Molori Energy Plans To Drill Red Cave Formation; Announces Private Placement Offering
VANCOUVER, BC / ACCESSWIRE / April 11, 2017 / Molori Energy Inc. (MOL.V) (MOLOF) ("Molori" or the "Company") is pleased to announce that its partner, Ponderosa Energy LLC, has optioned an undivided interest in approximately 4,000 acres with Red Cave rights in Moore County, Texas. The new leases are within a 30 minute drive of its other Panhandle properties, but offer significant blue sky development opportunities. The Red Cave formation, an historically productive reservoir, is approximately 2,500 feet deep and roughly 700 feet shallower than Molori's Brown Dolomite/Granite Wash production. Similar to the Permian Basin, modern frac technology and other completion techniques have recently unlocked the reservoir. The combined companies will test development to the Red Cave zone, which if successful, will add hundreds of economic drilling locations to Molori's already healthy inventory of PDNP wells. Molori and Ponderosa plan to spud a first well within the next 90 days. Each well is expected to cost roughly USD $250,000.
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