Mr. Jeff Standen reports
VITAL ENERGY INC.: PENNANT PROJECT, S.W. SASKATCHEWAN -- CORE PROJECT AREA
Vital Energy Inc., further to its news release dated March 31, 2017, and the agreement with a third party described therein, has provided the following update. The third party has made the first cash advance to Vital Energy under the terms of the agreement. Vital Energy was successful in acquiring four leases at the April 11, 2017, Saskatchewan Crown land sale. The lease acquisitions totalled 5,220 acres, more than doubling Vital Energy's current Pennant Area project lands and bringing the total 100-per-cent-owned Pennant Area, southwest Saskatchewan, project lands to approximately 8,337 contiguous gross and net acres (13 contiguous sections). The phase 1 seven-well drilling program referred to in the March 31, 2017, news release is expected to commence immediately after spring breakup in 2017.
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