Atikwa Resources Inc. V.ATK

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GlobeinvestorGOLD.com Company News Alert for Atikwa Resources
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Atikwa Provides Operational Update in Manitoba






CALGARY,ALBERTA--(Marketwire - March 23, 2011) - Atikwa Resources Inc. (TSXVENTURE:ATK) ("Atikwa" or the "Company) is pleased to report that it hassuccessfully completed testing and has put on production its 11-26horizontal well targeting Spearfish light oil in the Pierson area ofsouth west Manitoba. Initial production over the first 10 days hasaveraged approximately 150 barrels of oil per day with diminishing watercuts as the fracturing fluid is recovered. The well shows strong inflowcharacteristics and management is confident that production can beadditionally optimized.


The Company is alsopleased to announce that it has spudded a third Spearfish light oilhorizontal well at 14-13-02-29 W1M on March 20, 2011. All of thenecessary services and equipment have been secured and spotted on siteto allow for this well to be drilled through the upcoming seasonal roadban period. This will allow the Company to lead with a fracturing crewcoming out of the road ban period as opposed to competing for a drillingrig as Companies in the area resume their drilling operations.


The11-26 and 14-13 wells are the first two wells of a multi well programthat the Company has planned for the area in 2011. The Company currentlyhas an inventory of 20 net horizontal drilling locations in the areabased on three wells per quarter section. Some companies in the area areplanning infill drilling density of up to six wells per quartersection. Management is currently reviewing drilling density potential onCompany lands and defining a full development plan to further optimizethe field's potential.


This news releasecontains forward-looking statements relating to the Company's plans andother aspects of the Company's anticipated future operations,strategies, financial and operating results and business opportunities.Forward-looking statements typically use words such as "anticipate","believe", "project", "expect", "plan", "intent" or similar wordssuggesting future outcomes, statements that actions, events orconditions "may", "would", "could" or "will" be taken or occur in thefuture, or consists of statements regarding estimates of futureproduction, operating costs or other expectations, beliefs, plans,objectives, assumptions or statements about future events orperformance. Statements regarding reserves are also forward-lookingstatements, as they reflect estimates as to the expectation that thedeposits can be economically exploited in the future. Although theCompany believes that the expectations represented in suchforward-looking statements are reasonable, there can be no assurancethat such expectations will prove to be correct. As a consequence,actual results may differ materially from those anticipated in theforward-looking statements and you should not unduly rely onforward-looking statements. The forward-looking statements contained inthis news release are made as the date of this news release and theCompany does not undertake any obligation to update publicly or torevise any of the included forward-looking statements, whether as aresult of new information, future events or otherwise, except as may berequired by applicable securities laws. The term barrels of oilequivalent ("boe") may be misleading, particularly if used in isolation.A conversion ratio for gas of 6 mcf: 1 boe is based on an energyequivalency conversion method primarily applicable at the burner tip anddoes not represent a value equivalency at the wellhead.




FOR FURTHER INFORMATION PLEASE CONTACT: Sean Kehoe
Atikwa Resources Inc.
President and CEO
[phone]

[Paralyzer]

Excellent News...Smart management in getting equipment on sitebefore road bans...CheersParalyzer