (formerly 1885683 Alberta Ltd.) (“Shiffoil” or the “Company”) announces that the Company is now conducting its 2018 drilling program in Pierson Manitoba. In addition, on August 5, 2018, the board of directors approved the Company’s change of name to Shiffoil Inc.


The 2018 drilling program consists of 6 gross / 4.2 net horizontal wells (three at 100% working interest (operated) and two at 50% working interest targeting the Spearfish formation and one 20% working interest multi-leg horizontal well targeting Mission Canyon formation (non-operated)). The first two 100% wells (02/14-05 and 00/14-16) came on production in the month of August at an average cost of C$1.06 million per well. The third 100% working interest well is scheduled to be drilled in October and is an offset to the newly drilled 00/14-16 well that has an IP30 of 183 barrels per day of light oil.  The three non-operated wells are currently being drilled and completed by the joint venture partner Melita Resources and are expected to come on production this month. Current operating netbacks remain at around C$50 per barrel of oil and the Company's resource-related tax pools available to reduce future taxable income totaled approximately $9 million.


On the business development side, Shiffoil has acquired some new lands with booked reserves in the Pierson field targeting the Spearfish formation. The Company has also acquired from Sundog Oil and Gas Inc, a private Alberta company owned 22% by Shiffoil, 50% working interest in over 1,600 acres with 60 possible well locations targeting the prolific Lodgepole formation in the Sinclair area of south west Manitoba.  The Company is currently working on plans for a future financing and will update its reserve report after the 2018 drilling program is completed.


The Company is also very pleased to announce the addition of Michael Blair filling the role of Production Engineer.  Michael is a Petroleum Engineer from the University of Regina with an extensive knowledge of the oil and gas industry in western Canada. Among others, he was the production engineer for Penn West and also for Legacy Oil + Gas sold to Crescent Point for $1.53 billion in 2015.


About Shiffoil Inc.


Shiffoil is an Alberta-incorporated emerging light oil private company engaged in the operation, development, acquisition and production of light gravity crude oil in Manitoba, Canada.  For further details, please refer to our Canadian regulatory filings on SEDAR at www.sedar.com.


For further information please contact:


Ruben Shiffman, PhD, MBA

Executive Chairman

Michael Blair, P.Eng., B.A.


Liese McLaren, P.Geol., B.Sc


Corporate office

Suite 612, 390 Bay St. West, Toronto, Ontario, Canada M5H 2Y2


+1 647 273 9913


CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, the availability of financing, the timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates including the costs of operations in remote mountainous environments, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.


This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Source: Shiffoil Inc.

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Source: FSCwire (October 2, 2018 - 12:05 AM EDT)

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