Cardiff Energy Corp. Provides Clayton #1H and Corporate Update
Vancouver, BC / TheNewswire / November 9 2015 - Cardiff Energy Corp. (the "Company") (TSX-V: "CRS", Frankfurt: "C2Z.F", US Pinksheets: "CRRDF") is pleased to announce that they have negotiated a deal to purchase the 10% working Interest ("WI") from Martin Energies, the Operator of the Clayton #1H project. A new Operator will take over the Clayton #1H well and an operator agreement will be signed very shortly.
We strongly believe in our business plan in Runnels County, Texas and need to work with a team of experts who can deliver results within a set budget. With this is mind management spent the last week in Texas meeting with oil and gas experts in the fields of operating, drilling, land/ lease acquisitions and completing and have put a go forward team together for the Clayton #1H and for their planned follow up wells.
The Company was hoping to have consummated the Buyout Agreement with the Operator late last week so that flow tests could have been completed over the weekend; however, paper work before the lawyers took additional time to finalize and so the agreement is scheduled to be signed shortly. At this time all equipment needed to complete an initial flow test is on site and the Company should be in a position to commence the 2 day operation this week. Following the signing of the Buyout Agreement the Company will holds a 70% working Interest ("WI") in the Clayton #1H with their JV Partner Equitorial Exploration Corp. holding a 30% WI.
In addition, the Company is pleased to announce that the Bearcat #4 has commenced production and the Company will be reporting a production rate as it becomes available.
Jack Bal, President and CEO of Cardiff Energy Corp., states "We now have a team of professionals in place who we are going to be working with as we put the Clayton #1H into production. With the strong results from drilling and the analysis done by our geologist we believe the Clayton #1H will be a success. Furthermore, we are also very excited about the many follow up drilling opportunities we have planned for our leases in Runnels County, Texas and that the Bearcat #4 has finally commenced production."
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
The Company holds a 60% working Interest ("WI") in the Clayton #1H and their JV Partner Equitorial Exploration Corp. holds a 30% WI.
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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