Toronto – January 9, 2017 – Claren Energy Corp. (“Claren” or the “Company”) (TSX-V: CEN) is pleased to provide an update on its current drilling operations at the onshore Bobocu gas field, situated in the foreland basin of the Carpathians approximately 150 km NE of Bucharest.
The Bobocu 310 side-track well (“B310-ST1”) is primarily targeting the Corcova reservoir, Lobe G and the BW2 sands which are Upper Miocene sandstone reservoirs. B310-ST1 has encountered to date Lobe G, Corcova sands, and two additional gas bearing sandstone intervals above the Corcova reservoir. According to the Company’s mudlogs all of these sands have shown elevated gas content, and the logging while drilling data (“LWD”) including gamma-ray and resistivity, further confirms the presence of gas.
Severe weather conditions in Romania have recently slowed the operations to reach total depth (“TD”). After reaching TD the Company will then commence open hole wire logging followed by casing, with drill stem test (“DST”) results to follow approximately 10-12 days later.
About Claren Energy Corp.
Claren Energy Corp. is an oil and gas company that has the right to acquire up to an eighty percent (80%) participating interest in the Bobocu License, onshore Romania. Claren also has a 51.49% working interest in two onshore petroleum exploration licenses (“PELs”), being PEL 112 and PEL 444, including a 1.47% gross overriding royalty interest on the PELs, located on the western flank of the Cooper Eromanga Basin in the State of South Australia, Australia. Its common shares trade on the TSX Venture Exchange under the symbol “CEN”.
For more information please contact:
Claren Energy Corp.
T: +1 647 775 8552
T: +1 604 200 1039
This news release contains forward-looking information relating to Claren’s intentions to conduct the drilling programs and other statements that are not historical facts. Such forward-looking information is subject to important risks and uncertainties that could cause actual results to differ materially from what is currently expected, for example: risks related to oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, competition from other producers, inability to retain drilling rigs and other services, reliance on key personnel, and insurance risks. Although the present drill program has encountered the presence of gas, it does not necessary indicate that Claren will be successful in drilling the Corcova Reservoir. Findings by other oil and gas issuers does not necessarily indicate that Claren will be successful in making such findings in Australia and Romania. In making such forward- looking statements, Claren has relied upon certain assumptions relating to geological settings, commodity prices, the stability of markets and currencies and the availability of capital to Claren in order to continue with the seismic and drilling programs. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Claren may elect to, Claren is under no obligation and does not undertake to update this information at any particular time, except as required by applicable securities law. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.