Atikwa Resources Inc.

February 24, 2010 15:12 ET

Atikwa Announces Drilling and Operations Update

CALGARY, ALBERTA--(Marketwire - Feb. 24, 2010) - Atikwa Resources Inc. ("Atikwa" or the "Company") (TSX VENTURE:ATK) is pleased to announce that it has drilled and cased its first exploratory Readlyn well, at 4-19-8-26W2. As part of the exploratory operation, the well was cored through the Bakken in order to perform in-depth rock property analysis which will assist in determining appropriate completion strategies on this and future Bakken wells on the exploration blocks.

The Company has recently completed the shooting of an additional 18 miles of new 2-D seismic which intersects the recently drilled 4-19 exploration well. The new seismic lines, which are currently being interpreted, will tie the 4-19 well into potential future drilling locations in the area as part of Atikwa's rolling farm-in option commitment on the lands.

Subsequent to the rig release of the 4-19 well, the Company moved the drilling rig to a development drilling location offsetting the existing producing Roncott pool. As part of the original farm-in agreement, by drilling the 4-19 exploration well, Atikwa earned the right to drill a follow up development well off-setting the existing Roncott pool. The development well was spudded at 7-27-5-25W2, on February 16th, 2010. At the time of this release, the 7-27 well has reached the targeted Bakken formation and is currently being cored. The well is located about half a mile southwest from the nearest producing well in the Roncott field, which has produced approximately 830,000 bbls of oil to date and according to government records contains approximately 10,000,000. bbls of original oil in place. A successful vertical Bakken producer at 7-27, would set-up additional future horizontal drilling locations between the well, and the Roncott pool.

In conjunction with the drilling of the two vertical wells in Saskatchewan, the Company currently has plans to drill two horizontal wells targeting its second light oil resource opportunity, which is in Manitoba. One well will target the Spearfish formation, and the other well will target the Alida formation. Both horizontal wells are expected to spud in early March.

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