Equitorial Announces Amendment to Cardiff Joint Venture Agreement and Provides an Update on the Clayton #1H Well __________________________________________________________
Equitorial Exploration Corp.
1400-1111 West Georgia Street Vancouver, British Columbia V6E 4M3, Canada http://equitorial.ca
EQUITORIAL ANNOUNCES AMENDMENT TO CARDIFF JOINT VENTURE AGREEMENT AND PROVIDES AN UPDATE ON THE CLAYTON #1H WELL __________________________________________________________
October 23, 2015 TSX Venture Exchange Trading Symbol: EXX
Equitorial Exploration Corp. (the “Company”) is pleased to announce that it has executed an amendment to the Joint Venture Agreement between the Company and Cardiff Energy Corp. (“Cardiff”) previously announced in the Company’s news releases of September 30, 2015 and October 9, 2015. Under the terms of the Amended Joint Venture Agreement, the Company will purchase an additional 15% working interest (“WI”) in Clayton #1H from Cardiff for USD$360,000, bringing the Company’s total WI in the Clayton #1H well to 30%. The Company has the option to fund 40% of future lease acquisitions, and will have the option to further fund 40% of the working interest of all future wells that will be on lands acquired in Runnels, County Texas as announced in the Company’s news release of October 9.2015. The Joint Venture Agreement and subsequent amendments are subject to TSX Venture Exchange (“Exchange”) approval.
Cardiff and Martin Energies (operator of the Clayton #1H) have reported the well continues within the hydrocarbon zone, with lateral drilling of the well currently residing at 6,500ft. Gas kicks and oil shows continue to present in the well. The remaining footage is expected to be completed this weekend, followed by initial flow testing.
Dean Pekeski, President of Equitorial states “We are encouraged with the drilling results to date and are extremely excited to have increased our WI in Clayton #1H to 30%. We are looking forward to the completion of the well this weekend and receiving the results from the initial flow test.”
To learn more about the drilling of the Clayton #1H horizontal well please visit:
http://www.cardiffenergy.com/i/pdf/Runnels-County-Texas.pdf
On behalf of the Board of Directors
EQUITORIAL EXPLORATION CORP.
“Dean Pekeski”
Dean Pekeski, President and Director
For further information, please contact Dean Pekeski at 604-689-1799.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.