Vancouver, British Columbia--(Newsfile Corp. - August 22, 2017) - Hunter Oil Corp. (TSXV: HOC) (OTCQX: HOILF) (the "Company" or "Hunter") announces that it has filed on SEDAR its consolidated annual financial statements and management's discussion and analysis ("MD&A") for the year ended December 31, 2016. Readers are encouraged to visit the SEDAR website www.Sedar.com to review these documents that are highlighted below.
Total assets of US $43.5MM, and US $25.3MM in shareholders' equity, representing US $3.13 per common share. Due to the operational efficiency of Hunter's team, there was a 32% reduction in operating costs and an increase in production of 20%, while losses were successfully decreased by 23%. The amount of asset retirement obligation ("AROs") on the Company's held-by-production ("HBP") acreage position was also reduced by 10%.
In 2016, Hunter acquired 2,900 acres in New Mexico, bringing its leasehold position to a total of approximately 23,000 acres that are 100% operated by Hunter. The Company furthered preparation for its horizontal San Andres development plan by successfully obtaining an agreed compliance order ("ACO") with the New Mexico Conservation Division, providing Hunter with drill-ready assets.
Uniquely positioned with existing infrastructure suitable for a horizontal San Andres development, Hunter benefits from the legacy oil fields that have existing roads, power, drilling pads and additional infrastructure essential to the operations on the Chaveroo and Milnesand fields.
Hunter currently has 8,070,871 common shares outstanding.
About Hunter Oil Corp.
Hunter Oil owns and operates two large, historic oil fields in the Permian Basin of Eastern New Mexico - the Milnesand and Chaveroo fields, which together comprise in excess of 23,000 gross acres, substantially held by production. Historical production of these two fields is approximately 40 million barrels. Hunter has engineered a horizontal redevelopment of the San Andres productive zones. The Company plans to unlock the value in these resource-rich fields by leveraging existing infrastructure, lowering operating costs and increasing efficiencies of its operations.
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Statement Regarding Forward-Looking Information
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws, including statements regarding estimates of reserves and future net revenue, expectations regarding additional reserves and statements regarding Chaveroo and Milnesand wells development, including plans, anticipated results and timing. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information.
Forward-looking information regarding Chaveroo and Milnesand well development and expectations regarding additional reserves are based on plans and estimates of management and interpretations of exploration information by the Company's exploration team at the date the information is provided and is subject to several factors and assumptions of management, including that required regulatory approvals will be available when required, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes or shortages are encountered, that the development plans of the Company will not change, and is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information, including that anticipated results and estimated costs will not be consistent with managements' expectations, the Company or its subsidiaries not being able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered and that equipment failures, permitting delays or labor or contract disputes or shortages are encountered.
Information on other important economic factors or significant uncertainties that may affect components of the reserves data and the other forward looking statements in this release are contained in the Company's Form 51-101F1 Statement of Reserves Data and Other Oil & Gas Information dated December 31, 2016, and the Company's Management Discussion and Analysis under "Risk Factors", which are available under the Company's profile at www.SEDAR.com. The Company undertakes no obligation to update forward-looking statements, other than as required by applicable law.
For further information, visit our website atwww.hunteroil.com
Source: Newsfile Corp.