Jul 21, 2017   SOURCE: BusinessWire

Cunningham Energy Announces Large Oil Well Success in Clay County, WV

Cunningham Energy LLC announced a milestone 20,000 barrels of cumulative oil production on two new shallow horizontal oil wells located in Clay County, West Virginia. The two wells, King #20 & King #21H, are part of the previously announced Lions Paw Program Pad. The shallow horizontal wells were drilled to a total depth of 7000 & 6900’ respectively, making them the longest shallow oil wells to date in the State of West Virginia.

Ryan Cunningham of Cunningham Energy explains, “As a company we have been pushing the envelope further and further with more advanced well design and completion techniques with this project. Our goal is to achieve the lowest lifting costs possible utilizing new technologies available, primarily developed from the shale plays throughout North America. It has been incredible to see the advancement of horizontal drilling and completion these past few years. As prices for the commodity have come down sharply, so have our lifting costs in the field. We are of the opinion that shallow horizontal drilling has just crossed into the early innings of development and shows the potential to revitalize many forgotten areas of West Virginia, along with the cities and towns that surround them. The Lions Paw Project further proves that with the application of new technology alongside local geological knowledge we can unlock an area's full potential.”

Cunningham Energy is now finishing the last of four wells on the Lions Paw Project, and expects all wells to be online shortly. The company has also permitted four shallow horizontal Weir Sand oil wells, which are to be drilled in Kanawha County, near the town of Clendenin this year. These new Weir Sand horizontal oil wells will be the first of their type in West Virginia.

Certain statements contained in this press release constitute "forward-looking statements" as defined by the Securities and Exchange Commission. Such statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "should," "up to," approximately," "likely," or "anticipates" or the negative thereof. These forward-looking statements are based on our current expectations, assumptions, estimates and projections for the future of our business and our industry and are not statements of historical fact. Such forward-looking statements include, but are not limited to, statements about our expectations regarding our financing, our future operating results, our future capital expenditures, our expansion and growth of operations and our future investments in and acquisitions of oil and natural gas properties. We have based these forward-looking statements on assumptions and analyses made in light of our experience and our perception of historical trends, current conditions, and expected future developments. However, you should be aware that these forward-looking statements are only our predictions and we cannot guarantee any such outcomes. Future events and actual results may differ materially from the results set forth in or implied in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: general economic and business conditions; exposure to market risks in our financial instruments; fluctuations in worldwide prices and demand for oil and natural gas; fluctuations in the levels of our oil and natural gas exploration and development activities; our ability to find, acquire and develop oil and gas properties, including the ability to develop the Matterhorn prospects; risks associated with oil and natural gas exploration and development activities; competition for raw materials and customers in the oil and natural gas industry; technological changes and developments in the oil and natural gas industry; legislative and regulatory uncertainties, including proposed changes to federal tax law and climate change legislation, and potential environmental liabilities; our ability to continue as a going concern; and our ability to secure additional capital to fund operations. Additional factors that may affect future results are contained in our filings with the Securities and Exchange Commission ("SEC") and are available at the SEC's web site http://www.sec.gov. Cunningham Energy LLC disclaims any obligation to update and revise statements contained in this press release based on new information or otherwise.