Cardiff Energy Corp. Provides Clayton #1H And Corporate Update
Vancouver, BC / TheNewswire / September 28 2015 - Cardiff Energy Corp. (the "Company") (TSX-V: "CRS", Frankfurt: "C2Z.F", US Pinksheets: "CRRDF") is pleased to provide a corporate and drilling update on the status of Clayton #1H.
As per the company's press release dated September 8, 2015, with the services of a new drilling contractor engaged, work began to remedy problems at the well site. Significant efforts were undertaken to prepare the hole to free a stuck reamer which presented a major technical problem to completing the well. The Company was pleased to announce that on September 4, 2015 the reamer was successfully fished out of the hole. The next step was to re-condition the Clayton #1H in preparation of setting casing. However, before commencing re-conditioning of the Clayton #1H pumps needed to be replaced and setup and assembly of new steel pits and shale shaker assembly was needed.
The Company is now pleased to report that the Operator has successfully re-entered the hole and cleaned and re-conditioned the Clayton #1H to depth. The Operator is in the process of reaming the hole to total depth in preparation for setting casing. As of Sunday evening September 27, 2015 reaming has reached 4250 ft with roughly 600ft to go. Once reaming is completed the Clayton #1H will be immediately cased, after which preparations and commencement of 5 days of horizontal drilling will take place.
To date, the Company has met all cash calls based on their 65% Working Interest ("WI") and has funded in excess of $1,050,000 USD of the estimated of $1,700,000 USD Authorization For Expenditure ("AFE") for completion to the tanks of the Clayton #1H. The Company will be providing additional updates as they become available including; casing of well, Joint Venture funding, commencement and completion of horizontal drilling and initial flow testing.
Additionally, the Company would like to announce that negotiations are underway on new lease acquisitions and drilling opportunities.
Furthermore, the Company has reserved 2,000,000 incentive stock options for current Officers, Directors and Consultants under the Company's 10% rolling stock option plan (the "Plan"). The options granted are for a five year period expiring September 28, 2020 at an exercise price of $0.145 per share. This transaction is subject to TSX Venture Exchange approval.
To learn more about the Company and the drilling of the Clayton #1H horizontal well please visit:
http://www.cardiffenergy.com/i/pdf/Runnels-County-Texas.pdf
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. 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 and CEO
604-306-5285
jackbalyvr@gmail.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Jack Bal"
Jack Bal,
President and 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.
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