RE: NEWS!!!Atikwa Resources Inc.
TSX VENTURE:
ATK
Sep 23, 2010 13:01 ET
Atikwa Hits TD on Foothills Re-Entry
CALGARY, ALBERTA--(Marketwire - Sept. 23, 2010) - AtikwaResources Inc. ("Atikwa" or the "Company") (TSX VENTURE:ATK) announcesthat it has reached total depth on its Porcupine Hills prospect,located in the foothills south of Calgary. The Company has set a bridgeplug just below the zone of interest and is pleased to report that theyhave successfully pressure tested the casing and completed the wellbore integrity logging. Due to a heavy snowfall in the area Tuesdaynight and generally very wet and muddy conditions, the perforation ofthe well will be delayed for a few days to allow some time for the roadto dry up so that perforation equipment and production tubing can bemoved in. The Company is currently in line for the next available timeslot for fracing equipment, which is scheduled for the first week ofOctober.
The target is a by-passed Cretaceousinterval, located at around 3340 m depth. The well was originallydrilled in 1981, with intermediate casing set at 3460 m, and a totaldrilling depth of 5135 m. When compared to analogous pools, the zone ofinterest could have an initial pressure of up to 5000 psi. The originalwell was targeting oil and was unsuccessful in the deeper zone.
Thetargeted by-passed pay opportunity was identified through extensivelog, reservoir and rock property analysis of data that was availablefrom the drilling of the first well. The Company's CEO Sean Kehoestated; "We know we have about twenty feet of very porous permeablerock at the well bore. The mud logs from the original well show thatwhen they drilled through our zone of interest they got a significantgas show. When one considers the thickness, porosity, permeability andestimated pressure of the zone at this depth it all points to apotentially significant flow rate with substantial liquids richgas-in-place." The company will have an 87% working interest in thewell when it is completed and will have a total of 3,890 net acres ofland in the area to develop upon success.
The Foothillsre-entry is one in a series of four large Original Oil in Place (OOIP)and Original Gas in Place (OGIP) resource plays.The other threeprograms include a Bakken light oil play in Saskatchewan, a Spearfishlight oil play in Manitoba and a liquids rich natural gas play in thelower Mannville at Windfall, Alberta.