Any Failure to Comply with This Restriction May Constitute a Violation of U.S. Securities Laws. San Angelo Oil Limited Provides Corporate Update
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SAN ANGELO OIL LIMITED PROVIDES CORPORATE UPDATE
October 20, 2015 – Vancouver, British Columbia – San Angelo Oil Limited (TSX-V: SAO) (“San Angelo” or the “Company”) as previously announced, has completed its Mikeska #7 initial test well in the Orb Prospect area located in the Wingate Field, Runnels County, Texas. The well was placed on production in late June, 2015 but has been shut-in since late August pending facilities repair associated with storm damage to the produced water tank. Prior to being shut-in the well was producing 5 to 8 barrels of oil per day with 80 to 90 barrels of water per day along with 50 to 60 Mcf of gas per day. To mitigate costs, the Company has assigned operations of the Orb Prospect to one of the Company’s working interest partners and the change of operator has been approved by the Texas Railroad Commission. The new operator has not proposed or scheduled any additional work at this time.
Board of Director Changes
The Company has accepted the resignations of Mr. Barry Loughlin, Mr. John Turner, Mr. Michael Black and Mr. Donald Sharpe as Directors of the Company. Mr. Scott Young and Mr. David McAdam have consented to join the Board of Directors. Mr. Young has agreed to act as Corporate Secretary on an interim basis. Mr. Young has over 20 years experience in the capital markets working in both the brokerage and resource sectors. Mr. McAdam is a graduate of University of British Columbia and brings 20 years of public company corporate governance and financial experience to the Company. The Company thanks Messrs. Loughlin, Turner, Black and Sharpe for their efforts during the IPO process and the early stages of developing the Company's Orb Prospect.
Stock Options
The Company announces that it has cancelled by director resolution 1,253,600 stock options which represents all of the outstanding stock options in the Company.
On behalf of the Board of Directors,
“Gordon Nielsen”
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements. This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “will”, and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Any forward-looking statement in this news release is based only on information currently available and speaks only as of the date on which it is made.
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