Business
Spruce Ridge Oil & Gas Ships its First Load of Oil to a Refinery
(TheNewswire) October 15, 2021 – TheNewswire - Spruce Ridge Resour...
About this update from Homeland Nickel Inc
[{"type":"text","content":"Spruce Ridge Oil & Gas Ships its First Load of Oil to a Refinery\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n October 15, 2021 – TheNewswire -\n \n \n Spruce Ridge Resources Ltd. (TSXV:SHL)\n \n \n (OTC:SRCGF)\n \n \n - (“Spruce Ridge” or\nthe “Company”)\n \n \n is pleased to announce that\nits wholly owned subsidiary Spruce Ridge Oil & Gas Inc.\n(“SRO&G”) has shipped its first load of oil to a refinery.\n The current contract we have with our customer is to supply 75m3 at\n$78.13 USD per barrel or   $491.44 USD per m3 less deductions and\nbefore royalties.  The revenue for the first shipment will be\napproximately $11,867 CDN.  A second delivery of oil is expected on\nMonday.  Subsequent contracts will be valued at the current spot\nprice.\n \n \n \n \n At this time, we currently have three oil wells\noperating and three wells are in the process of being started.\n \n \n \n \n John Ryan, CEO stated “We are thrilled with the\nprogress made to date on this project and look forward to updating\nshareholders as we continue to bring new wells online.  In light of\nthe current global market for oil, we believe this is an opportunity\nfor Spruce Ridge to generate a consistent cash flow which will\nmitigate the need for financing to advance our very exciting\nexploration projects in Newfoundland and Timmins”.\n \n \n \n \n About Spruce Ridge Resources Ltd.\n \n \n \n \n Spruce Ridge holds a 100% interest in the Great Burnt\nCopper-Gold Property in Central Newfoundland which covers a series of\ncopper ± gold rich VMS deposits.  Spruce Ridge recently\n \n \n acquired certain mineral leases with petroleum and natural\ngas rights, plus oil and gas wells, pipelines and facilities in the\nUnity area of southwestern Saskatchewan.  Included in the purchase\nare 793 ha of petroleum and natural gas rights from surface to the\nbase of the Mannville Group with an average working interest of 84%.\n The purchase includes 5 active oil wells, 10 suspended oil and gas\nwells, heavy oil facilities, pipelines, and an active produced water\ndisposal well.\n \n \n Spruce Ridge Resources sold its\ninterest in\n \n \n in the Crawford Nickel-Cobalt\nSulphide project\n \n \n to Canada Nickel Company\nInc\n \n \n .\n \n \n but\nretained gr...