VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 5, 2014) - Petrichor Energy Inc. (TSX VENTURE:PTP)(FRANKFURT:YQN) (the "Company") announces that fracture stimulation operations were completed on the Hinson #1 well (the "Well"), on March 4, 2014. The Company is proceeding with production testing of the lower portion of the Marble Falls, followed by a completion operation for the upper portion. Production equipment has been installed, and all production during the testing period will be sold.
The Well is the first of three wells to be drilled on the Marble Falls Prospect (refer to News Releases dated December 3, 10, and 12, 2013), located in Young County, Texas within the approximate surface coordinates of -98.6644182 Longitude and 33.3508939 Latitude.
As previously announced, Petrichor owns a 66.67% working interest in the Marble Falls Prospect, covering 11,695.33 acres to date, located within Young County, Jack County, Archer County and Clay County, Texas.
The Mississippi Lime is a Mississippian age porous limestone formation that is deposited beneath the Barnett Shale, which is analogous to the Mississippi Lime play in Kansas and Oklahoma. The Marble Falls formation is a Pennsylvanian age limestone, analogous to the Strawn Lime play in West Texas. To date, independent operators have drilled over 50 vertical and horizontal multi-stage fraced wells in the Marble Falls and Mississippi limestone with positive results.
ON BEHALF OF THE BOARD
Joe DeVries, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services 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 includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various 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 plans or expectations include risks relating to: availability of capital and financing required to continue the Company's exploration and development plans; general economic, market or business conditions; the actual results of current and planned exploration activities; fluctuating commodity prices; risks associated with property option agreements, leases, joint ventures and the ability to conclude joint venture agreements on favorable terms; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; regulatory changes and restrictions including in relation to environmental liability; timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.