Eros Announces Joint Operating Agreement in Saskatchewan
NEWS RELEASE
NR: 17-10
October 5, 2017
Eros Announces Joint Operating Agreement
in Saskatchewan
Vancouver, BC ( October 5, 2017) Eros Resources Corp. (TSX.V: ERC) (“ Eros” or the
Company”) is pleased to announce that it has entered into a Joint Operating Agreement (the
“Agreement”) with Westcore Energy Ltd. (“Westcore” or “WTR”) and Saturn Oil + Gas Inc.
(“Saturn” or “SMI”) to develop three sections of land near Flaxcombe, Saskatchewan. Under
the terms of the Agreement, each of Eros, Westcore and Saturn shall have a one -third
(33.33%) working interest in the sections. This provides Eros with a direct interest in the future
exploration results, reserve assessment and possi ble development within the Flaxcombe,
heavy oil field. The three parties are currently preparing a budget and schedule to develop this
ground.
The three sections are contiguous with Westcore’s 100%-owned sections 12, 13 and 5, where
Eros and Westcore a re operating under a well-development agreement . Under this
agreement, Eros funded the completion of three wells for $1.6 million to earn a 90% working
interest until the capital investment is repaid, and a 50% working interest thereafter. In addition,
Eros has the right of first refusal on two additional, three-well projects for the same
consideration. On September 20 th, 2017, Eros announced that well 9 -13 had completed its
initial 30-day production test, showing an average production r ate of 80 barrels of oil per day
(72 barrels to Eros). The two additional wells have been completed and brought on production.
Once they have passed the initial 30-day test period, results will be made available.
About Eros
Eros Resources Corp. is a well-financed Canadian public company focused on the exploration
and development of resource projects in North America. Eros has as its prime business
objective the identification, acquisition and exploration of advanced resource projects with a
North American focus. A secondary focus of the Company is to make strategic investments
with a global focus and a diverse commodity base. The Company’s expertise in the resource
sector supports the selection of these strategic investments.
On behalf of the Board of Directors of
Eros Resources Corp.,
Ron Stewart
President & CEO
Cautionary note regarding forward-looking statements
Certain statements made and information contained herein may constitute “forward looking information” and
“forward looking statements” within the meaning of applicable Canadian and United States securities legislation,
including, among other things, t his press release includes references to mineral resources and future potential
forecast economics of extractin g those resources. There is no certainty that any portion of the resources will be
confirmed with greater certainty. If confirmed, there is no certainty that it will be commercially viable to extract any
portion of the resource. There is no certainty that access to the resource area will be re-established, and if access
to the resource area is blocked for an extended period of time, or permanently, there is no certainty that any
compensation will be received by the Company. Forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause actual results or events to differ materially from those expressed
or implied by such forward-looking information, including the re-establishment of physical access to the property,
the availability of adequate and secure sources of funding to construct the extraction facilities required to extract
the mineral resources, prevailing commodity prices, the receipt of regulatory approvals, environmental risks and
the performance of pers onnel. While the Company considers its assumptions to be reasonable as of the date
hereof, forward-looking statements and information are not guarantees of future performance and readers should
not place undue importance on such statements as actual event s and results may differ materially from those
described herein. The Company does not undertake to update any forward -looking statements or information
except as may be required by applicable securities laws.
Oil and Gas Advisory
Production rates disclosed herein are preliminary and are not determinative of the rates at which the wells will
continue to produce and decline thereafter and may not necessarily be indicative of the long-term performance or
estimated ultimate recovery.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this release.