09:00 EST Tuesday, November 06, 2012
CALGARY, ALBERTA--(Marketwire - Nov. 6, 2012) - Arcan Resources Ltd. (TSX VENTURE:ARN) ("Arcan" or the "Corporation") is pleased to announce it has confirmed the existing borrowing base shall remain at $200.0 million in respect of its $200.0 million credit facility. The credit facility is based upon an updated independent reserves evaluation (the "GLJ Update Report") prepared by GLJ Petroleum Consultants ("GLJ"), Arcan's independent qualified reserves evaluator, in respect of 100 percent of Arcan's oil and gas properties. The values from the GLJ Update Report have been revised to remove the previously announced asset sales that occurred in the third quarter of 2012. Arcan also announces it has commenced fracture and completion operations on four wells which were drilled earlier in 2012 and has drilled a farm-out horizontal oil well on land west of the Deer Mountain Unit #2 ("DM#2").
Arcan's syndicated credit facility is led by Alberta Treasury Branches and includes the Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, and Royal Bank of Canada. The credit facility has an initial revolving period of one year and if such revolving period is not extended, the credit facility converts to a term loan payable in full 364 days after the expiration of such revolving period and a semi-annual borrowing base redetermination, which has now been completed for the fall of 2012 as required under the credit facility. The only financial covenant related to the credit facility is that Arcan's debt and working capital, excluding hedging and debentures, cannot exceed $200.0 million.
GLJ updated the Corporation's reserves in respect of Arcan's Swan Hills oil and gas properties. The GLJ Update Report, effective June 30, 2012, was prepared in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities and the Canadian Oil and Gas Evaluation Handbook and is dated August 31, 2012. In accordance with the updated information provided by the GLJ Update Report, Arcan's current estimated net asset value ("NAV") per diluted share is $4.37. This is based upon GLJ updating its evaluation to remove reserves of the previously announced dispositions of the Hamburg and Virginia Hills, $171.3 million in outstanding debentures, and an estimated debt and working capital of $147.0 million at September 30, 2012. This compares to a NAV per diluted share of $7.28 at December 31, 2011.
Reserves Highlights:
- Arcan estimates NAV per diluted share of $4.37 at September 30, 2012, down from a NAV per diluted share of $7.28 at December 31, 2011. Commodity price declines accounted for approximately 65 percent, or $1.85 per diluted share, of the decrease in value, with the balance of the decline being attributable to asset sales and increased debt from infrastructure investments.
- $660.0 million net present value of future net revenue of working interest total proved plus probable ("P+P") reserves before tax at a 10 percent discount rate, down 20 percent from $829.0 million as at December 31, 2011.
- Proved producing reserves were up two percent while total proved reserves of 19.1 million barrels of oil equivalent ("MMBOE") versus 21.6 MMBOE total proved reserves as at December 31, 2011 were down 12 percent over the period. Asset sales of 1.5 MMBOE and production of 0.9 MMBOE represented substantially all of the change in total proved reserves.
- 35.7 MMBOE total P+P reserves representing a 13 percent reduction in 2012, versus 41.0 MMBOE P+P reserves as at December 31, 2011. Asset sales represented 2.8 MMBOE of the change in total P+P reserves.
- Arcan's reserves are characterized as weighted 96 percent to light oil and natural gas liquids ("NGLs").
- The GLJ Update Report included 78 net proved producing wells in the Swan Hills area with a total of 153 P+P well locations booked. Future capital has decreased by $76.0 million on a total proved basis and by $96.0 million on a total P+P basis since December 31, 2011.
- Reserves were partially recorded on approximately 65 sections, or approximately 40 percent, of Arcan's land in the Swan Hills area, leaving Arcan with approximately 87 sections of land on which no reserves have yet been recorded.
- Arcan's waterflood activities continued through the third quarter in both the DM#2 and Ethel areas. With the majority of the required infrastructure now in place, improved results are becoming apparent at wells closer to injectors. Arcan anticipates that continued improvement will translate to incremental reserve bookings by year end 2012 and in years to come.
- Using production of 4,000 barrels of oil equivalent ("BOE") per day and June 30, 2012 P+P reserves, Arcan estimates that it has a reserve life of over 20 years.
- The GLJ Update Report removed the previously announced asset sales that occurred in the third quarter of 2012. These included 0.5 MMBOE of proved producing reserves, 1.5 MMBOE of total proved reserves, and 2.8 MMBOE of P+P reserves with associated values of $6.9 million, $18.6 million, and $37.7 million, respectively.
Arcan's Swan Hills Beaverhill Lake Asset
Arcan's activities are focused on the development of the large light oil resource in the Swan Hills area. Over the last 18 months Arcan has transitioned over 60 square miles of undeveloped land into a large development inventory of drill ready locations inside of a proven oil reservoir. This development is now supported by an infrastructure corridor consisting of roads, pipelines, and facilities. These key components are expected to result in lower operating costs, reduced development capital for future wells, and the implementation of an enhanced oil recovery program in the early stages of the field production.
Three standing vertical wells were recently converted to provide source water for injection into the reservoirs, lifting the number of source wells to seven. These conversions have increased Arcan's total source water capability to approximately 5,000 barrels per day. An additional six wells were converted to water injectors which brings the total number of water injectors in DM#2 to 17. Arcan has also completed and commissioned two additional pipeline projects in the DM#2 that allow both source water and injection water to be moved throughout the field and effectively placed in the reservoir as required. Due to the increased injection, 15 of the 29 producing wells in the DM#2 are showing varying levels of response. In Ethel, field work was completed in June 2012 to allow for seven sections to be under waterflood through the addition of one drilled horizontal injector and the conversion of two existing wells, to total four injectors. This work was completed as part of the new infrastructure corridor through the Ethel property.
Based on waterflood recoveries of up to 40 percent in offsetting areas of the Swan Hills Beaverhill lake reservoir, Arcan is of the view that similar waterflood recovery rates on its property would have the potential to translate into recoveries of up to 270 MMBOE (95 percent light oil) from the Arcan waterflood area. To date, the Corporation has recorded under 15 percent of these total estimated recoverable reserves at 35.7 MMBOE ($4.37 per diluted share). Arcan anticipates that with 151 net sections of land drilled to four wells per section, the inventory of locations could continue to show substantial growth. Arcan's waterflood activities continue throughout the Swan Hills area. Initial results are encouraging and Arcan anticipates that these results will translate to incremental reserve bookings by year end 2012 and in years to come.
Net Asset Value
As detailed in the table below, Arcan's NAV per diluted share of $4.37 (on the basis of total P+P reserves discounted at 10 percent) has decreased by 40 percent from the NAV per diluted share of $7.28 reported at December 31, 2011 due to a decrease in commodity prices which accounted for $1.85 per diluted share of the decrease in value, with the balance of the decline being attributable to asset sales and debt increases related to infrastructure investments. Arcan estimates that as at September 30, 2012 it has $147.0 million in debt and working capital deficit in addition to the $171.3 million in outstanding debentures.
| Asset Value |
September 30, 2012(1) |
|
December 31, 2011 |
| ($000s except number of shares and per share) |
(P+P discounted at 10%) |
|
(P+P discounted at 10%) |
|
|
|
|
| Present value of reserves |
659,593(2) |
|
829,242 |
| Undeveloped acreage ($1,000 per acre) |
56,000 |
|
87,000 |
| Stimsol Canada Inc. (Arcan's subsidiary) |
30,000 |
|
30,000 |
| Net debt (including working capital, bank debt and outstanding debentures at face value) |
(318,250) |
|
(209,966) |
| Dilution proceeds(3) |
- |
|
27,509 |
| Estimated value |
427,343 |
|
763,786 |
| Shares (thousands) (3) |
97,860 |
|
104,906 |
| Estimated NAV $ per diluted share (2) |
4.37 |
|
7.28 |
Notes:
(1) The GLJ Update Report removed the previously announced asset sales which occurred in the third quarter of 2012. These included 0.5 MMBOE of proved producing reserves, 1.5 MMBOE of total proved reserves, and 2.8 MMBOE of P+P reserves with associated values of $6.9 million, $18.6 million, and $37.7 million, respectively.
(2) Reserves used as basis for the September 30, 2012 NAV calculation are as at June 30, 2012 as evaluated by GLJ in the GLJ Update Report. Land values are estimated at $1,000 per acre on an estimated 56,000 acres with no reserves recorded on them.
(3) Share figures for June 30, 2012 include all dilutive securities namely: 97,860,013 common shares and none of the outstanding 7,696,333 stock options as they are all exercisable above the current trading price of $0.80 per share. Share figures for December 31, 2011 include all dilutive securities namely: 97,760,846 common shares and 7,144,833 stock options that are in the money at their average exercise price of $3.85 (these were all dilutive securities exercisable below the $4.98 December 31, 2011 share trading price).
The NAV calculations provided above are presented for September 30, 2012 and December 31, 2011 and incorporate estimates that may not be comparable year-over-year and are only at one point in time. An independent evaluation was performed on Arcan's reserves as at June 30, 2012; however updates for the per acre land values and the value of Stimsol Canada Inc., Arcan's wholly-owned services subsidiary, have not been estimated for the purposes of this evaluation. Arcan's net debt (including working capital, bank debt and debentures) for December 31, 2011 is from the year-end financial statements. The figures for September 30, 2012 are estimated and unaudited. Dilution proceeds are zero at September 30, 2012 as the exercise prices of all of Arcan's stock options are above its common share trading price. Dilution proceeds are computed by taking the outstanding stock options at their respective dates multiplied by their exercise prices for December 31, 2011 calculation. Readers are cautioned that this presentation does not reflect all aspects of the Corporation. Reserve estimates are derived from the reports from GLJ. The July 1, 2012 pricing assumptions are listed below with market changes having a material impact on this NAV calculation.
Summary of Oil and Gas Reserves
The tables below provide a summary of the oil, NGLs and natural gas reserves attributable to Arcan as at June 30, 2012. As the tables below summarize, the data contained in the GLJ Update Report may contain slightly different numbers than those contained in the original report due to rounding. This may also affect the addition of certain columns. Readers should review the definitions and information contained in "Presentation of Arcan's Oil and Gas Reserves" and "Abbreviations" in Arcan's annual information form for the year ended December 31, 2011 in conjunction with the following table and notes. All of Arcan's reserves are on-shore in Canada. The values from the GLJ Update Report removed the previously announced asset sales that occurred in the third quarter of 2012. These included 0.5 MMBOE of proved producing reserves, 1.5 MMBOE of total proved reserves, and 2.8 MMBOE of P+P reserves with associated values of $6.9 million, $18.6 million, and $37.7 million, respectively.
Summary of Oil and Gas Reserves - Forecast Prices and Costs
|
Light & Medium Oil |
Natural Gas Liquids |
Natural Gas(1) |
Total |
| Reserves Category |
Gross (2)
(Mbbl) |
Net (3)
(Mbbl) |
Gross (2)
(Mbbl) |
Net (3)
(Mbbl) |
Gross (2)
(MMcf) |
Net (3)
(MMcf) |
Gross (2)
(Mbbls) |
Net (3)
(Mbbl) |
| Proved |
|
|
|
|
|
|
|
|
| Developed Producing |
9,940 |
7,434 |
395 |
251 |
3,017 |
2,520 |
10,837 |
8,105 |
| Developed Non-Producing |
100 |
89 |
5 |
4 |
58 |
51 |
115 |
102 |
| Undeveloped |
7,509 |
6,057 |
280 |
211 |
2,052 |
1,814 |
8,131 |
6,570 |
| Total Proved |
17,549 |
13,580 |
680 |
466 |
5,127 |
4,385 |
19,084 |
14,777 |
| Total Probable |
15,443 |
11,331 |
511 |
360 |
4,055 |
3,587 |
16,630 |
12,289 |
| Total P+P |
32,993 |
24,912 |
1,191 |
826 |
9,181 |
7,972 |
35,714 |
27,067 |
Notes:
(1) Estimates of reserves of natural gas include associated and non-associated gas.
(2) "Gross Reserves" are Arcan's working interest share of remaining reserves before the deduction of royalties.
(3) "Net Reserves" are Arcan's working interest share of remaining reserves less all Crown, freehold, and overriding royalties and interests owned by others.
Net Present Value of Future Net Revenue - Forecast Prices and Costs
|
Net Present Value of Future Net Revenue(1) |
|
Before Income Taxes - Discounted at (%/yr) |
| Reserves Category |
0
(MM$) |
5
(MM$) |
10
(MM$) |
15
(MM$) |
20
(MM$) |
| Proved |
|
|
|
|
|
| Developed Producing |
541.6 |
383.6 |
301.7 |
251.7 |
218.0 |
| Developed Non-Producing |
3.9 |
3.2 |
2.7 |
2.3 |
2.0 |
| Undeveloped |
326.0 |
193.4 |
122.0 |
79.8 |
53.0 |
| Total Proved |
871.5 |
580.1 |
426.4 |
333.8 |
273.1 |
| Total Probable |
852.0 |
409.4 |
233.2 |
145.8 |
95.5 |
| Total P+P |
1,723.5 |
989.5 |
659.6 |
479.7 |
368.6 |
Note:
(1) Net present value of future net revenue includes all resource income: sales of oil, gas and by-product reserves; processing of third party reserves; and other income. Calculated using net present value of future net revenue before deducting income taxes (discounted).
GLJ employed the following pricing, exchange rate and inflation rate assumptions as of July 1, 2012, in the GLJ Update Report for estimating reserves data using forecast prices and costs(1):
|
|
|
Medium and Light Crude Oil |
|
Natural Gas |
|
|
| Year |
Inflation |
|
WTI
Cushing
Oklahoma
40 degrees API
(US$/bbl) |
|
Edmonton
Par Price
40 degrees API
($/bbl) |
|
Cromer
Medium
29.3 degrees API($/bbl) |
|
Alberta Gas
Reference
Price
Plant Gate
($/MMBTU) |
|
AECO - C Spot
($/MMBTU) |
|
Exchange
Rate
(US$/$Cdn) |
| 2011 (actual) |
2.9 |
|
95.12 |
|
95.53 |
|
88.33 |
|
3.51 |
|
3.62 |
|
1.012 |
| 2012 (Full Year) |
2.0 |
|
91.57 |
|
83.47 |
|
78.19 |
|
2.35 |
|
2.47 |
|
0.987 |
| 2012 (Q3 - Q4) |
2.0 |
|
85.00 |
|
79.08 |
|
74.34 |
|
2.68 |
|
2.87 |
|
0.980 |
| 2013 |
2.0 |
|
90.00 |
|
86.73 |
|
79.80 |
|
3.25 |
|
3.44 |
|
0.980 |
| 2014 |
2.0 |
|
95.00 |
|
95.92 |
|
87.29 |
|
3.70 |
|
3.90 |
|
0.980 |
| 2015 |
2.0 |
|
100.00 |
|
101.02 |
|
91.93 |
|
4.16 |
|
4.36 |
|
0.980 |
| 2016 |
2.0 |
|
100.00 |
|
101.02 |
|
91.93 |
|
4.61 |
|
4.82 |
|
0.980 |
| 2017 |
2.0 |
|
100.00 |
|
101.02 |
|
91.93 |
|
5.07 |
|
5.28 |
|
0.980 |
| 2018 |
2.0 |
|
101.35 |
|
102.40 |
|
93.18 |
|
5.47 |
|
5.68 |
|
0.980 |
| 2019 |
2.0 |
|
103.38 |
|
104.47 |
|
95.07 |
|
5.59 |
|
5.80 |
|
0.980 |
| 2020 |
2.0 |
|
105.45 |
|
106.58 |
|
96.99 |
|
5.70 |
|
5.91 |
|
0.980 |
| 2021 |
2.0 |
|
107.56 |
|
108.73 |
|
98.95 |
|
5.82 |
|
6.03 |
|
0.980 |
|
| Note: |
|
| (1) |
All pricing in the above table, excluding inflation and the exchange rate, is escalated at 2.0 percent per year after 2021. |
Note:
(1) All pricing in the above table, excluding inflation and the exchange rate, is escalated at 2.0 percent per year after 2021.
Operations Update
As of September 30, 2012, Arcan had an inventory of four wells in the northern portion of its Ethel property. These four wells were drilled early in 2012 but were not completed due to weather delays. Completion operations on these wells have now commenced. In the third quarter of 2012, Arcan constructed roads and pipelines to connect the pad site to the new gathering system.
On its Gere property, Arcan drilled a successful oil well to retain 20 sections of land for seven more years. This well is currently producing approximately 50 barrels per day and is located approximately 10 miles away from the nearest Ethel oil well, confirming productive capability on an extensive, but undeveloped land base.
Arcan has also farmed out 4.5 sections of land to the west of DM#2 whereby Arcan retains a 50 percent interest and operatorship. The 04-27-68-09W5 well is the first horizontal oil well on this land and was spud on October 19, 2012 and completed drilling on November 1, 2012. Arcan anticipates that after completion it may be tied in to newly constructed pipelines to the DM#2. In addition, Arcan has farmed out three sections of expiring lands in the south-west corner of Ethel and estimates a well will be spud early in 2013 on this block of land.
For the third quarter of 2012, Arcan estimates it produced approximately 3,900 BOE per day, including the impact of dispositions, and is working to deliver production in excess of 4,500 BOE per day for the year. Arcan estimates operating netbacks of approximately $39.00 per BOE after accounting for $25.00 per BOE operating costs. These costs have increased from previous quarters due to extremely wet weather operations and the transportation costs related to the removal of rental equipment as production was transitioned to the newly constructed pipeline infrastructure. With permanent pipeline infrastructure in-place, the sale of the Hamburg property, and its temporary equipment rentals removed, Arcan achieved significant operating cost reductions in September and anticipates further reductions going forward. As previously released, Arcan experienced a one-time $8.0 million cash flow impact related to the disposition of an acid contract in July. Arcan estimates a gain on the sale on its Virginia Hills disposition of $4.0 million and a loss on sale of its Hamburg assets of $25.0 million in the third quarter. Arcan estimates debt and working capital of $147.0 million at September 30, 2012, down from $151.0 million at the end of June 2012. Arcan anticipates that it will to release its third quarter report on November 14, 2012.
Finally, Arcan also announces that it will be relocating its corporate head offices in November 2012, to the new address listed below, in an effort to reduce ongoing general and administrative expenses. This move is expected to translate to savings to Arcan of approximately $800,000 per year.
Outlook
Arcan continues to focus solely on developing its assets in the Swan Hills Beaverhill Lake light oil reef. Arcan is a light oil producer with the primary components of well delineation, infrastructure and waterflood approvals in place to sustain consistent production results and generate long term secure cash flow from the development of this significant light oil asset. A concerted cost focus in the latter half of 2012 and into 2013 is expected to deliver reductions in operating costs going forward and with new wells being drilled and completed at under $4.5 million per well, generating very attractive rates of return.
The continued implementation of enhanced oil recovery through waterflood is expected to stabilize Arcan's production base and deliver low cost reserves. To secure cash flow, Arcan is hedged at 2,000 barrels per day for all of 2013 and 2014 at approximately $100 WTI for 2013 and at $93 WTI for 2014, which provides Arcan with a stable financial base. Arcan continues to implement changes to maximize shareholder value and provide secure growth per share. Arcan has been working on an updated website, FAQ documents and a corporate presentation, all of which are expected to be released shortly.
About Arcan Resources Ltd.
Arcan Resources Ltd. is an Alberta, Canada corporation that is principally engaged in the production, development and acquisition of petroleum and natural gas located in Canada's Western Sedimentary Basin.
Legal Advisories
BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of six million cubic feet ("Mcf") of natural gas to one barrel of oil is based on an energy equivalency conversion primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalent of six to one, utilizing a BOE conversion ratio of six Mcf per one bbl would be misleading as an indication of value.
This press release contains information on oil and natural gas reserves and reserves value, net asset value per share, net present value and future net revenue which are estimates only. Present value refers to the estimated future net revenues calculated at the disclosed discount rate. These estimated values disclosed do not represent fair market value.
Additional information about the Corporation, including the Corporation's annual information form for the year ended December 31, 2011, is available under Arcan's profile on SEDAR at www.sedar.com.
Non-GAAP Measurements
Readers are cautioned that this press release contains the term "net asset value" ("NAV") which Management of Arcan believes is a useful supplemental measure as it provides a measure of the potential value of the Corporation. Arcan's method for calculating NAV is detailed in this press release in the section "Net Asset Value" and may differ from that of other companies, and, accordingly, may not be comparable. Operating and corporate netbacks are also presented. Operating netbacks represent Arcan's revenue, less royalties and operating expenses, and corporate netbacks represent Arcan's operating netback, less realized economic hedging losses, general and administrative ("G&A") and interest expense, in order to determine the amount of funds generated by production. Operating and corporate netbacks have been presented on a per BOE basis, as well. These measures do not have any standardized meaning prescribed by Generally Accepted Accounting Principles ("GAAP") and therefore is unlikely to be comparable to similar measures presented by other companies. Arcan's Management believes there is no GAAP measures that are directly comparable, although there are GAAP financial statement amounts used in the calculation that have been articulated in that section of the press release, and readers are cautioned in their use of these measures. Management believes that these measures are useful supplemental measures as they provide an estimate of value, or an indication of the ability of Arcan to fund future growth through capital investment, its ability to generate funds to finance its operations and/or repay debt. These measures have been described and presented in this press release in order to provide shareholders and potential investors with additional information regarding Arcan.
Forward-Looking Information and Statements
This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "potential", ''anticipate'', ''estimate'', ''may'', ''will'' and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to, among other things: estimated reserves growth; Arcan's capital capacity for the remainder of 2012; potential recoveries of up to 270 MMBOE (95% light oil) in Arcan's Swan Hills land base; estimated additional drilling locations and the potential for further growth in such estimates; expectations relating to Arcan's potential for future growth; estimates respecting production and financial results as at and for the three and nine-month periods ended September 30, 2012; reserve life index; expectations regarding farm-out relationships; the ability to maintain the Corporation's land base; expectations respecting upcoming fracturing activities; estimates as to production figures for 2012; expectations on the effect that enhanced oil recovery through waterflood will have on Arcan's production base and reserves; expectations respecting future netbacks; estimates on the gains and losses relating to dispositions in the third quarter of 2012; Arcan's anticipated office relocation and the savings to be derived therefrom; the ability of Arcan to deliver solid production results and generate long-term secure cash flows; future operating costs; future rates of return; the timing of the release of Arcan's third quarter results; and the timing of the release of Arcan's new website and corporate presentation.
The forward-looking information and statements contained in this press release reflect several material factors, expectations and assumptions of Arcan including, without limitation: that Arcan will continue to conduct its operations in a manner consistent with past operations; the accuracy of current horizontal production data, historical well production and waterflood results in offsetting areas; the general continuance of current or, where applicable, assumed industry conditions; continuity of reservoir conditions across Arcan's Swan Hills land base; availability of debt and/or equity sources to fund Arcan's capital and operating requirements as needed; the continuance of existing and, in certain circumstances, proposed tax and royalty regimes; the accuracy of the estimates of Arcan's reserve volumes; and certain commodity price and other cost assumptions.
Arcan believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: assumptions respecting waterflood results and the continuity of reservoir conditions across Arcan's Swan Hills land base may prove incorrect; changes in commodity prices; unanticipated operating results or production declines; waterflood and carbon dioxide impacts; changes in tax or environmental laws or royalty rates; increased debt levels or debt service requirements; inaccurate estimation of Arcan's oil and gas reserves volumes; for reasons currently unforeseen, the current drilling locations identified by Arcan may prove to be unsuitable or unavailable and drilling on the locations identified may not occur to the magnitude currently anticipated by Arcan or at all; increased costs and expenses; the impact of competitors; reliance on industry partners; and certain other risks detailed from time to time in Arcan's public disclosure documents including, without limitation, those risks identified in this press release, and in Arcan's annual information form, copies of which are available on Arcan's SEDAR profile at www.sedar.com.
The forward-looking information and statements contained in this press release speak only as of the date of this press release, and Arcan does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Arcan Resources Ltd.
Terry McCoy
Chief Executive Officer
(403) 262-0321
tmccoy@arcanres.com
Arcan Resources Ltd.
Douglas Penner
President
(403) 262-0321
dpenner@arcanres.com
New address, effective November 19, 2012:
Arcan Resources Ltd.
Suite 2200, 500 - 4th Avenue S.W.
Calgary, AB T2P 2V6
(403) 262-0321
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