VANCOUVER, BC / ACCESSWIRE / January 13, 2015 /
Cardiff Energy Corp. (the "Company") (TSX-V: "CRS") is pleased to announce it is planning to drill a horizontal well on its lease in Runnels Country Texas, to test the Gardiner Lime. The Gardiner Lime is a fractured limestone which is approximately 15 feet thick and comparable geologically to another major field in Texas called the Austin Chalk. The Austin Chalk has had a number of successful horizontal wells, of which some of the more prolific wells have had initial production of 1500 barrels of oil per day (BL/day). Martin Energies the Operator states, "The key to determining where to drill a horizontal well is to know where decent production has happened historically in older vertical wells." Martin Energies has drilled a number of Gardiner Lime vertical wells in the early 1980s in Runnels County, Texas and a number of these wells initially produced between 180-240 BL/day. By drilling a horizontal leg in this area the results could be the equivalent production of 5-7 vertical wells. With this in mind, the Company has decided to focus its current activity on drilling this horizontal well and will not be proceeding with the 3 well vertical drilling program previously announced.
An important feature of drilling in the Gardiner Lime is that it is a naturally fractured limestone and will not require a costly hydraulic fracture treatment. It is anticipated that drilling will commence in 30 days and the well will be drilled to a depth of approximately 4100 feet with a horizontal leg of 1000 feet.
The cost of this well is estimated to be $1,300,000. Cardiff is actively negotiating with joint venture partners to participate in this well. Partners will pay 1/3 of the cost to earn 1/4 of the working interest; with a maximum of 50% working interest available for joint venture partners. Martin Energies, the Operator has committed to participate in the well based on the same terms and will fund 1/3 of the cost to earn a 25% working interest. The Company expects to announce the remaining 25% working interest funding shortly.
Jack Bal, President of Cardiff Energy states, "We are developing a strategy to provide maximum benefit to Cardiff Energy and it's shareholders in this low price oil environment. Cost for horizontal drilling has come down drastically in the last 3 months and will allow us to do a horizontal test of the Gardner Lime at a very competitive cost."
About the Company
Cardiff is an emerging junior oil and gas company engaged in the acquisition, exploration, development, and production of oil and gas properties in Texas USA. Cardiff is listed on the TSX Venture Exchange under the symbol CRS. For additional details please visit Cardiff's website at www.cardiffenergy.com
For additional information contact:
Jack Bal, President
Cardiff Energy Corp
604-306-5285
jackbalyvr@gmail.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Lorne Torhjelm"
Lorne Torhjelm, Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Service 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 contains forward-looking statements relating to the future operations of the Company. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, are forward looking statements that involve 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 expectations are exploration risks detailed from time to time in the filings made by the Company with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.
