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Molori Energy Inc. (OTCQB: MOLOF) (TSX-V: MOL) Breaking News

March 13, 2017

 



Molori Energy Publishes Updated NI 51-101 Report and Demonstrates 420% Increase in Reserves



PVANCOUVER, BC - March 13, 2017 - Molori Energy Inc. (OTCQB: MOLOF)(TSX-V: MOL) ("Molori" or the "Company") is pleased to provide an operational and National Instrument 51-101 update.

Molori currently owns a 25 percent working interest in certain leases located in the bifurcated Texas panhandle owned by Texas-based independent oil and gas producer Ponderosa Energy, LLC (“Ponderosa”). This latest NI 51-101 reserve report covers 66 of the leases in which Molori holds a working interest. Work is ongoing in a further 13 leases owned by Molori and Ponderosa, but not covered by this report. It is anticipated that the leases not covered by this report will constitute part of the next NI 51-101 report presently being prepared on behalf of Ponderosa.

In summary, the initial projected average production was 40 barrels of oil equivalent per day (“BOEPD”)* in June 2016, when Molori made its first investment into Ponderosa. For the month of January 2017, production averaged 280 BOEPD, a 600% increase in daily average production. This production increase is due primarily to an aggressive work-over plan employing working capital committed by Molori to return non-producing wells to production, while keeping Lease Operating Expenses low due to tight cost controls and already established management.

Further, the initial NI 51-101 reserve report dated April 1, 2016 resulted in US$5.15 million of 1P (Total Proven Reserves) consisting of US$1.25 million PDP (Proved Developed Producing) and US$2.89 million PDNP (Proved Developed non-Producing). The new updated NI 51- 101 reserve report dated March 08, 2017, effective January 2017 and prepared by Amiel David, Ph.D of PeTech Enterprises Inc, has resulted in US$26.9 million 1P (Total Proven Reserves), a 420% increase, including USD$16.26 million in PDP and US$10.65 million PDNP. The resulting increase is a result of a successful work-over plan, and the fact that Ponderosa had as many as 10 work-over rigs employed during much of that time.

The NI 51-101 reserve report was prepared in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook (the “COGE Handbook”), prepared jointly by the Society of Petroleum Evaluation Engineers (Calgary Chapter) and the Canadian Institute of Mining. Metallurgy & Petroleum (Petroleum Society).

Joel Dumaresq, CEO of Molori commented, "we are extremely pleased with the operational results of our investment in the Texas panhandle. A 600% increase in production and a 420% increase in reserves is in itself proof of concept for our businesses strategy. Capital together with good management and a calculated acquisition and development plan, has proved highly successful to date.” Molori will continue to work alongside Ponderosa, with the goal to acquire and develop additional leases in hopes to increase production and reserves while keeping lease operating expenses low.
 

 

Proved Reserves Discounted Cash Flow Millions $ - 100%

 

 

 

 

 

 

Apr-16

 

Jan-17

 

PDP

 

 

 $               1,257

 

 $           16,264

 

(Proved Developed Producing)

 

 

 

 

PDNP

 

 

 $               2,893

 

 $           10,651

 

(Produced Developed Not Producing)

 

 

 

PV-10 (1P)

 

 $               5,150

 

 $           26,915

 

(Total Proven)

 

 

 

 

 

- All numbers are in USD

 

 

 

 

 

- Molori Interest is 25%

 

 

 

 


* Per BOE amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 MCF) of natural gas to one barrel (1 bbl) of crude oil. The BOE conversion ratio of 6 mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of natural gas as compared to oil is significantly different from the energy equivalent of 1:6, utilizing a conversion on a 1:6 basis may be misleading as an indication of value. The ratio of gas to oil was 70% gas and 30% oil in June 2016 and 40% gas and 60% oil in January 2017.

About Molori
Molori Energy Inc. is an oil and gas production company with current operations in the Texas Panhandle. Founded in 2011, the experienced management team is aggressively acquiring select properties which provide immediate cash flow and development opportunities, now and in the years ahead. Molori is seizing the opportunity, in the current oil & gas environment, to assemble oil and gas production in nearby and politically safe jurisdictions. Molori is pursuing a business plan, whereby the Company either purchases producing oil and gas assets at highly attractive rates, or in some cases simply takes on existing assets by way of purchasing or assuming default notes from small regional lenders and institutions.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEW RELEASE.

Cautionary Notes Regarding Forward Looking Statements
This News Release contains forward-looking statements. Forward-looking statements include but are not limited to those with respect to the prices of oil and gas, the estimation of oil and gas resources and reserves, the realization of oil and gas reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency fluctuations, requirements for additional capital, Government regulation of oil and gas operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage and the timing and possible outcome of pending litigation. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes” or variations of such words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the actual results of current exploration activities, conclusions or economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes or other risks of the oil & gas industry, delays in obtaining government approvals or financing or incompletion of development or construction activities, risks relating to the integration of acquisitions, to international operations, and to the prices of oil & gas. While the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.

Contact Information:
Joel Dumaresq
CEO and Director
Molori Energy Inc.
(604) 336 3193
joel@molorienergy.com
www.molorienergy.com
SOURCE: Molori Energy Inc.

 

________________________
Recent Molori Energy News:
 

Molori Energy Inc. Acquires Additional Production



PVANCOUVER, BC - March 3, 2017 - Molori Energy Inc. (OTCQB: MOLOF)(TSX-V: MOL) ("Molori" or the "Company") is pleased to report that it has entered into an agreement to acquire a 25% working interest in certain leases owned and operated by Ponderosa Energy, LLC. This acquisition is in addition to the 25% working interest in certain leases acquired on June 6, 2016 and further builds Molori's interest in the Texas Panhandle region to 79 leases.

The additional properties comprise of 24 leases and 156 wells, of which 70 are presently producing. In January 2017, these leases produced an average of 108 barrels of oil equivalent per day ("BOEPD"), and in February 2017, production increased to an average of 124 BOEPD.

The terms of the agreement require for Molori to pay 2,000,000 common shares and provide US $1,000,000 in cash at closing, which Ponderosa will apply to its ongoing program of work overs and enhanced production.

Joel Dumaresq, CEO of Molori, stated, "In addition to increasing Molori's share of the Ponderosa Energy production, this latest acquisition further fortifies the Company's balance sheet and enhances cash flow. As operator, Ponderosa has outperformed our expectations and we are excited to be expanding our relationship."

The transaction is subject to TSX-V approval.

* Per BOE amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 MCF) of natural gas to one barrel (1 bbl) of crude oil. The BOE conversion ratio of 6 mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of natural gas as compared to oil is significantly different from the energy equivalent of 1:6, utilizing a conversion on a 1:6 basis may be misleading as an indication of value.

About Molori

Molori Energy Inc. is an oil and gas production company with current operations in the Texas Panhandle. Founded in 2011, the experienced management team is aggressively acquiring select properties which provide immediate cash flow and development opportunities, now and in the years ahead. Molori is seizing the opportunity in the current oil and gas environment to assemble oil and gas production in nearby and politically safe jurisdictions. Molori is pursuing a business plan, whereby the Company either purchases producing oil and gas assets at highly attractive rates, or in some cases simply takes on existing assets by way of purchasing or assuming default notes from small regional lenders and institutions.

Contact Information:
Joel Dumaresq
CEO and Director
Molori Energy Inc.
(604) 336 3193
joel@molorienergy.com
www.molorienergy.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEW RELEASE.

Cautionary Notes Regarding Forward-Looking Statements

This News Release contains forward-looking statements. Forward-looking statements include but are not limited to those with respect to the prices of oil and gas, the estimation of oil and gas resources and reserves, the realization of oil and gas reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency fluctuations, requirements for additional capital, Government regulation of oil and gas operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage and the timing and possible outcome of pending litigation. In certain cases, forward-looking statements can be identified by the use of words such as "plans," "expects," or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "does not anticipate," or "believes," or variations of such words and phrases, or statements that certain actions, events or results "may," "could," "would," "might," or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the actual results of current exploration activities, conclusions or economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes or other risks of the oil & gas industry, delays in obtaining government approvals or financing or incompletion of development or construction activities, risks relating to the integration of acquisitions, to international operations, and to the prices of oil & gas. While the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.

SOURCE: Molori Energy Inc.

 

Molori Energy Inc. Provides Operational Update and Year-End Results



PVANCOUVER, BC - February 28, 2017 - Molori Energy Inc. (OTCQB: MOLOF)(TSX-V: MOL) ("Molori" or the "Company") is pleased to report the release of its annual consolidated financial statements and the notes the year ended October 31, 2016, together with the auditors' report thereon (the "2016 Financial Statements") and the related management's discussion and analysis for the year ended October 31, 2016 (the "2016 MD&A"). The 2016 Financial Statements and 2016 MD&A are available on the Company's website at www.molorienergy.com and under Molori's SEDAR profile at www.sedar.com.

Annual Highlights

- On June 6, 2016, Molori closed on the purchase of a 25% working interest in the oil and gas production from certain leases owned by Texas-based Ponderosa Energy, LLC. ("Ponderosa"). In conjunction with the purchase, Molori committed USD $1,000,000 in working capital towards a program to complete workovers on the Texas-based leases in order to increase production. Ponderosa, a domestic USA oil and gas production company, is the operator on the leases and is presently focused on aggregating and developing shallow conventional oil reserves in Texas. Ponderosa purchased these leases when oil prices dipped below $30 per barrel from distressed operators with highly-leveraged balance sheets and an inability to fund operations. Molori and Ponderosa have chosen to collectively pursue assets which specifically exhibit the following properties: shallow reservoir, low geologic risk, moderate decline rates, and existing infrastructure.

- From June to October 2016, Ponderosa spent approximately US$420,000 on reworking and returning to production over 30 wells on the leases it shares with Molori. That saw the average barrels of oil equivalent per day ("BOEPD")* of 49 in June, increase to an average of 126 BOEPD for the 5 month-period.

- Ponderosa produced a total of 5,546 barrels of oil ("bbl") and 82,201 Mcf in gas during the 5 month period, June to October. Combined, that translates into 19,246 BOEPD for the 5 month period and US$640,000 in gross revenue.

- Lease operating expenses amounted to US$13.15 barrels of oil equivalent ("BOE"), for the 5 month period, June to October 2016.

- Molori recorded a gain of $3,773,283 on the write down of its Subsidiary, Lion Petroleum. As a result, total income for the year was $2,293,821 as compared to a loss of $13,650,583 in the prior year.

- In addition to purchasing the 25% working interest in Ponderosa, the Company reduced its current liabilities by $1,656,500.

Outlook

- The Company will continue to strengthen its balance sheet in the 2017 fiscal year.

- In partnership with Ponderosa, and in order to grow production, Molori is actively pursuing opportunities to acquire additional leases in the Panhandle area.

- The Company is awaiting completion in the next few weeks of a revised NI 51-101 reserve report, which it anticipates will reflect an increase in reserves as a result of the additional wells being brought on line.

- Ponderosa's anticipates being at 500+ BOEPD in next several weeks. February average production was approximately 400 BOEPD resulting in over 11,000 barrels of oil being produced for the month.

Joel Dumaresq, CEO of Molori stated: "We are extremely pleased with the efforts of our operating partner — Ponderosa Energy - and in particular with the growth in production. We feel that the results of the past 6 months, validate our strategy of acquiring non-operating wells and bringing them into production in a cost-efficient manner. We are actively considering our options for increasing our ownership of these assets."

* Per BOE amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 MCF) of natural gas to one barrel (1 bbl) of crude oil. The BOE conversion ratio of 6 mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of natural gas as compared to oil is significantly different from the energy equivalent of 1:6, utilizing a conversion on a 1:6 basis may be misleading as an indication of value.

About Molori

Molori Energy Inc. is an oil and gas production company with current operations in the Texas Panhandle. Founded in 2011, the experienced management team is aggressively acquiring select properties which provide immediate cash flow and development opportunities, now and in the years ahead. Molori is seizing the opportunity, in the current oil & gas environment, to assemble oil and gas production in nearby and politically safe jurisdictions. Molori is pursuing a business plan, whereby the Company either purchases producing oil and gas assets at highly attractive rates, or in some cases simply takes on existing assets by way of purchasing or assuming default notes from small regional lenders and institutions.

Contact Information:
Joel Dumaresq
CEO and Director
Molori Energy Inc.
(604) 336 3193
joel@molorienergy.com
www.molorienergy.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEW RELEASE.

Cautionary Notes Regarding Forward Looking Statements

This News Release contains forward-looking statements. Forward-looking statements include but are not limited to those with respect to the prices of oil and gas, the estimation of oil and gas resources and reserves, the realization of oil and gas reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency fluctuations, requirements for additional capital, Government regulation of oil and gas operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage and the timing and possible outcome of pending litigation. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases, or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the actual results of current exploration activities, conclusions or economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes or other risks of the oil & gas industry, delays in obtaining government approvals or financing or incompletion of development or construction activities, risks relating to the integration of acquisitions, to international operations, and to the prices of oil & gas. While the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.

SOURCE: Molori Energy Inc.

 

-------------------------------------------------------------------
About Molori Energy Inc.:


WAbout Molori Energy

Company Profile
Molori Energy Inc. (TSX.V: MOL) is an oil and gas production company with current operations in the Texas Panhandle. Founded in 2011, the experienced management team is aggressively acquiring select properties which provide immediate cash flow and development opportunities, now and in the years ahead.

Molori is thriving in an environment of low oil prices. The fact that Molori has no debt, has positioned the company extremely well to benefit from the continuing rebound in oil prices. Having no debt and cash on hand, is crucial to Molori's strategy to acquire assets and production during this period of low energy prices.

We are seeing plenty of bankruptcies and distressed sales among the small players, which creates an unprecedented opportunity for survivors with cash and low leverage.

With oil prices still down roughly 50% over the past few years, many oil producers are struggling just to survive as a result of the debt they incurred at much higher energy prices.

Molori is one of an emerging group of players who are working with regional banks and distressed companies to opportunistically acquire production on advantageous terms.

Molori’s business model focuses on assets with:

High working interest
Operational and infrastructure control
Low geologic risk
Low risk exploitable upside

Molori Energy
In the present day environment for energy, many companies are struggling with high debt loads incurred several years ago, while assembling oil production and exploration acreage when oil crested $100/bbl (“WTI”). In addition to these oil companies, many individual owners of acreage, along with regional banks active in the energy sector, are on the cusp of bankruptcy or insolvency as a result of poor loans and/or bad credits.

It is in this environment that Molori is seizing the opportunity to assemble oil and gas production in nearby and politically safe jurisdictions. Molori is pursuing a business plan, whereby the Company either purchases producing oil and gas assets at highly attractive rates, or in some cases simply takes on existing assets by way of purchasing or assuming default notes from small regional lenders and institutions. The Company has already proven itself capable of securing such assets at deep, deep discounts to what those assets sold for only a few years ago.

Better yet, Molori has demonstrated that it can make these acquisitions with little or no dilution to existing shareholders, and through forward sales of the resulting production, provide itself with capital to continue to roll-up or assemble profitable oil-producing acreage.

Texas Hugoton & Panhandle Field

On June 6, 2016, Molori Energy Inc closed on the purchase of a 25% working interest in the oil and gas production from certain leases owned by Texas-based Ponderosa Energy, LLC. In conjunction with the purchase (see Molori Energy Inc. press release dated June 2, 2016), Molori committed USD
$1,000,000 in working capital towards a program to complete workovers on the Texas-based leases in order to increase production.

Ponderosa, a domestic USA oil and gas production company, is the operator on the leases and is presently focused on aggregating and developing shallow conventional oil reserves in Texas.

Ponderosa purchased these leases from distressed operators with highly-leveraged balance sheets and an inability to fund operations.

Molori and Ponderosa have chosen to collectively pursue assets which specifically exhibit the following properties: shallow reservoir, low geologic risk, moderate decline rates, and existing infrastructure.

The focus of Molori and Ponderosa’s activities has been in the “Hugoton-Panhandle” field in Northern Texas.

The Hugoton-Panhandle field was the largest gas field in North America until the development of unconventional shale. The Anadarko Basin, which houses the Hugoton-Panhandle field, has produced over 125 trillion cubic feet of gas and 5.4 billion barrels of oil. Since the discovery of the Hugoton-Panhandle field in 1922, thousands of wells have been drilled to date. Due to the vast historical drilling and production data, there is a low geological risk associated with oil and gas development. The maturity of the field is crucial to Molori’s strategy of building reserves and resources, as decline rates are typically under 5% (year over year). Lastly, the liquids rich natural gas in this area, commands a premium over spot gas pricing. For these reasons, Molori is focused upon buying additional assets in this area.

​In aggregate, Molori has a 25% interest in the approximately 250 wells purchased by Ponderosa. Molori Energy Inc is continuing to back Ponderosa as it fulfills its operational obligations in redeveloping non-operating wells and bringing them back into production.

Our Strategy
Molori is pursuing a course that’s focused on profitable, predictable and steady performance. Management’s primary goal is to enhance shareholder value through the growth of underlying proven reserves with an emphasis on positive cash flow.

Acquire

Access to Capital Markets
Strong Balance Sheet
Experienced Team

Exploit

Invest in Technology
Workovers
Tight Cost Controls

Explore

Acquire More Acreage on Favorable Terms
Proven Jurisdictions
Local Partners

​Molori’s strategy is to build a production and exploration company of scale with a focus on conventional onshore oil and gas assets.

The Company intends to develop its acreage in the Texas Panhandle region which covers an area of 5,801 net acres, and has been independently assessed to have 15 mmboe of 2P reserves.

The Company is also aggressively pursuing opportunities to expand its presence in the U.S.A and other reliable jurisdictions in order to create further value for shareholders..

.SOURCE: http://www.molorienergy.com




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