Decklar Announces Production Rate From Oza-1 Well

Jul 29th, 2022 12:01 EST

CALGARY, Alberta, July 29, 2022 (GLOBE NEWSWIRE) -- Decklar Resources Inc. (TSX-V: DKL) (OTCQX: DKLRF) (FSE: A1U1) (the “Company” or “Decklar”) provides an update regarding the crude oil production rate from the Oza-1 well at the Oza Oil Field in Nigeria.

Decklar and its co-venturer Millenium Oil & Gas Company Limited are pleased to announce that the Oza-1 well at the Oza Oil Field has reached an averaged, stabilized production rate of 1,184 barrels of oil per day (“bopd”).

The well is producing this volume of crude oil at a fixed choke setting of 24/64 inch over a 46 hour period. The Oza-1 well is currently producing an average of 1,184 bopd of 23 degree API sweet crude oil and flowing tubing head pressure of 400 psig with zero BS&W and an average gas oil ratio of 71 mcf/bbl. Production of crude oil from the Oza-1 well is flowing into storage tanks at the Oza Oil Field and then will be delivered by truck to the Umugini Pipeline Infrastructure Limited crude handling facilities.

For further information:

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

David HalpinChief Financial Officer Telephone: +1 403 816 3029Email: [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: stabilized production rate of the Oza-1 well and the timing thereof and the delivery of such production to trucks for offloading at the Umugini Pipeline Infrastructure Limited crude handling facilities. 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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