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Eros Initiates Oil Production from the Flaxcombe Project
Eros Initiates Oil Production from the Flaxcombe Project Canada NewsWire VANCOUV...
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[{"type":"text","content":"\n\n\n\nEros Initiates Oil Production from the Flaxcombe Project\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Sept. 20, 2017\n\n\n\nVANCOUVER, Sept. 20, 2017 /CNW/ - Eros Resources Corp. (TSX.V: ERC) (\"Eros\" or the Company\") together with its project partner and operator, Westcore Energy Ltd. (\"Westcore\" or \"WTR\") are pleased to announce initial production results from the first of three wells drilled on the Flaxcombe heavy oil field located 30 kilometres west of Kindersley, Saskatchewan. WTR advised that the first wellbore 9-13 has been on production for over 30 days, showing an average production rate of 80 barrels per day (72 barrels to Eros). \n\nIn addition, wells 1-13 and 6-13 were both successfully completed and brought on production in early September. Results from these two wells will be made available once each well passes its initial 30-day production test period.\n\nRon Stewart, President and CEO of Eros commented, \"We are delighted to see all three wells producing in line with our forecast model.  Our partner, Westcore, has done an excellent job managing this project and we look forward to the opportunity to consider exercising our right to increase our exposure to the field.\" \n\nEros holds a 90% beneficial working interest in the three wells until it recovers its initial capital investment totalling approximately $1.6 million and a 50% interest thereafter. Additionally, Eros has the right to participate in the next two programs under the same terms. Eros and WTR are in discussions regarding further investment and development of the oil field. \n\nAbout 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 com...