InvestmentPitch Media Video Features Point Loma Resources and Pending Drilling of its Alberta Oil and Gas Reservoirs - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - October 12, 2018) - Today's feature company is Point Loma Resources (TSXV: PLX) a public oil and gas exploration and development company focused on conventional and unconventional oil and gas reservoirs in west central Alberta. The company controls over 160,000 net acres (250 net sections) and has a deep inventory of oil opportunities in the Upper and Lower Mannville, Banff, Nordegg, and Duvernay Shale formations.
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Point Loma's business plan is to utilize its experience to drill, develop and acquire accretive assets with potential for horizontal multi-stage frac technology and exploit opportunities for secondary recovery.
The company is currently raising gross proceeds of up to $2,750,000 from a short-form prospectus offering of up to approximately 9.5 million units priced at $0.29 per unit, with each unit consisting of 1 share and 1 warrant, with the warrant exercisable at $0.39 for 24 months. The company is also looking to raise gross proceeds of up to $1,250,000 from an offering of up to approximately 3.8 million flow-through shares priced at $0.33 per flow-through share. Mackie Research Capital is acting as lead agent and sole bookrunner for the offering.
With the recent sale of a secondary non-core properties, the company also raised approximately $673,000.
Point Loma is preparing a high impact drilling program targeting oil targets in the Rex (Upper Mannville), Banff and Lower Mannville in its west central Alberta core area. The company currently has one well licensed and is coordinating the survey and licensing activities of additional wells focused on these plays. Point Loma plans to mobilize a drilling rig as soon as possible to drill two of the wells in the fourth quarter of 2018.
The company believes that its two Banff oil pools that are defined on 3D seismic are analogous to offsetting pools in the Cherhill and St. Anne regions that have original oil in place of up to 90 million barrels and recoveries of up to 40%.
Terry Meek, President and CEO, stated: "With the funds raised in our ongoing non-core disposition program and proceeds from the current financing, we are well positioned for growth. We look forward to returning to a drilling program in Q4 2018 that will test two new pool opportunities, either of which could result in a step change in Point Loma's oil production and return value for shareholders."
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