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A P R I L / M A Y 2 0 1 7 www.resourceworld.com 63 Annually, Global Petroleum Show brings together more than 50,000 visitors from over 90 countries to meet and do business with over 1,000 exhibiting companies. Now with interactive specialty zones and hundreds of FREE presentations, there are more reasons than ever to attend GPS 2017. Register today and use the promo code GPS2C to gain FREE entry to the exhibition. To book exhibit space, please call +1 (888) 799-2545 or email calgarysales@dmgevents.com June 13-15 • Calgary, Canada globalpetroleumshow.com Share Technologies, Network and do Business OIL & GAS Molori Energy returns oil and gas wells to production As part of its continuing redevelop- ment program, Molori Energy Inc. [MOL-TSXV] has successfully returned to production State A and State C leases in Hutchinson County in the Texas Panhandle. The total portfolio of available well inventory in these leases is 42 oil wells and 12 gas wells. Of the 54 wells, 20 have been returned to production adding an average of 70 barrels of oil equivalent per day (boepd) of production (comprising oil and high-British-thermal-unit gas). In addition, the company's Texas-based operating partner, Ponderosa Energy, successfully rehabilitated roads, recon- nected gas sales flowlines and restructured storage facilities on the State A and State C leases. A third party analysis was con- ducted and proved commercial quantities of over 1,600 BTUs gas which has gener- ated a substantial premium in sales price in relation to spot NYMEX. Presently, the Molori-Ponderosa part- nership is producing about 380 boepd from the State A and the State C leases, as well as continued workovers from other leases in inventory. This demonstrates a 35% increase from Molori's prior produc- tion update January 1, 2017 of 280 boepd, and an 850% increase from the initial investment that was producing 40 boepd in June 2016. A new reserve report will be commissioned by Molori in the near future to reflect the increase in RTP (return to production) reserves. The State A and State C leases form part of a former flowing river, which has not produced oil or gas since drying up several years ago. Based upon the flow rates of the recently reworked wells on these two leases, Molori believes that the State leases alone offer the capacity to double current production. Joel Dumaresq, CEO of Molori, said, "As evidenced by the recently disclosed NI 51-101 reserve report of March 13, 2017, the Molori-Ponderosa partnership increased P1 reserves to approximately US $27 million while at the same time successfully reworking over 70 wells and improving daily production to an average of approximately 380 boepd. We intend to invest further in building reserves and production, with the goal of reaching our stated near-term produc- tion goal of 1,000 boepd by this time next year." Molori holds a 25% working interest in certain leases owned Ponderosa Energy LLC, which is based in Borger, Texas. n