CARDIFF ENERGY CORP. (the "Company") (TSX-V: "CRS") is pleased to report that Nitro Petroleum Inc., the operator of the Branch #1 well located in Garvin County, Oklahoma, has informed Cardiff that completion operations in the Viola Formation in the Branch # 1 has been successful. A 110 foot interval was perforated and fracture stimulated. The well has commenced production of natural gas at an initial rate of 302 MCFD and 147 BOPD.
Cardiff will release additional production data once fluid rates have stabilized. The Company anticipates that the hydrocarbon production rate may increase as the well cleans up. Less than half of the frac fluid has been recovered to-date. With the success of the Branch #1 well management has already commenced strategic planning and review of opportunities in Oklahoma and/or Western Canada to grow the Company over the coming months.
Garvin County Branch Project
Cardiff has a 20% working interest in this project. The area is noted for multi-zone production with Ordovician to Pennsylvanian aged beds providing most of the production. Formations known to have productive potential in this area include the Tonkawa Sand, the Deese Sand, the Viola Limestone, the Bromide Sands and the Oil Creek Sand. The Oil Creek was found to be water-laden at this location but logs indicate potential hydrocarbons in the Deese and 1st Bromide Sands. Once the Viola reservoir has been adequately depleted, perforations will be added to the 1st Bromide Sand and the Deese Sand, and if successful, production will be commingled.
About the Company
Cardiff is an emerging junior oil and gas company engaged in the acquisition, exploration, development, and production of oil and gas properties. Cardiff is listed on the TSX Venture Exchange under the symbol CRS. For additional details please visit Cardiff's website at www.cardiffenergy.com.
For more information, contact Greg Campbell, Secretary, at 604-505-4380
ON BEHALF OF THE BOARD OF DIRECTORS
President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements relating to the future operations of the Company. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are exploration risks detailed from time to time in the filings made by the Company with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.
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