DENTON, Texas, December 31, 2018 — Topaz Resources, Inc. (OTCMKTS: TOPZ) today announced that it has negotiated a pooled lease (the “Lease”) netting an 84.375 % working interest and an 82.5% net revenue interest for its North Texas shallow oil property, comprising approximately 2,400 gross acres with 80 producing oil wells, located in Archer County. The Lease includes a drilling requirement for Topaz to drill and complete during the period ending November 1, 2021 (a) at least two wells to a depth above 2,200 feet per year but to a maximum of 6 wells above 2,200 feet and (b) at least one well to a depth below 2,200 feet.
Topaz will concentrate initially on continuing its production enhancement by undertaking workovers on the existing producing wells all located in the Gunsight Sand zone at a depth of 1100 foot and completions during these workovers of behind pipe reserves in the Thomas Sand zone at a depth of about 900 feet.
Topaz also will undertake the engineering work to develop an infill drilling program of new wells in both the Gunsight Sand and Thomas Sand zones above 2,200 feet and a drilling program of deeper wells in one or more of the 4 potential zones below 2,200 feet.
Adding and developing oil properties in the north, central and west Texas regions is a key part of the Topaz strategy to develop a balanced portfolio of oil and gas properties.
About Topaz Resources, Inc.
Topaz Resources, Inc. is an independent oil and gas company focusing on acquisitions, production enhancement and developmental drilling within proven producing areas of north, central and west Texas.
Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to our annual report for the most recent fiscal year, our quarterly reports and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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Jeff Lamberson President
Topaz Resources, Inc.