GREY:ARKXF - Post by User
Post by
cantkillmeon Apr 05, 2011 11:10am
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Post# 18386905
NEWS
NEWSGlobeinvestorGOLD.com Company News Alert for Artek Exploration Inc.
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UPDATE 1-Artek Exploration says drilled Doig well in British Columbia
* Says to drill 3 more wells in Inga region in 2011
* Delays completion of second Montney well in Sinclair area
* To postpone completion till May/early June
* Shares up 13 percent
(Follows alerts)
April 5 (Reuters) - Artek Exploration Ltd , a crude
oil and natural gas explorer and producer, said it completed its
second horizontal Doig well in the Inga area of British
Columbia, sending its shares to a 14-month high.
The company plans to drill an additional three horizontal
Doig wells at Inga through 2011.
However, the company added that it will delay the completion
of its second Montney horizontal well in the Sinclair area due
to potential cost overruns.
The oil and gas exploration and production company expects
to postpone completion until late May or early June.
Artek, which was a private company, bought Costa Energy Inc
in a reverse deal in January last year.
Shares of the Calgary, Alberta were trading up C$3.00 on
Monday on the Toronto Stock Exchange.
The shares, which touched a high of C$3.35 in February last
year, have shed 19 percent of their value in the last one year.
(Reporting by Amruta Sabnis in Bangalore; Editing by Jarshad
Kakkrakandy)