Shiffoil Inc. Concludes 2019 Drilling Program

TORONTO, ON / ACCESSWIRE / December 9, 2019 / Shiffoil Inc. (“Shiffoil” or the “Company”) is pleased to announce that it has successfully completed its 2019 drilling program as previously announced in its July 29, 2019 press release.

The 2019 drilling program consisted of 4 gross / 2.65 net horizontal wells with two 100% working interest operated Spearfish wells and two non-operated JV wells (one Spearfish at 25% and one Lodgepole at 40% working interest). All three half a mile Spearfish wells were drilled in Pierson, MB and are now producing consistent with management’s type curve while the fourth Lodgepole well was drilled in Daly Sinclair, MB as the first one mile well that aims to develop the Lodgepole area announced in our November 3, 2017 press release, and is expected to be on production by the end of this month. The Company’s Lodgepole area comprises approximately 1,440 acres of freehold leases with average royalties of 12% and is surrounded by Lodgepole production drilled by Tundra Oil & Gas and Corex Resources Ltd.

The Company production realized oil prices per barrel of light oil from June to October 2019 average C$64/bbl net of quality adjustment and tariffs, with operating costs of approximately $11/bbl and operating netbacks of over $43/bbl. The Company will commission an independent evaluation of the Company’s oil assets as of the end of 2019 which will includ an estimate of reserves with an associated forecast of the pre-tax present value of future production. The Company continues to evaluate potential acquisitions.

About Shiffoil Inc

Shiffoil is an Alberta-incorporated emerging light oil private company engaged in the operation, development, acquisition and production of light gravity crude oil in Manitoba, Canada. For further details, please refer to our Canadian regulatory filings on SEDAR at www.sedar.com.

For further information please contact:

Ruben Shiffman, PhD, MBA

Executive Chairman

Michael Blair, P.Eng., B.A.

Production

Liese McLaren, P.Geol., B.Sc

Geology

Corporate office

Suite 1102, 390 Bay St. West, Toronto, Ontario, Canada M5H 2Y2

Telephone

+1 647 273 9913

CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, the availability of financing, the timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates including the costs of operations in remote mountainous environments, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

SOURCE: Shiffoil Inc.

View source version on accesswire.com:
https://www.accesswire.com/569544/Shiffoil-Inc-Concludes-2019-Drilling-Program

error: Content is protected !!