Decklar Resources Inc. Announces Operations Update on Oza-1 Well Re-entry

• Drilling rig for re-entry and testing operations has been contracted, with mobilization anticipated to commence next week.
• Camp and logistics equipment required for Oza-1 well re-entry is currently being staged on site.
• Long lead equipment items required to test and complete the Oza-1 well re-entry have been ordered and service contractors have been sourced and secured.
  

TORONTO, April 08, 2021 (GLOBE NEWSWIRE) -- Decklar Resources Inc. (DKL-TSX Venture) (the “Company” or “Decklar”) and its co-venturer Millenium Oil & Gas Company Limited (“Millenium”) are pleased to announce that activities for the Oza-1 well re-entry at the Oza Oil Field have made significant progress. The Oza-1 re-entry represents the start of an aggressive field development of the Oza Oil Field through the Company’s wholly-owned Nigeria-based subsidiary, Decklar Petroleum Limited, and Millenium, its Nigerian co-venturer on the Oza Field.

Progress on Preparation for Oza-1 Well Re-entry

Decklar has contracted a 1300 HP trailer-mounted drilling rig that is currently located in Port Harcourt, approximately 60 km from the Oza Oil Field in the Niger Delta. The drilling rig will be used for the re-entry and testing of the Oza-1 well, then immediately followed by the drilling of a horizontal development well from the Oza-1 drilling pad. Drilling of additional development wells is planned after completion and analysis of the re-entry and horizontal wells at the Oza-1 location. It is anticipated that the drilling rig will commence its mobilization to the Oza Field next week, with the move expected to take approximately seven days. Further, the camp to house the personnel engaged to provide support for operations and related logistics facilities is currently being moved and set up at the Oza Oil Field. Additionally, equipment and supplies with longer lead times that are needed to test and complete the Oza-1 well as part of the re-entry activities have been ordered, secured, and are expected to arrive in Nigeria over the next two to five weeks. Service contractors have been sourced and contracted for the near-term operational activities.

Decklar’s CEO, Duncan Blount commented, “We are pleased with the progress being made and look forward with anticipation to the commencement of Oza-1 re-entry operations, testing, completion, and initial production at the Oza Field. These initial operations at the Oza Oil Field represent a milestone culminating from considerable effort and preparation for the initial development activities at the Oza Oil Field with Millenium.”

For further information:

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

David Halpin
VP Finance, Decklar Petroleum 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). 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, changes in oil prices, results of exploration and development activities, uninsured 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.