Eros Provides Flaxcombe Production Update
NEWS RELEASE
NR: 17-12
October 25, 2017
Eros Provides Flaxcombe Production Update
Vancouver, BC (October 25, 2017) Eros Resources Corp. (TSX.V: ERC) (“ Eros” or the
“Company”) together with its project partner and operator, Westcore Energy Ltd.
(“Westcore” or “WTR”) wish to provide an update concerning the commissioning of the three
oil wells completed and brought on production in the third quarter at the Flaxcombe heavy oil
field located 30 kilometres west of Kindersley, Saskatchewan.
The 6-13 well was completed on August 27 and has been on production for over 47 days,
showing an average production rate over the first thirty days (IP-30) of 16.7 barrels per day (15
barrels to Eros). The well was shut-in for 10 days to be reloaded and primed and has been in
continuous operation for the past two weeks at around the average IP-30 rate.
The 1-13 well, completed on September 4, 2017, has been on production for 24 of the 49 days
since. The well ran for eighteen days until it became sand-plugged and required reworking to
flush the sand out. That work was delayed by a combination of poor weather and the
availability of equipment to clean the wellbore. Production results will be made available once
the well completes its 30-day test production period.
The 9-13 well continues to produce at a steady rate in line with the IP-30 test results announced
on September 20, 2017, and has only required service for three of the 80 days since it was
completed.
“Despite some commissioning cha llenges with wells 1 -13 and 6-13 we remain optimistic that
the program will meet our production expectations. By its very nature, CHOPS wells go through
a variable start-up phase but can settle in and remain in production with low decline rates for
extended periods. Our partner and operator, Westcore, has done an excellent job managing
this initial production phase,” stated Ron Stewart, President and CEO of Eros.
Eros holds a 90% beneficial working interest in the three wells until it recovers its initial capital
investment of approximately $1.6 million, and will hold a 50% interest thereafter. Additionally,
Eros has the right to participate in Westcore’s next two programs under the same terms. Eros
recently announced that it had entered into a three-way Joint Operating Agreement with WTR
and Saturn Oil +Gas Inc. to develop three sections of land in the Flaxcombe area. The three
parties are currently preparing a budget and plan to develop this ground.
About Eros
Eros Resources Corp. is a 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, this p ress release includes references to mineral resources and future potential
forecast economics of extracting 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, ther e 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 personnel. 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 events 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.