Vancouver, BC / ACCESSWIRE / October 21, 2014 / CARDIFF ENERGY CORP. (the "Company") (TSX-V: "CRS") is pleased to announce a plan of action outlining near term and midterm plans for developing its Oil and Gas assets in Runnels County, Texas.
The recently purchased 468 acre Oil and Gas lease will be the focal point. This lease offsetting our recently drilled Bearcat #4 well has multi zone potential and a number of well bores that will be explored as re-entry prospects. Applying new technology such as horizontal radial drilling to zones not previously produced in the re-entry wells can open up significant reserves and production rates.
Permitting is underway for a combination of new drilling both vertical and horizontal. Ten permits are being applied for with the initial first three wells to be vertical tests through the Gardner Lime. These are planned to be drilled and completed by the end of 2014.
In early 2015 Cardiff plans to begin phase two consisting of a seven well program combining horizontal as well as radial re-entry in existing well bores.
A further update on the completion of the Bearcat #4 well, the pump jack and production equipment is being installed and will be operational on Friday October 24, 2014.
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