Vancouver, British Columbia–(Newsfile Corp. – July 14, 2017) – Advantagewon Oil Corp. (CSE: AOC) is the latest new listing on the Canadian Securities Exchange, and trades under the symbol “AOC”. The junior oil company is engaged in the exploration, development, and production of, small yet economical oil opportunities in the State of Texas.
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Advantagewon Oil is focused on inexpensive drilling scenarios that can provide economic wells in the current low oil price environment in which the company operates, and presently is focused on two main areas of Texas.
The Saratoga Property, located in Hardin County, on top of a salt dome, currently produces approximately 30 barrels of oil per day. Net cost per barrel of oil is less then US$11 per barrel based on proven reserves, with operating costs of approximately US$5 per barrel.
The La Vernia Property, located in Guadalupe County, currently consists of more than 10,000 acres. The field was discovered in 1939 and has produced over 7 million barrels of oil equivalent. In 2015, the company drilled its first well on the La Vernia Property — the Weisman 30 well, which came on at more than 24 barrels of oil per day, at a cost per barrel of less the US$1. The Weisman 30 well had an estimated reserve of 13,600 barrels of oil equivalent. The company is currently drilling 3 new wells in this field.
Both of these properties have NI 51-101 reports.
The company also has the Lerma Property, which management considers a prospective field. There were three wells drilled on the Lerma Property which all targeted the Austin Chalk. Recent developments and advances show the potential for all three wells to also target additional oil reservoirs.
Management is assessing additional acquisition opportunities in Texas and continues to work in growing the company’s land position of low cost economical drilling opportunities. For more information on the company’s properties, please refer to the non-offering prospectus filed on www.sedar.com.
The shares are trading at $0.14 and with 176 million shares outstanding, the company is capitalized at $24.6 million. For more information about the company, please visit the company’s website http://ift.tt/2tS4C2u, contact Paul Haber, CEO, at 416-318-6501 or email firstname.lastname@example.org.
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