Atikwa Minerals Corporation
TSX VENTURE : ATK

Atikwa Minerals Corporation

November 04, 2009 14:42 ET

Atikwa Announces 39 Section Bakken Farm In With TriAxon Limited Partnership

CALGARY, ALBERTA--(Marketwire - Nov. 4, 2009) - Atikwa Minerals Corporation ("Atikwa" or the "Company") (TSX VENTURE:ATK) is pleased to announce that it has entered into a seismic review option and participation agreement with TriAxon Limited Partnership (TriAxon) (triaxonresources.com) on 39 sections of Bakken exploration and development land in the Roncott area of Saskatchewan. Under the agreement Atikwa will have the right to drill an initial exploration well on the main exploration block followed by a development well into the existing Roncott Bakken light oil pool. Atikwa will then have the right to drill Earning wells on a rolling option basis earning up to seven sections per well drilled on the exploration block. Atikwa will be eligible to earn up to a 66% interest in the TriAxon lands subject to TriAxon's right to participate alongside Atikwa in the program. CEO Sean Kehoe stated, "This is a great opportunity for Atikwa to get a meaningful position in an area with established Bakken light oil production and good indications of oil throughout the system. Over the last five months our team has completed extensive seismic, core and hydrodynamic studies of the 39 sections, in addition to neighboring lands and we are all very excited about the potential of unlocking the mechanisms of this play and their regional implications for Atikwa."

This news release contains forward-looking statements relating to the Company's plans 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 production, operating costs or other expectations, beliefs, plans, objectives, assumptions or statements about future events or performance. Statements regarding reserves are also forward-looking statements, as they reflect estimates as to the expectation that the deposits can be economically exploited in the future.

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.

Contact Information

  • Atikwa Minerals Corporation
    Sean Kehoe
    President and CEO
    (403) 233-6073