Molori Acquires 11,000 Acres with Red Cave Access and Plans to Drill 8 Wells as Operator 2017-10-26 09:39 ET - News Release
Borger, Texas--(Newsfile Corp. - October 26, 2017) - Molori Energy Inc. (TSXV: MOL) (OTCQB: MOLOF) ("Molori" or the "Company") is pleased to announce the signing of a definitive agreement to secure a 75% working interest in certain oil and gas leases, known formally as the "Red Cave Leases" in District 10, Texas. The acquisition of these leases, covering 11,000 acres with access to Red Cave, and with access to other formations, is a key milestone of Phase 1 of Molori's development plan.
Phase 1 of Molori's development plan includes the acquisition of the Red Cave Leases, the identification of appraisal well locations upon the Red Cave Leases and the drilling of those appraisal wells. While engaged in Phase 1, the Company has already identified, and has been actively pursuing 40,000 additional acres, with access to Red Cave and other prospective formations.
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Published: 26 October 2017
Written by Editor