NORTH VANCOUVER, BC / ACCESSWIRE / February 3, 2015 /
Cardiff Energy Corp. (the "Company") (TSX-V: "CRS") is pleased to announce that it has signed Definitive Participation Agreements with Martin Energies, the Operator, and Archer Petroleum to participate in the drilling of the Clayton # 1H, a Horizontal Well. This well will target the Gardiner Lime on the Company's 468 Acre lease in Runnels County, Texas.
It is anticipated that drilling of the Clayton # 1H will commence March 15, 2015. The permit for the well will allow the well to be drilled to a depth of approximately 4100 feet with a horizontal leg of up to 3500 feet. The Company's joint venture partners will fund 2/3 of the cost of the Clayton #1H to earn a 50 % working interest. The estimated cost to drill and complete the Clayton # 1H is $1,300,000.
The Gardiner Lime has very similar features to another major field in Texas called the Austin Chalk. Both formations produce from fractured limestone. Initial production of 1500 BOPD has been reported in Austin Chalk from horizontal wells. The Clayton #1H well, will be the first Gardiner horizontal drilled in Runnels County, Texas.
Martin Energies, the Operator states, "To be a part of this project means being in on the ground floor of a major discovery. By drilling one horizontal well the results could be the equivalent production of 5-7 vertical wells."
Jack Bal, President of Cardiff Energy states, "We are pleased to have secured the funding to drill the Clayton
# 1H and we are looking forward to commencing drilling in March 2015"
To learn more about Cardiff Energy please visit: www.cardiffenergy.com
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.
