Vancouver, BC / ACCESSWIRE / October 10 2014 / CARDIFF ENERGY CORP. (the "Company") (TSX-V: "CRS") is pleased to announce the progress of the Bearcat #4 well in Ballinger, Texas. Martin Energy, the operator of the Bearcat #4 well reports that it has successfully completed the acid frac on the Gardiner Limestone formation.
Martin Energy also reports the frac consisted of 130 barrels of acid followed by 260 barrels of 2% KCL water penetrating the formation at 2000 pounds pressure at a rate of 5 1/2 barrels per minute. The 5 minute shut in pressure was 1200 pounds, and the 15 minute shut in was 850 pounds. Frac fluid flowed back for approximately 2 hours prior to swabbing. Flow back during swabbing maintained fluid levels at about 800 feet from surface, returning approximately 80 barrels of fluid from flowing and swabbing. Strong gas kicks were encountered during swabbing and flow action was at a rate of 180 barrels per day.
Martin Energy, the operator has ordered an electric meter and has made provisions to install a pump jack to recover the rest of the acid frac fluid and put the well online. Further information on production will be announced when rates stabilize.
There are two additional formations present in the well, the Palo Pinto Lime and the Jennings Sand. Both of these formations are prevalent and productive in the area and will be tested in the Bearcat #4 in the future. Cardiff holds a 60% working interest in the Bearcat #4.
Jack Bal, President of Cardiff states, "We are very encouraged and expect good results after removing all the frac fluid."
Additionally, the Company has granted incentive stock options to certain directors to purchase up to 250,000 common shares under the Company's 10% rolling stock option plan (the "Plan"). The options granted are for a five year period expiring October 10, 2019 at an exercise price of $0.185 per share. This transaction is subject to TSX Venture Exchange approval.
To learn more about the Bearcat #4 well please visit:
http://www.cardiffenergy.com/i/pdf/reports/BEARCAT-4-July-2014.pdf
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 additional information contact:
Jack Bal, President
Cardiff Energy Corp
604-306-5285
ON BEHALF OF THE BOARD OF DIRECTORS
"Lorne Torhjelm"
Lorne Torhjelm,
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.
SOURCE: CARDIFF ENERGY CORP.