Amarok Energy Inc.
TSX VENTURE : AMR

Amarok Energy Inc.

November 22, 2013 18:11 ET

Amarok Energy Inc. Announces the Release of Third Quarter 2013 Financial Results and Operations Update

CALGARY, ALBERTA--(Marketwired - Nov. 22, 2013) - Amarok Energy Inc. ("Amarok" or the "Corporation") (TSX VENTURE:AMR) announces the release of its financial results for the three and nine months ended September 30, 2013. All dollar figures in this release are in Canadian dollars unless otherwise noted.

The Corporation's financial statements and management's discussion and analysis for the three and nine months ended September 30, 2013 will be available on SEDAR at www.sedar.com.

In October 2013 Amarok's wholly owned subsidiary Trilateral Energy USA Inc. completed the acquisition of a 50% working interest in an oil and gas property located in central Wyoming, USA (the "Big Horn" property) with an effective date September 1, 2013. The assets include a 50% working interest in 8 gross producing oil wells and approximately 5,257 net acres of land. Amarok is currently reviewing technical data and preparing a capital program to further develop the property. During Q4 2013, as part of the further development of the property, the operator expects to drill and complete 2 wells gross (1 net) and perform a 1 gross (0.5 net) well workover at a net cost to Amarok of approximately $1.8 million.

Amarok has incurred approximately $365,000 of costs to conduct 2D and 3D seismic and well recompletion operations in Montana, USA as part of a due diligence requirement to earn a working interest in an oil and gas property. Based on the technical review of the processed seismic Amarok has elected to drill a well which is expected to spud by early Q1 2014. The well is anticipated to cost approximately $2.0 million to drill and complete, and once completed, Amarok will earn a 50% working interest in approximately 37,000 gross acres (18,500 net). It is anticipated that success in this area will allow Amarok to significantly expand its drilling program.

Amarok has been advised by the operator of the South Sunshine property in Wyoming, USA that it has now obtained certain surface access rights and as a result Amarok is organizing the drilling of a well on the property. Amarok's South Sunshine well is expected to spud in late Q1 2014 or early Q2 2014 with an estimated net drill and completion cost of approximately $1.5 million to Amarok.

Amarok continues to assess new oil and gas investment opportunities in the Americas.

Amarok is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas in highly structured play fairways of the Americas.

Cautionary Statement on Forward-Looking Statements and Information

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will, "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, forward-looking statements and information in this press release include, but are not limited to: review of technical data and further development related to the Big Horn property; the estimated timing and costs of drilling and completing wells on the South Sunshine property in Wyoming, as well as for other wells and workover in Montana and Wyoming during Q4 2013 and Q1 2014; anticipated that drilling success in Montana will allow Amarok to significantly expand its drilling program in Montana, USA; Amarok continuing to assess new opportunities in the Americas. The forward-looking statements and information contained in this press release are based on certain key expectations and assumptions made by Amarok. Although Amarok believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because there can be no assurance that they will prove to be correct.

Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to: operational risks in development, exploration and production of oil and gas; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve and resource estimates; health, safety and environmental risks; commodity price and exchange rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Readers are cautioned that the forgoing list of factors is not exhaustive.

Management has included the above summary of assumptions and risks related to the forward-looking statements and information provided in this press release in order to provide a more complete perspective on the ongoing operations of Amarok and such information may not be appropriate for other purposes. Actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements and information contained in this press release will transpire or occur, or if any of them do so, what benefits may be derived therefrom.

The forward-looking statements and information contained in this press release are made as of the date hereof and Amarok undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events, or results or otherwise, other than as required by applicable securities laws.

Neither 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

  • Amarok Energy Inc.
    Dale Swanson
    President & Chief Executive Officer
    (403) 695-3722

    Amarok Energy Inc.
    Tim de Freitas
    Director
    (403) 478-0141