Atikwa Resources Inc.

April 29, 2010 18:53 ET

Atikwa Announces Successful Acquisition

CALGARY, ALBERTA--(Marketwire - April 29, 2010) - Atikwa Resources Inc. ("Atikwa" or the "Company")(TSX VENTURE:ATK) is pleased to announce that it has successfully completed the acquisition of a fourth key resource opportunity for the Company that is targeting a sweet liquids-rich natural gas or potentially a retro grade condensate play in the Alberta foothills. Over the last eight months the Company has been negotiating with a private company to acquire an 87% interest in a contiguous seven section block of land targeting, what the Company believes, could be a significant New Field Wildcat discovery with substantial aerial extent and relatively low geological risk. 

The Company's strategy is to re-enter an existing well bore targeting a by-passed pay opportunity that has been identified through extensive log, reservoir and rock analysis. The target zone is a cretaceous, medium to lower coarse grained, matrix supported conglomerate, with extraordinary inter-granulated effective porosity and interpreted high permeability. The zone of interest lies at a significant depth, is approximately twenty feet thick at the well bore and when compared to analogous pools could have an initial pressure in excess of 5000 psi. The Company's CEO Sean Kehoe stated; "we are very pleased to have secured this opportunity. When one considers the thickness, porosity, permeability and estimated pressure of the zone at this depth it all points to a potentially significant flow rate. You just don't see these types of opportunities very often." The fact that the Company can re-enter the existing well bore also means that the operation can be performed at a substantial savings compared to the drilling a new well.

The acquisition of this play represents the fourth in a series of large Original Oil in Place (OOIP) and (OGIP) Original Gas in Place resource programs that the Company is focusing on, any one of which, if successful, could be significant enough to build a Company around. The other three programs include a Bakken light oil play in Saskatchewan, a Spearfish/ Alida light oil play in Manitoba and a liquids rich natural gas play in the lower Mannville at Windfall, Alberta. 

Forward-Looking Statements: All statements, other than statements of historical fact, set forth in this news release, including without limitation, assumptions and statements regarding reservoirs, resources and reserves, future production rates, exploration and development results, financial results, and future plans, operations and objectives of the Company are forward-looking statements that involve substantial known and unknown risks and uncertainties. Some of these risks and uncertainties are beyond management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks, industry competition, availability of qualified personnel and management, availability of materials, equipment and third party services, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

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 Resources Inc.
    Sean Kehoe
    President and CEO
    (403) 233-6073