Axiom Oil and Gas Corp Completes Acquisition of Oil Leases
Oro Valley, AZ, October 17, 2014 (Newswire.com) - Axiom Oil and Gas Corp. (OTCQB: AXIO,)(“Axiom”) is pleased to announce that it has finalized its acquisition of approximately 14,917 gross acres (6,170 net acres) of oil and gas leases located in Toole County, MT. As part of the acquisition, Axiom also acquired a 50% interest in two producing gas wells and a 23.1% interest in two oil wells that are nearing completion. The purchase price was paid for by the issuance of 7,000,000 shares of its common stock, the assumption of a CDN$1,500,000 debenture (of which CDN$1,416,717 remains owing) and the payment of CDN$50,000.
The subject leases are located on the prolific Kevin-Sunburst Dome and the targeted locations are delineated by 39 square miles of comprehensive 3D seismic data at a cost of $1.5 million. The Kevin-Sunburst Dome has produced 130 MMBO and 150 BCFG with an average of 50,000 BO production per well in the area of the leases. As such, the interpretation of the 3D Seismic offers numerous drill-ready prospects.
Michael Altman, President, commented that, "The initial two oils wells that were drilled on the leases had very encouraging oil shows in three zones with the Nisku pay zone of approximately 25 feet. The Operator is scheduling the equipment to complete a frack on the wells to bring the wells into production. We are optimistic that once the wells are fracked, we will be able to generate ongoing revenue for the Company."
Michael Altman, President
The subject leases in Montana contain similar geological indicia to land throughout the Bakken which is a tremendously prolific oil region area in North Dakota.
The targeted zone is the Nisku formation and its Bakken 38 degree API “light” oil at approximately 3,100 feet. As well, in the Kevin-Sunburst Dome there is multi-zone production from seven shallower formations. So, as drilling occurs to the Nisku, there is a “free look” at the seven upper zones.
It is the Company’s goal to drill two additional Nisku wells and then, if warranted, it plans to drill the next 6 wells horizontally to maximize oil recovery.
About Axiom Oil and Gas Corp.:
Axiom Oil and Gas Corp. is an oil and gas exploration and development company, formed initially, to develop oil and gas leases in Toole County, MT. The Company provides investors with direct exposure to producing oil and natural gas interests with significantly lower production costs. With a strong management and operations team and low risk development drilling, the Company is building a solid base operation with stable cash flow to ensure corporate longevity and minimal dilution as it grows its shareholders’ value and by adding excellent oil and gas properties.
Forward Looking Statement:
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information included in this Press Release including such forward-looking statements.
Corporate Headquarters
Axiom Oil and Gas Corp.
Mr. Michael Altman
1846 E. Innovation Park Dr.
Oro Valley, AZ 85755
Tel: +1 (303) 872-7814
E-mail: info@axiomoil.com
www.axiomoil.com