Mooncor to Re-Activate its Wells TORONTO, ONTARIO--(Marketwired - Jan. 12, 2017) - Mooncor Oil & Gas Corp. (the "Company") (TSX VENTURE:MOO) is pleased to announce that it intends to re-activate its two oil wells (the "Wells") located in Lloydminster, Alberta. The Wells remained inactivate due to the historically low oil prices but the recent recovery in oil prices has made it economically feasible to reactivate the Wells.
The Wells require some relatively minor maintenance work and repairs in order to restore them to full production. The independent property evaluation for the year ended 2015, which is available under the Company's profile on SEDAR (www.sedar.com), estimates that approximately 40,000 barrels of oil are recoverable from the Wells and estimates post workover oil production rates to be 30 net barrels per day.
The re-activation of the Wells is intended to bring the Company back into production and position the Company and its assets to explore and pursue a variety of short and long term strategic business initiatives.
About Mooncor Oil & Gas Corp.
Mooncor is a junior oil and gas exploration company. Mooncor holds interests in lands in the Pondera and Teton Counties in Northwestern Montana, the Muskwa / Duvernay liquids rich shale gas area in Hamburg, Alberta, and in southwest Ontario where the focus has been on conventional oil and gas opportunities.