ProductionCALGARY, ALBERTA--(Marketwire – Mar 23, 2011) - Atikwa Resources Inc. (TSX VENTURE:ATK) ("Atikwa" or the
"Company) is pleased to report that it has successfully completed testing and has put on production its 11-26 horizontal well targeting Spearfish light oil in the Pierson area of south west Manitoba. Initial production over the first 10 days has averaged approximately 150 barrels of oil per day with diminishing water cuts as the fracturing fluid is recovered.
The well shows strong inflow characteristics and management is confident that production can be additionally optimized. The Company is also pleased to announce that it has spudded a third Spearfish light oil horizontal well at 14-13-02-29 W1M on March 20, 2011. All of the necessary services and equipment have been secured and spotted on site to allow for this well to be drilled through the upcoming seasonal road ban period. This will allow the Company to lead with a fracturing crew coming out of the road ban period as opposed to competing for a drilling rig as Companies in the area resume their drilling operations.
The 11-26 and 14-13 wells are the first two wells of a multi well program that the Company has planned for the area in
2011. The Company currently has an inventory of 20 net horizontal drilling locations in the area based on three wells per quarter section. Some companies in the area are planning infill drilling density of up to six wells per quarter section. Management is currently reviewing drilling density potential on Company lands and defining a full development plan to further optimize the field’s potential.