MAY 20, 2019 – Fortem Resources Inc. (TSXV: FTM; OTCQB: FTMR) (the “Company”) is pleased to announce that it is in the process of commencing field operations through its wholly owned subsidiary Colony Energy, LLC (“Colony”) at its Godin Property in north central Alberta. Colony has the rights to an undivided 100 percent working interest in a total of 80 contiguous sections (51,200 acres) in addition to its 20 contiguous sections (12,800 acres) of heavy oil leases (the “Heavy Oil Leases”) in north central Alberta.
Colony has prepared tenders and is seeking bids from various service companies to put its first well on its Godin property in production. Colony anticipates that this work will consist of upgrading roads to re-access the well to perform the removal of plugs in the wellbore, perforating an additional 5 meters of pay over the Wabiskaw formation, running of downhole PCP (positive cavity pump) and placing the well on production test. Colony intends to commence field activities upon road clearance and further well developments once all the necessary preparations have been completed, which is anticipated to start in the third quarter (Q3) of 2019 (July 1 – Sept 30).
Field activities are currently being held up due to road bans on the access roads which are not expected to be lifted for another two to three weeks. Once the road bans have been lifted, Colony plans to assess the wellsite conditions for any remedial construction work to allow access for the completion rig and sundry equipment. The actual workover of the existing well should not take more than a week to complete, and Colony expects production to commence shortly thereafter.
The Heavy Oil Leases
Canadian Natural Resources Inc (CNRL) is producing in excess of 88,000 barrels of oil per day of heavy crude oil from over 650 wells at the Wabiskaw formation (approximately 15 kilometers east of Colony’s Heavy Oil Leases). Colony’s technical team has determined that CNRL’s Brintnell field is very similar to Colony’s Godin field.
Marc Bruner, the Company’s Chairman and CEO, commented that “this is a moment we at Fortem have all been waiting for. It has taken a lot of time and work to prepare these Fortem assets and we are looking forward to successfully proving the models.”
For further information about the Company along with the latest updates, please visit the Company website at www.fortemresources.com and subscribe to the email list “Stay Updated”.
About Fortem Resources
Fortem Resources Inc. is a Nevada oil and gas corporation, which holds properties in Alberta and Utah. The Company is engaged in exploration and development of crude oil and natural gas assets in the Western Canadian Sedimentary Basin and Utah in the United States. The Company is seeking North American & International expansion through an acquisition strategy. The shares of the Company’s common stock trade on the TSX Venture Exchange under symbol FTM and on the OTCQB under the symbol FTMR.
On behalf of the Board of Directors,
FORTEM RESOURCES INC.
Chief Operating Officer
Tel: (403) 241-8912
Neither 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.
Disclaimer Forward-Looking Statements
This news release contains forward-looking statements that involve various risks and uncertainties regarding future events. Such forward-looking statements are based on current expectations of management, involve a number of risks and uncertainties, and are not guarantees of future performance of the Company. Forward-looking statements in this release include: (i) the Company’s expectations that the road bans on access roads will be lifted in two or three weeks, its plans to assess conditions for remedial work, the timing of completion and both the timing and fact of the commencement of production from the existing well. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward looking information because the Company can give no assurance that they will prove to be correct. Forward looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update any forward looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from the those anticipated in such statements, important factors that could cause actual results to differ materially from the Company’s expectations include the inability to close the Agreement for any reason and the Company’s ability to commence drilling and work activities on the Oil Sand Leases. Discoveries of minerals on adjacent properties, including CNRL’s Brintnell field, are not necessarily an indication of the ability to commercially exploit the Company’s oil sands interests or of a commercially exploitable deposit on the Heavy Oil Leases. Accordingly, actual results may vary materially from those described in forward-looking statements. As a result, readers are advised not to place undue reliance on forward-looking statements or information. The reader is cautioned that assumptions used in the preparation of any forward looking information may prove to be incorrect.