VANCOUVER, Oct. 25, 2017 /CNW/ - Eros Resources
Corp. (TSX.V: ERC) ("Eros" or the "Company") together with its project partner and operator,
Westcore Energy Ltd. ("Westcore" or "WTR") wish to provide an update concerning the commissioning of the
three oil wells completed and brought on production in the third quarter at the Flaxcombe heavy
oil field located 30 kilometres west of Kindersley, Saskatchewan.
The 6-13 well was completed on August 27 and has been on production for over 47 days, showing an
average production rate over the first thirty days (IP-30) of 16.7 barrels per day (15 barrels to Eros). The well was
shut-in for 10 days to be reloaded and primed and has been in continuous operation for the past two weeks at around the average
IP-30 rate.
The 1-13 well, completed on September 4, 2017, has been on production for 24 of the 49 days
since. The well ran for eighteen days until it became sand-plugged and required reworking to flush the sand out. That
work was delayed by a combination of poor weather and the availability of equipment to clean the wellbore. Production
results will be made available once the well completes its 30-day test production period.
The 9-13 well continues to produce at a steady rate in line with the IP-30 test results announced on September 20, 2017, and has only required service for three of the 80 days since it was completed.
"Despite some commissioning challenges with wells 1-13 and 6-13 we remain optimistic that the program will meet our production
expectations. By its very nature, CHOPS wells go through a variable start-up phase but can settle in and remain in
production with low decline rates for extended periods. Our partner and operator, Westcore, has done an excellent job
managing this initial production phase," stated Ron Stewart, President and CEO of Eros.
Eros holds a 90% beneficial working interest in the three wells until it recovers its initial capital investment of
approximately $1.6 million, and will hold a 50% interest thereafter. Additionally, Eros has the
right to participate in Westcore's next two programs under the same terms. Eros recently announced that it had entered into a
three-way Joint Operating Agreement with WTR and Saturn Oil +Gas Inc. to develop three sections of land in the
Flaxcombe area. The three parties are currently preparing a budget and plan to develop
this ground.
About Eros
Eros Resources Corp. is a Canadian public company focused on the exploration and development of resource projects in
North America. Eros has as its prime business objective the identification, acquisition and
exploration of advanced resource projects with a North American focus. A secondary focus of the Company is to make strategic
investments with a global focus and a diverse commodity base. The Company's expertise in the resource sector supports the
selection of these strategic investments.
On behalf of the Board of Directors of
Eros Resources Corp.,
Ron Stewart
President & CEO
Cautionary note regarding forward-looking statements
Certain statements made and information contained herein may constitute "forward looking information" and "forward
looking statements" within the meaning of applicable Canadian and United States securities
legislation, including, among other things, this press release includes references to mineral resources and future potential
forecast economics of extracting those resources. There is no certainty that any portion of the resources will be confirmed with
greater certainty. If confirmed, there is no certainty that it will be commercially viable to extract any portion of the
resource. There is no certainty that access to the resource area will be re-established, and if access to the resource area is
blocked for an extended period of time, or permanently, there is no certainty that any compensation will be received by the
Company. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those expressed or implied by such forward-looking information, including the
re-establishment of physical access to the property, the availability of adequate and secure sources of funding to construct the
extraction facilities required to extract the mineral resources, prevailing commodity prices, the receipt of regulatory
approvals, environmental risks and the performance of personnel. While the Company considers its assumptions to be reasonable as
of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not
place undue importance on such statements as actual events and results may differ materially from those described herein. The
Company does not undertake to update any forward-looking statements or information except as may be required by applicable
securities laws.
Oil and Gas Advisory
Production rates disclosed herein are preliminary and are not determinative of the rates at which the wells will
continue to produce and decline thereafter and may not necessarily be indicative of the long-term performance or estimated
ultimate recovery.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
SOURCE Eros Resources Corp.
View original content: http://www.newswire.ca/en/releases/archive/October2017/25/c3219.html