VANCOUVER, May 20, 2019 /CNW/
- 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.
"Michael
Caetano"
Michael Caetano
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.
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SOURCE Fortem Resources Inc.