Vancouver, British Columbia--(Newsfile Corp. - June 28, 2018) - Hunter Oil Corp. (TSXV: HOC) (OTCQX: HOILF) (the "Company" or "Hunter") provides an update on operations and continues preparation of present oil field lease holdings of 23,000 acres in Chaves and Roosevelt counties, New Mexico.
Hunter confirms that its wholly-owned subsidiary, Ridgeway Arizona Oil Corp., has received approval from the New Mexico Oil Conservation Division for the five drilling permits it filed on June 11, 2018. These planned new well site locations are designed as 1-mile-long horizontal wells targeting the San Andres formation in Hunter's Chaveroo Field.
Hunter has entered into a long-term lease for 20 surface acres located at its current field office in the Milnesand Field. This additional acreage will be used for expansion of its supplies and pipe yard, warehousing quantities of drilling preparation materials for the Company's upcoming drilling program.
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. Historical production of these two fields is approximately 40 million barrels. 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
Chief Executive Officer
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 statementscontainedinthis news release constitute"forward-looking information"assuchterm is usedinapplicableCanadiansecurities laws,includingstatementsregardingestimatesofreservesand futurenetrevenue,expectationsregardingadditionalreservesandstatementsregarding Chaveroo and Milnesand wells development,includingplans,anticipatedresultsandtiming.Forward-looking informationissubjecttoa variety ofrisksanduncertaintiesandotherfactorsthat could cause plans,estimatesandactualresultsto varymateriallyfromthose projectedinsuchforward-lookinginformation.
Forward-looking informationregarding Chaveroo and Milnesand welldevelopmentandexpectationsregardingadditionalreservesare based on plansandestimatesofmanagementandinterpretationsof exploration informationbythe Company'sexplorationteam atthedatetheinformationisprovidedandis subjectto several factorsand assumptions ofmanagement,includingthatrequiredregulatory approvals willbe available whenrequired, thatnounforeseendelays,unexpectedgeologicalorothereffects,equipmentfailures,permittingdelays orlaboror contract disputesor shortagesare encountered,thatthedevelopmentplans oftheCompany willnotchange, andis subjectto a variety ofrisksanduncertaintiesand otherfactors thatcould causeplans,estimatesand actual results tovarymateriallyfrom those projectedinsuch forward-lookinginformation,includingthatanticipatedresults andestimatedcosts willnot beconsistent withmanagements' expectations,theCompanyoritssubsidiariesnotbeingableforanyreasontoobtain and providetheinformationnecessarytosecure required approvals orthatrequired regulatoryapprovals areotherwise notavailable when required,thatunexpectedgeological results areencounteredandthat equipment failures, permitting delays orlabororcontract disputes or shortages are encountered.
Informationonotherimportanteconomicfactorsor significantuncertaintiesthatmayaffectcomponents of thereservesdataandtheotherforwardlookingstatements inthisrelease arecontainedinthe Company'sForm 51-101F1StatementofReservesDataandOtherOil&GasInformationdatedDecember 31, 2016,and the Company's Management Discussion and Analysisunder"RiskFactors",which are availableunder theCompany'sprofileatwww.SEDAR.com.TheCompanyundertakesnoobligationtoupdateforward-lookingstatements,other than asrequired byapplicable law.
BOEs/boesmaybe misleading,particularlyifusedin isolation.Aboeconversionratioof6Mcf:1Bblisbasedonanenergyequivalency conversion methodprimarilyapplicable attheburnertipanddoesnotrepresentavalueequivalencyatthe wellhead. Possiblereservesarethoseadditional reservesthatarelesscertaintoberecovered thanprobablereserves.Thereisa10%probabilitythatthequantitiesactuallyrecoveredwill equalorexceedthesum ofprovidedplus probableplus possiblereserves.The presentvalue of estimatedfuturenetrevenuesreferredtohereindoesnotrepresentfairmarketvalueand shouldnotbeconstruedasthecurrentmarketvalueofestimatedcrudeoilandnaturalgas reservesattributabletotheCompany'sproperties.
For further information, visit our website atwww.hunteroil.com.
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