Atikwa Resources Inc- Manitoba Spearfish Well Produces at 135 Barrels of Light Oil Per Day
https://at.marketwire.com/accesstracking/AccessTrackingLogServlet?docid=0775512001&sourceType=1https://www.ccnmatthews.com/logos/20110720-atikwa.jpg CALGARY, ALBERTA -- (Marketwire) -- 03/20/12 -- Atikwa Resources Inc. (TSX VENTURE:ATK) ("Atikwa" or the "Company") is pleased to report that it's 02-06 well is currently producing at 135 barrels of oil per day after six weeks of production.
The Company sold approximately 1550 cubic meters (335bopd) of Manitoba light oil in February, which translates into a monthly cash flow net to Atikwa of approximately $900,000. President Sean Kehoe stated: "We are finally starting to enjoy the benefits of our labour. We have had a significant engineered value for some time now, so it is good to see our flowing barrel metric more in line with that number. I am also very encouraged by recent industry transactions we are seeing in relation to the sale of Manitoba light oil assets that support a flowing barrel metric of over $100,000."
On February 28th the Company secured a credit facility of up to $3,000,000 in debt financing. This facility, in addition to the increase in monthly cash flow from Atikwa's producing wells will allow the Company to continue to move forward with the development of its oil properties without having to issue further equity at this time.
This news release contains forward-looking statements relating to the Company's plans, proposed exploration and development activities, our drilling prospect inventory and other 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 words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future, or consists of statements regarding estimates of future drilling and completion activities, production, operating costs or other expectations, beliefs, plans, objectives, assumptions or statements about future events or performance. Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and you should not unduly rely on forward-looking statements. The forward-looking statements contained in this news release are made as the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A conversion ratio for gas of 6 mcf: 1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Neither the 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.
Contacts:
Atikwa Resources Inc.
Sean Kehoe
President and CEO
(403) 233-6073