EX-99.1
4
ex99-1.htm
PRESS RELEASE
Petrolia Energy Corporation 8-K
Exhibit 99.1
Petrolia
Energy Sells Bow Energy while Keeping Stake in Indonesian Assets
HOUSTON,
TX - September 5, 2018 -- Petrolia Energy Corporation (OTCQB: BBLS) ("Petrolia" or the "Company")
is pleased to announce the sale of Bow Energy Ltd. ("Bow") to Blue Sky Resources Ltd. ("BSR"), a privately
held company with existing oil and gas operations in Indonesia.
The
Company will retain a direct 20% interest in all 5 Indonesian Production Service Contracts ("PSC") held by Bow.
As
part of this transaction, BSR has returned 70,807,417 shares of Petrolia, assumed all existing debt held by Bow, and committed
to carry the Company for the initial $10 million development cost, including the drilling of two wells at the South Block "A"
PSC.
"When
we acquired Bow earlier this year, we knew that local financial and operating partners in the region would be essential in commercializing
these assets over the long-term", commented James E. Burns, Chairman of Petrolia Energy. "After a thorough review
of the potential partners and offers, the Board decided that BSR provided the best proposal to monetize the Indonesian assets".
Deal
Point Highlights for Petrolia:
●
Secured a commitment of $10 million
for CAPEX to initiate the regional development plan, including drilling of two wells at the South Bock "A" PSC.
●
70,807,417 shares of Petrolia's
common stock will be returned to Petrolia and cancelled.
●
Secured a 3% overriding royalty
interest (ORRI) in Bohorok PSC., a prolific gas play.
●
Eliminated $1,696,332 outstanding debt.
Additional
information regarding the disposition is included in the Current Report on Form 8-K filed today by Petrolia with the Securities
and Exchange Commission.
About
Petrolia Energy Corporation
Petrolia
Energy Corporation is an Oil & Gas exploration, production, and service company with producing and prospective onshore assets
in the United States, Canada and Indonesia. The Company's core asset is in the NW Shelf of the Permian Basin, in New Mexico.
It has other North American properties in its portfolio, where it is focused on redeveloping existing oil fields in well-established
oil rich regions including Oklahoma, Saskatchewan, and Alberta, Canada. In Indonesia, the Company is situated in the prolific
Indonesian Sumatra basin, focused on discovering, appraising, developing and producing its interests in 5 Production Sharing Contracts
(PSCs) and 1 Joint Study Agreement (JSA). Petrolia's headquarters are in Houston, Texas.
Page
1
of 2
Forward-looking
Statements
Certain
information in this press release constitutes forward-looking statements within the meaning of applicable securities laws, including,
but not limited to, statements regarding well production, use of proceeds, future drilling, operating expenses, and additional
funding. Any statement that does not contain a historical fact may be deemed to be a forward-looking statement. In some
cases, forward-looking statements can be identified by terminology such as "may", "will", "should,"
"expect", "plan", "intend", "anticipate", "believe", "estimate", "predict,"
"potential", or "continue", the negative of such terms, or other comparable terminology, although not all
forward-looking statements contain such identifying words.
Forward-looking
statements are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the Company's control, which
may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Such assumptions,
risks, and uncertainties include, among others, those associated with exploration activities, oil and gas production, marketing
and transportation, cost of operations, loss of markets, volatility of oil and gas prices, reserve and future production estimates,
environmental risks, competition, inability to access sufficient capital from internal and external sources, general economic
conditions, litigation, and changes in regulation and legislation. Readers are cautioned that the foregoing list is not exhaustive.
Additional
information on these and other factors that could affect Petrolia's operations or financial results is available by contacting
Petrolia. The forward-looking statements contained in this press release are made as of the date of this press release, and
Petrolia does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether
as a result of new information, future events, or otherwise, except as expressly required by applicable law.
For
more Information contact:
Media
Contact:
Press@PetroliaEnergy.com
Investor
Relations Contact:
IR@PetroliaEnergy.com
www.PetroliaEnergy.com
Source:
Petrolia Energy Corporation
Page
2
of 2

EX - 99 . 1 4 ex99 - 1 . htm PRESS RELEASE Petrolia Energy Corporation 8 - K Exhibit 99 . 1 Petrolia Energy Sells Bow Energy while Keeping Stake in Indonesian Assets HOUSTON , TX - September 5 , 2018 -- Petrolia Energy Corporation ( OTCQB : BBLS ) ( " Petrolia " or the " Company " ) is pleased to announce the sale of Bow Energy Ltd . ( " Bow " ) to Blue Sky Resources Ltd . ( " BSR " ) , a privately held company with existing oil and gas operations in Indonesia . The Company will retain a direct 20 % interest in all 5 Indonesian Production Service Contracts ( " PSC " ) held by Bow . As part of this transaction , BSR has returned 70,807,417 shares of Petrolia , assumed all existing debt held by Bow , and committed to carry the Company for the initial $ 10 million development cost , including the drilling of two wells at the South Block " A " PSC . " When we acquired Bow earlier this year , we knew that local financial and operating partners in the region would be essential in commercializing these assets over the long - term " , commented James E . Burns , Chairman of Petrolia Energy . " After a thorough review of the potential partners and offers , the Board decided that BSR provided the best proposal to monetize the Indonesian assets " . Deal Point Highlights for Petrolia : ● Secured a commitment of $ 10 million for CAPEX to initiate the regional development plan , including drilling of two wells at the South Bock " A " PSC . ● 70,807,417 shares of Petrolia 's common stock will be returned to Petrolia and cancelled . ● Secured a 3 % overriding royalty interest ( ORRI ) in Bohorok PSC . , a prolific gas play . ● Eliminated $ 1,696,332 outstanding debt . Additional information regarding the disposition is included in the Current Report on Form 8 - K filed today by Petrolia with the Securities and Exchange Commission . About Petrolia Energy Corporation Petrolia Energy Corporation is an Oil & Gas exploration , production , and service company with producing and prospective onshore assets in the United States , Canada and Indonesia . The Company 's core asset is in the NW Shelf of the Permian Basin , in New Mexico . It has other North American properties in its portfolio , where it is focused on redeveloping existing oil fields in well - established oil rich regions including Oklahoma , Saskatchewan , and Alberta , Canada . In Indonesia , the Company is situated in the prolific Indonesian Sumatra basin , focused on discovering , appraising , developing and producing its interests in 5 Production Sharing Contracts ( PSCs ) and 1 Joint Study Agreement ( JSA ) . Petrolia 's headquarters are in Houston , Texas . Page 1 of 2 Forward - looking Statements Certain information in this press release constitutes forward - looking statements within the meaning of applicable securities laws , including , but not limited to , statements regarding well production , use of proceeds , future drilling , operating expenses , and additional funding . Any statement that does not contain a historical fact may be deemed to be a forward - looking statement . In some cases , forward - looking statements can be identified by terminology such as " may " , " will " , " should , " " expect " , " plan " , " intend " , " anticipate " , " believe " , " estimate " , " predict , " " potential " , or " continue " , the negative of such terms , or other comparable terminology , although not all forward - looking statements contain such identifying words . Forward - looking statements are subject to a number of assumptions , risks , and uncertainties , many of which are beyond the Company 's control , which may cause actual results to differ materially from those implied or expressed by the forward - looking statements . Such assumptions , risks , and uncertainties include , among others , those associated with exploration activities , oil and gas production , marketing and transportation , cost of operations , loss of markets , volatility of oil and gas prices , reserve and future production estimates , environmental risks , competition , inability to access sufficient capital from internal and external sources , general economic conditions , litigation , and changes in regulation and legislation . Readers are cautioned that the foregoing list is not exhaustive . Additional information on these and other factors that could affect Petrolia 's operations or financial results is available by contacting Petrolia . The forward - looking statements contained in this press release are made as of the date of this press release , and Petrolia does not undertake any obligation to update publicly or to revise any of the included forward - looking statements , whether as a result of new information , future events , or otherwise , except as expressly required by applicable law . For more Information contact : Media Contact : Press@PetroliaEnergy.com Investor Relations Contact : IR@PetroliaEnergy.com www.PetroliaEnergy.com Source : Petrolia Energy Corporation Page 2 of 2