Artek Exploration Ltd ARKXF

Nice update Great Results!

[TheProphetElijah]

CALGARY, ALBERTA--(Marketwired - June 18, 2014) - Artek Exploration Ltd. (TSX:RTK) - Artek Exploration Ltd. ("Artek" or the "Company") is pleased to provide the following operational update. 

During the first quarter at Inga, the Company experienced some mechanical issues during the water based multi-stage fracture stimulation program performed on its second horizontal Doig well of the year at A5-11-88-23W6M as disclosed in a prior press release. Following breakup, Artek was able to complete its remedial work on the operation and is pleased to report that over a 64 hour production test period the well averaged 2.7 mmcf/d of natural gas and 944 bbl/d of free condensate or approximately 1,400 boe/d (67% condensate) at an average flowing pressure of 446 PSI. Also the Company drilled its first horizontal Doig well early in the second quarter of 2014 at B-93-I on the Fireweed property that Artek acquired in 2013 as an extension to its Inga area Doig trend. Subsequent to breakup, Artek successfully executed a 22-stage energized water fracture stimulation program on the well which after a 60 hour production test period averaged 3.4 mmcf/d of natural gas and 1,224 bbl/d of free condensate, or approximately 1,771 boe/d (69% condensate) at a flowing pressure of 857 PSI over the last 24 hours of the test period. The Company is very encouraged by the results of these last two operations, in particular the high free liquids rates from the Fireweed area well which has historically produced lower liquids yields utilizing older technology. The Company continues to optimize its completion methodology utilized in the area and looks forward to reporting on additional results through the remainder of the year. Artek currently has one drilling rig active and a second rig ready to begin operations by the fourth week of June all in the Inga area of British Columbia.

Read more at https://www.stockhouse.com/news/press-releases/2014/06/18/artek-exploration-ltd-provides-operations-update#3mh7jpYSIsQzWd1v.99