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Molori Energy Inc. Funded and Ready to Commence Drilling Program in Texas Panhandle

Borger, Texas--(Newsfile Corp. - July 20, 2017) - Molori Energy Inc. (TSXV: MOL) (OTCQB: MOLOF) ("Molori" or the "Company") is pleased to report that its Texas-based operating partner, Ponderosa Energy, LLC ("Ponderosa") has secured a reserve based loan ("RBL") facility from a Texas bank. The proceeds of the RBL, together with cash on hand and current cash flows, will initially be applied towards the accelerated development of its well re-completion program. The initial facility size is USD $5,000,000 with a term of three (3) years. Outstanding funds used for development will accrue interest at a rate of Prime Rate + 25 basis points (0.25%) with a floor of four percent (4.00%). The RBL is a crucial milestone for operational growth and will provide additional liquidity for well re-completions, acquisitions, new drilling and working capital.

In addition, Ponderosa has applied for permits to drill three drill-ready targets, the first of which it anticipates completing and testing by mid-August. The wells will be drilled in conjunction with Molori's and Ponderosa's plans to test the Red Cave formation at approximately 2500 feet, and are anticipated to cost approximately USD $250,000-$300,000 per well.

https://finance.yahoo.com/news/molori-energy-inc-funded-ready-120000359.html