Decklar Announces Resumption of Production From Oza-1 Well

CALGARY, Alberta, July 25, 2022 (GLOBE NEWSWIRE) — Decklar Resources Inc. (TSX-V: DKL) (OTCQX: DKLRF) (FSE: A1U1) (the “Company” or “Decklar”) provides an update regarding the resumption of production from the Oza-1 well at the Oza Oil Field in Nigeria.

Decklar and its co-venturer Millenium Oil & Gas Company Limited have received the permits required to resume production from the Oza-1 well at the Oza Oil Field. Production from the well has begun at low volumes initially to reestablish oil flow, with volumes to be increased steadily in order to establish a long-term sustainable rate. Production of crude oil from the Oza-1 well will flow into storage tanks at the Oza Oil Field and then be delivered by truck to the Umugini Pipeline Infrastructure Limited crude handling facilities.

Duncan Blount, CEO of Decklar Resources, said “The resumption of production from the Oza-1 well is the first step to get Decklar back on track with plans to continue delivering oil and working to improve logistics and increase oil deliveries in the near future. Delays were experienced obtaining permits needed to restart the Oza-1 well, but operations have now resumed, and oil is being produced into onsite storage tanks. Decklar looks forward positively to future development and drilling activities at the Oza Field and continued progress on development activities at the Company’s other fields.”

For further information:

Duncan T. Blount
Chief Executive Officer
Telephone: +1 305 890 6516
Email: [email protected]

David Halpin
Chief Financial Officer
Telephone: +1 403 816 3029
Email: [email protected]

Investor Relations: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Language

Certain statements made and information contained herein constitute “forward-looking information” (within the meaning of applicable Canadian securities legislation), including, but not limited to, statements regarding: restarting production at the Oza-1 well and the timing thereof, the timing for export or sale of barrels of oil being held in storage, the future commercial production of the Oza-1 well, the use of additional trucks for the transport of oil to the export facilities, the timing for cash flow and future development drilling activities at the Oza Field . All statements in this news release, other than statements of historical facts, are forward-looking statements. Such statements and information (together, “forward looking statements”) relate to future events or the Company’s future performance, business prospects or opportunities.

All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, counterparty risk, changes in oil prices, results of exploration and development activities, competition in the oil and gas industry, uninsured risks, energy transition risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual performance of facilities, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements.

The Company provides no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not assume the obligation to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

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