HOUSTON, Dec. 2, 2016 /CNW/ - Hunter Oil Corp.
(TSX-V: HOC; OTCQX: HOILF) (the "Company") at the request of
the Investment Industry Regulatory Organization of Canada ("IIROC"), in response to the increase
in the Company's share price in today's trading session, the
Company confirms that it is not aware of any undisclosed material
change to the Company's business or operations and has no material
change to report at this time.
About Hunter Oil Corp.
Hunter Oil Corp. owns and operates two large historic Permian
Basin oil fields in New Mexico,
the Milnesand and Chaveroo oil
fields. Recorded production of these two fields is approximately 37
million barrels, representing less than 10% recovery of the oil in
place. The Company plans to unlock the value in these resource-rich
fields by increasing the efficiency of its operations, and by
applying new and proven unconventional production technologies.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrew
Hromyk
President and CEO
+1 (832)
485-8500
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE
Cautionary Statement Regarding Forward-Looking
Information
Certain statements contained in this news release constitute
"forward-looking information" as such term is used in applicable
Canadian securities laws, including statements regarding estimates
of reserves and future net revenue, expectations regarding
additional reserves and statements regarding Chaveroo and
Milnesand wells development,
including plans, anticipated results and timing.
Forward-looking information is subject to a variety of risks
and uncertainties and other factors that could cause plans,
estimates and actual results to vary materially from those
projected in such forward-looking information.
Estimated reserves and future net revenue have been
independently evaluated by CG&A with an effective date as of
January 1, 2017. This evaluation is
based on a limited number of wells with limited production history
and includes a number of assumptions relating to factors such as
availability of capital to fund required infrastructure, commodity
prices, production performance of the wells drilled, successful
drilling of infill wells, the assumed effects of regulation by
government agencies and future capital and operating costs. All of
these estimates will vary from actual results. Estimates of the
recoverable oil and natural gas reserves attributable to any
particular group of properties, classifications of such reserves
based on risk of recovery and estimates of future net revenues
expected therefrom, will vary. The Company's actual production,
revenues, taxes, development and operating expenditures with
respect to its reserves will vary from such estimates, and such
variances could be material. Estimates of after-tax net
present value are dependent on a number of factors including
utilization of tax-loss carry forwards. In addition to the
foregoing, other significant factors or uncertainties that may
affect either the Company's reserves or the future net revenue
associated with such reserves include material changes to existing
taxation or royalty rates and/or regulations and changes to
environmental laws and regulations.
Forward-looking information regarding Chaveroo
and Milnesand well development and
expectations regarding additional reserves
are based on plans and estimates of management and
interpretations of exploration information by the Company's
exploration team at the date the information is provided and is
subject to several factors and assumptions of management, including
that required regulatory approvals will be available when required,
that no unforeseen delays, unexpected geological or other effects,
equipment failures, permitting delays or labor or contract disputes
or shortages are encountered, that the development plans of the
Company will not change, and is subject to a variety of risks
and uncertainties and other factors that could cause plans,
estimates and actual results to vary materially from those
projected in such forward-looking information, including that
anticipated results and estimated costs will not be consistent with
managements' expectations, the Company or its subsidiaries not
being able for any reason to obtain and provide the information
necessary to secure required approvals or that required regulatory
approvals are otherwise not available when required, that
unexpected geological results are encountered and that equipment
failures, permitting delays or labor or contract disputes or
shortages are encountered.
Information on other important economic factors or
significant uncertainties that may affect components of the
reserves data and the other
forward looking statements in this
release are contained in the
Company's Form 51-101F1 Statement of Reserves Data and Other Oil
& Gas Information dated August 26,
2016 with an effective date of January 1, 2017and the Company's Management
Discussion and Analysis under "Risk Factors", which are available
under the Company's profile at www.SEDAR.com.
The Company undertakes no obligation to update
forward-looking statements, other than as required by applicable
law.
SOURCE Hunter Oil Corp.