July 23, 2024 – TheNewswire - Calgary, Alberta – EF EnergyFunders Ventures, Inc. (TSXV:EFV) (OTC:PRIEF) (the “Corporation” or “EnergyFunders”) announced today that it has appointed Pannell Kerr Forster of Texas, P.C. as auditor of EnergyFunders effective June 6, 2024, to replace its former auditor, Fruci & Associates II, PLLC.

 

EnergyFunders also announced that it has entered into a binding letter of intent with Petrovise Energy Solutions Ltd. (“Petrovise”) to establish the terms of a joint venture for a water disposal project with respect to the Joffre LeDuc D3-B pool near Joffre, Alberta (the “Transaction”). Per the letter of intent, Petrovise will provide consulting services, management, equipment and other consideration in exchange for a 40% working interest in the applicable wellbore and a 40% interest in certain crown mineral rights held by EnergyFunders for water injection rights only (and Petrovise will not have an interest in any of the petroleum and natural gas rights).‎ Previously, EnergyFunders owned a 45% working interest in the injection well, which was previously a suspended, non-productive well, and after taking into account the Petrovise earned 40% interest, EnergyFunders will own a 27% working interest. EnergyFunders shall bear costs for “downhole operations,” which shall be paid out first with 100% of the net profit going to EnergyFunders’ joint venture account until the actual costs of the downhole operations are paid. Petrovise will source and bear the costs for “downhole tubing” to equip the well for injection. All other capital costs will be shared on a pro rata basis between the parties. EnergyFunders and its working interest partners will retain the right to dispose of an unlimited amount of produced water from their Joffre LeDuc D3-B and C pool wells into the applicable wellbore and its disposal facilities. Petrovise shall provide, at no cost, consulting services to EnergyFunders for the joint venture and for EnergyFunders other assets in the same area. Petrovise will also act as the operator for the injection facility and the disposal well and manage day-to-day operations for no additional fee. In addition, both parties shall have a right of first refusal if they decide to sell their working interest with 20 days notice.

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

EF EnergyFunders Ventures, Inc. is an oil and natural gas investment company headquartered in Calgary, Alberta, with executive offices in Houston, Texas. The Corporation's common shares are listed on the TSX Venture Exchange under the trading symbol “EFV” and on the OTC Pink as “EFVIF”.  

 

For further information please contact:

 

Virginia Light

Chief Operating Officer

Email: virginia@energyfunders.com

 

EF EnergyFunders Ventures, Inc.

950 Echo Lane, Suite 200

Houston, Texas 77024

Telephone: 254-699-0975

 

Forward-Looking Statements

This press release contains certain statements which constitute forward-looking statements or ‎information ‎‎(“forward-‎looking statements”), including statements regarding EnergyFunders’ business and the Transaction. Such forward-looking statements are subject to numerous risks and ‎uncertainties, some ‎of which are beyond ‎EnergyFunders' control, including the impact of general ‎economic conditions, the current share ‎price of EnergyFunders' common shares, and market acceptance of the Transaction, ‎industry conditions, ‎currency fluctuations, the lack of availability of qualified ‎personnel or management, ‎stock ‎market volatility and the ability to access sufficient capital from ‎internal and external sources. Although ‎EnergyFunders believes ‎that the expectations in its forward-looking ‎statements are reasonable, they are based on ‎factors and assumptions ‎concerning future events ‎which may prove to be inaccurate. Those factors and ‎assumptions are based upon currently ‎‎available information. Such statements are subject to known and ‎unknown risks, uncertainties and ‎other factors that could ‎influence actual results or events and cause actual ‎results or events to ‎differ materially from those stated, anticipated or ‎implied in the forward looking ‎information. As ‎such, readers are cautioned not to place undue reliance on the forward ‎looking information, ‎as no ‎assurance can be provided as to future results, levels of activity or achievements. The forward-‎‎looking ‎statements contained in this document are made as of the date of this document and, ‎except as required by ‎‎applicable law, EnergyFunders does not undertake any obligation to publicly update ‎or to revise any of the included ‎forward-looking ‎statements, whether as a result of new ‎information, future events or otherwise. The ‎forward-looking statements ‎contained in this ‎document are expressly qualified by this cautionary statement.‎