Atikwa Resources Inc. (
TSX: V.ATK,
Stock Forum) said that under the new management team, led by newly appointed CEO Andrew Watts and CFO Garry Topolnitsky, several strategic initiatives are underway to develop Atikwa into a high netback quality light oil producer within key core operating areas supported by a newly created technical and operating team.
The company will be concentrating on developing its Pierson Manitoba light oil Spearfish assets and evaluating disposition of non-core assets.
According to the
Atikwa Resources press release, net proceeds realized from the disposition of non-core assets will be utilized to pay down existing debt and fund a proposed 2014 drilling program.
As part of the ongoing strategic changes since the company's annual and special meeting of shareholders on August 30th, Atikwa has brought in a new team to oversee the daily field operations of all Atikwa assets and is striving to be an industry leading low cost operator.
The new technical team is creating a development drilling program in conjunction with evaluating potential Enhanced Oil Recovery (EOR) schemes to maximize light oil reserves capture on Atikwa assets.
The new Atikwa team looks forward to maximizing shareholder value by efficiently and economically exploiting assets in the Spearfish core operating area while continually evaluating accretive light oil opportunities.
Atikwa is a junior oil company strategically focused on enhanced recovery of light tight oil from well-established plays located in southern Saskatchewan and Manitoba.
On Monday, Atikwa soared 100% and was trading at $0.01 a share. The company had a market cap of $2.9 million, based on 287 million shares outstanding.