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New York, NY – October 4, 2021 – The ongoing energy crisis in China has resulted in a manufacturing crunch as factories in the country grapple with the ongoing energy shortages. Global stocks have also fallen as the energy shortage threatens the supply of goods from China. Meanwhile, these shortages coupled with the ongoing natural gas squeeze have pushed Brent’s crude oil prices to a three year high of more than $80 a barrel. As the energy crisis spreads, the demand for natural gas is expected to surge upwards this winter. This growing demand for natural gas will generate free cash flow for companies like Decklar Resources, Inc. (TSXV:DKL) (OTC:DKLRF), Camber Energy, Inc. (NYSE:CEI), Cardinal Energy Ltd. (TSX:CJ), Marathon Oil (NYSE:MRO), and Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE).

Oil exploration and production company Decklar Resources, Inc. (TSXV:DKL) (OTC:DKLRF) has continued to make progress on the well re-entry at the Oza Oil Field in Nigeria, which is nearing commercial production. The Oza Oil Field has significant export and production capacity thanks to operating processing facilities and infrastructure already in place, which is expected to allow for the immediate export and sale of crude oil from Oza.

On September 1st, Decklar announced that its wholly-owned subsidiary, Decklar Petroleum Limited successfully reentered the Oza Oil Field, removing the old tubing and completing equipment removal, maintenance, and isolation of deeper zones from the target reservoirs.

Decklar also installed a new wellhead, prepared the site, and installed production testing equipment for the completion of the target zones in the Oza-1 well and completed 116-hour testing of the L2.6 sand, which yielded a stabilized flow rate of 2,463 barrels of oil per day of 22-degree API sweet crude oil.

Then on September 30th, Decklar announced the perforation and initial flow testing on the other two target zones of the Oza-1 well: L2.2 and L2.4. The L2.2 sand resulted in 1,361 barrels of oil per day, which will likely be developed by drilling a horizontal well from the Oza-1 well pad immediately after completing activities on the current Oza-1 re-entry. The L2.4 sand resulted in 10.3 million square feet of natural gas, which may present an opportunity to participate in Nigeria’s transformational gas utilization initiatives.

In the coming weeks, the Oza-1 well will then be completed using a single-tubing completion string to produce from the L2.6 sand and immediately put on commercial production. The completion will be designed with sliding sleeve technology that will also allow production from both the L2.2 and L2.4 zones in the future.

“We are very pleased with these initial test results from the first of the three target zones of the Oza-1 well re-entry,” Duncan Blount, CEO of Decklar Resources “After such promising well deliverability and commercial flow rates, we now look forward to completing the remaining Oza-1 well testing activities and commencing commercial production.”

Before releasing the Oza-1 well update, Decklar Resources announced the closing of a unit offering for approximately C$5 million to raise funds for general corporate purposes. The funds will also go into developing the Oza Oil field and exploring additional oil and gas development opportunities in Nigeria.

For more information about Decklar Resources, Inc. (TSXV:DKL) (OTC:DKLRF), click here.

Rising Gas Prices to Generate Additional Cash flow

Camber Energy, Inc. (NYSE:CEI) through its subsidiary Viking Energy Group, Inc. entered an exclusive intellectual property agreement with ESG Clean Energy for ESG’s patented carbon capture system. ESG’s carbon capture system is designed to capture approximately 100% of the carbon dioxide released from internal combustion engines to facilitate the production of valuable commodities without affecting the efficiency of these engines in generating electricity. Through the agreement, Camber Energy will be in a position to help other commercial and industrial organizations reduce their carbon footprint to meet regulatory requirements and follow ESG protocols. The license is exclusive for Canada and non-exclusive for up to 25 locations in the United States.

After a strong first quarter, Cardinal Energy Ltd. (TSX:CJ) continued to build on the momentum for a stronger second quarter. The company increased its production with the acquisition of Venturion adding about 2,400 boe/d. The company expressed confidence in its debt-reduction strategy getting into the second half of 2021 with expectations of generating additional free cash flow to reduce its debt.

Marathon Oil (NYSE:MRO) also reported a strong financial performance in Q2 2021, having generated $420 million of free cash flow resulting in over $850 million of free cash flow generation in the first half of 2021. Increasing global gas prices should increase free cash flow for the company in the coming year and drive value for shareholders.

Integrated oil and natural gas company Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) and Headwater Exploration Inc. have agreed to a bought deal. The company is selling 45,000,000 common shares to reduce its net debt towards a $10 billion interim target to increase shareholder returns. The company anticipates closing the offering on or around October 14, 2021, subject to certain conditions.

The ongoing energy crunch and the approaching winter are pushing the demand for natural gas and the prices higher creating a massive opportunity for companies like Decklar Resources to increase their cash flow and generate shareholder value over the coming year.

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