Toronto, Ontario--(Newsfile Corp. - August 14, 2017) - Advantagewon Oil Corp., (CSE: AOC), (the "Corporation", "Advantagewon") announced today that it has entered into a Purchase and Sale Agreement to purchase 100% working interests (75% net revenue interest) in a property lease adjacent in the LaVernia field in the State of Texas. Total purchase price for the lease will be Two Hundred and Twenty-Five Thousand Dollars ("$225,000.00") USD.
The property Advantagewon is acquiring currently has three existing producing wells on site, which produce on average 15 Bbls of Oil per day. The Corporation intends on examining applying technologies to increase production of the three existing wells, which if successful, could potentially triple the daily production capacity of the three existing wells.
Total size of the property that Advantagewon is acquiring via this transaction is 290 acres, and as a result of this acquisition, Advantagewon now owns approximately 3,500 acres in the LaVernia field.
The Corporation's NI 51-101 (a copy of which is on our website) indicated an undiscounted value of US$96,000,000 for the 1,200 acres included in the report. The Corporation is hopeful that its two recent acquisitions in the LaVernia field will yield similar results and provide the Corporation with many drilling opportunities.
The Qualified Person for the Corporation is Derek Stonehouse, Senior Exploration Technologies.
About Advantagewon OilCorp.
Advantagewon Oil Corp., is a Toronto-based Oil Company with a focus on development opportunities in the State of Texas. Advantagewon currently owns two properties in the State of Texas: the Saratoga property located in Hardin County, Texas; and the LaVernia property located in Guadalupe County, Texas.
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Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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Source: Newsfile Corp.