/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
SASKATOON, Oct. 1, 2018 /CNW/ - Westcore Energy Ltd.
("Westcore" or the "Company") (TSXV: WTR) is
pleased to announce the closing of its previously announced rights
offering for aggregate gross proceeds of $564,536. Work will begin immediately to
re-activate 2 of Westcore's existing production wells needing
workovers and to recommission the Company's water disposal
facility. This program is anticipated to add back an
additional 50-60 barrels/day to Westcore's production. Further
drilling and recompletion work will be announced once new programs
are finalized.
President Andrew Davidson
comments, "Westcore management is pleased with the extent of
participation the shareholders undertook in exercising their rights
with nearly 70% of the units subscribed for. Westcore believes that
the current market is an opportune time to optimize and increase
field production and ready the current production areas for
development drilling".
The rights offering was 69.22% subscribed, with a total
28,226,800 rights being exercised for 18,125,100 units pursuant to
the basic subscription privilege and 10,101,700 units issued
pursuant to the additional subscription privilege. Each unit was
issued at a price of $0.02 and was
comprised of one common share of Westcore ("Common Share")
and one Common Share purchase warrant ("Warrant"). Each
Warrant entitles the holder thereof to acquire one Common Share at
a price of $0.085 per Common Share
for a two (2) year period.
About Westcore
Westcore Energy Ltd. is a Saskatchewan based oil and gas exploration and
development company focused on conventional heavy oil plays over
two separate land packages in west-central Saskatchewan. Over the Flaxcombe and Riverside fields, Westcore has 100% working
interest in 34 net sections of highly prospective Success Formation
land with Westcore drilled wells in production and field
optimization in place.
ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED
UNDER THE US. SECURITIES ACT OF 1933 (THE "1933 ACT") AND MAY NOT
BE OFFERED OR SOLD IN THE UNITED
STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH
REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE 1933 ACT.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of
the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
Forward Looking Statements
This release includes forward-looking statements regarding
Westcore and its business. Such statements are based on the
current expectations and views of future events of Westcore's
management. In some cases the forward-looking statements can
be identified by words or phrases such as "may", "will", "expect",
"plan", "anticipate", "intend", "potential", "estimate", "believe"
or the negative of these terms, or other similar expressions
intended to identify forward-looking statements. The
forward-looking events and circumstances discussed in this release
may not occur and could differ materially as a result of the
failure to complete the rights offering, known and unknown risk
factors and uncertainties affecting Westcore, including risks
regarding the oil and gas industry, economic factors and the equity
markets generally and many other factors beyond the control of
Westcore. No forward-looking statement can be
guaranteed. Forward-looking statements and information by
their nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause our actual
results, performance or achievements, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statement
or information. Accordingly, readers should not place undue
reliance on any forward-looking statements or information.
Forward-looking statements speak only as of the date on which they
are made and Westcore undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events, or otherwise, except as required by
applicable securities laws.
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 release.
SOURCE Westcore Energy Ltd.
