Advantagewon Oil Corp., Provides Update on its Entrance Into the Canadian Oil Patch. Reactivation Work Completed on the First Canadian Well, 90 Bopd Brought Onto Production

Source Press Release
Company Advantagewon Oil Corp. 
Tags Strategy - Upstream, Strategy - Corporate, Upstream Activities
Date October 17, 2019

Advantagewon Oil Corp., (CSE: AOC) (OTCQB: ANTGF), (the "Corporation", "Advantagewon", "AOC") announced today that it had completed on the first Canadian based well of its three well joint venture reactivation plan what the Corporation announced, via press release, back on September 26th, 2019.

The first of the three well initiative is producing, AOC had proposed a reactivation that would produce 30 Barrels of Oil Per Day ("BOPD") as a gross production number. Upon further evaluation of the original core sampling it was determined there was a separate zone independent of the original producing zone. Within AOC's released budget and presented CAPEX it was possible to perforate the isolated zone, resulting in an incremental swabbed tested flow rate. The Corporation previously announce it has a 50% non-working interest in this first well, and as such is on swabbed tested rate of 60-90 BOPD. The Corporation estimates that it will net 30-45 BOPD. The Corporation is now prepared to and has moved its contracted service rig to the second location of the three well program. The Corporation anticipates that it will be in a position to report the results from the second well within the next month.

Mr. Stephen Hughes CEO & Director, stated: "I am extremely pleased by the results of this first well as the production numbers have far exceeded the anticipated 30 BOPD the Corporation was expecting from this well. The additional oil flow was achieved from performing a minor enhancement procedure in the existing wellbore. The remaining two wells of the (3) three well program are similar in structure as noted by the seismic data and core samples. We are optimistic that the second and third wells could produce similar results. The idea was to follow the historical geology; we have found a case study for the work that our technical team has expose, and I commended their due diligence."

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd